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11-22-2008, 12:20 PM
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i will let the bank (bank of siam) buy my 1 AUD and get 30 THB. then i will let the bank sell me AUD, i will hand over my previously exchanged 30 THB and get voila 1 1/14 AUD back. this i will do over and over again, until i am a very rich man. arbitrage worthy of its name. kind of reminds me of the first thing i learnt to program in basic. 10 print "rich man" 20 repeat 10 run come to think of it, i don't remember basic very well, so i might be remembering it incorrectly. were u supposed to write "30 run" or? 蒼天(そうてん)翔(か)ける日輪(にちりん)の 青春の覇気 美(うるわ)しく 輝く我が名ぞ 阪神タイガース ※オウ オウ オウオウ 阪神タイガース フレ フレ フレフレ |
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11-23-2008, 04:20 PM
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Cheers |
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11-24-2008, 10:41 AM
Okay here's a f'rinstance of what I'm talking about.
I just returned to Thailand from Japan today. At Narita I was offered this rate: 1 baht = ¥3.15 At Suvarnabhumi Airport in Bangkok I exchanged at this rate: ¥1 = 0.3621 Inverting this, we get: 1/.3621 = 2.762 So one baht would have cost me ¥3.15 if I'd bought in Japan, but I waited till I got to Bangkok and paid only ¥2.76 for the same one baht. So change your money before you arrive in Japan, not after. 「辛かったろう」と言ってくれる |
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11-24-2008, 10:54 AM
edit: not aimed at u wasabita
i am afraid u got a wee bit wrong. u don't get more money either way. let's take the rates posted by tenchu. when the bank (or if its a financial institute or exchange bureau) buys USD from you, you will get 33.3456 TBH for every one (1) USD they r buying from u. when they bank sells USD to you, you will have to pay 33.6911 TBH for each USD you buy. I fail to see how u get more money either way. now, in some countries there is better competition among "currency exchanging companies", which usually gives u better rates compared to currency exchanging companies" in other countries. that's why it might be better to exchange money in for instance ghana then in peru. but that says nothing of it being better to buy or sell. think of it more as an exchange, hence "foreign exchange", "forex", or "FX". on very rudimentary way of comparing exchage rates between different banks is to look at the "spread", the difference between "buy" and "sell". the bigger spread is, the worse rate for u as a customer. this can be done even with different base currency, however, remember to re-calculate! more on forex any future replies by me in this thread will be done as updates in this post since i don't want to put this post on the first page every time i am answering in it. firebird>> because u have two (2) rates, one for sell and one for buy. wasabita brought up one of them, if u want to do the opposite, which u r referring to, u have to look at the other rate, which will be different. therefore u can't make the assumption u did. example: wasabita sold yen, lets call this the sell rate. this means that if u want to buy yen, u will exchange money according to the buy rate, which is not the same as the sell rate. note "spread". only top-traders gets to trade at a practical "no-spread" rate. wasabita>> a man of many trades i see ![]() 蒼天(そうてん)翔(か)ける日輪(にちりん)の 青春の覇気 美(うるわ)しく 輝く我が名ぞ 阪神タイガース ※オウ オウ オウオウ 阪神タイガース フレ フレ フレフレ |
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11-24-2008, 02:05 PM
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I think what you are talkign about is changing back.... Because youd better sell the yen in your country than buying USD or euro or whatever inside Japan. So ill still stick to: change your money in the country of your choice and not at home! There might be one exception wich is: The exchangerates are changing rapidly now, so if you feel that the rate is very good for you now, than you should exchange at home. |
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11-24-2008, 03:07 PM
Firebird, I'll see how it works when I go to Canada. But I suspect there's more competition there than in Japan, so the result will be similar. Anyway, yes, change your money at the destination, not in Japan.
「辛かったろう」と言ってくれる |
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11-24-2008, 04:16 PM
Hehe i thought of Japan as the destination as the thread-opener wanted to know if it would be better to change money in NZ (buy yen in NZ) or get the yen after arriving in Japan. So we bassicly meant the same but got mixed up somewhere on the way ^^
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11-05-2010, 11:27 AM
For any short, slow moving financial period you will never make any profit as the banks have that covered.
Even at the best buy rate and the best sell rate you will loose out. The only exception is if there is a massive change in value while you have the dominant currency. There is no money to be made by the casual traveler, you can only try to find the best rate. As many have pointed out, Japan does not have the best rates. Most if not all Japanese banks charge a massive fee that is calculated on the % of the held currency in relation to it's rate. The best way to make your money go further is to use a direct debt card. You pay a rate set by the bank in your own country. Just hit a participating ATM in any country and you should get a fair rate. Caution on this, as it is better to withdraw the limit, not just a few bucks as the transaction fee will be the same. |
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