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Yen Exchange? -
05-07-2009, 09:03 PM
If this was posted already, sorry. Please don't kill me.
 Anyway... I am planning a trip to Japan in the next couple of years [not sure of exact Itinerary yet - still working out details, thus the long timeline]. I was wondering what the best way to exchange yen was. Is it best to keep it in a bank account linked to Visa/MasterCard and withdraw at ATMs? Convert it to a Traveler's Check? Keep it all as cash and exchange in Japan? Find a place in the US to convert it before I leave? (If so, where would be a good place? I will likely be departing from Chicago's O'hare, unless they drop their nonstop to Tokyo before I leave) With the fall of value of the dollar, we get less yen. I was wondering what the best way to convert dollars to yen was, so that I can at least start my collection of Yen before the dollar freefalls a bit. Unless everyone thinks the value will increase... Anyway, any opinions, advice, or answers regarding exchanging dollars for Yen in preparation for my trip would be awesome! Plus I'd  you all for it!Thanks again for your help.  
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05-07-2009, 09:19 PM
Quote:
I would not recommend buying yen now for a trip you are taking in a few years.
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05-08-2009, 05:15 AM
I think you'd be crazy to start buying yen at this time. The US economy is showing signs of recovery and I'm sure its dollar will also recover against most international currencies as well.
Here's a forecast of how the dollar will do this year. Of course I'd take it with a grain of salt but it'll give you at least an idea of what you can expect : Japanese Yen to U.S. Dollar Currency Exchange Rate Forecast
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05-08-2009, 05:38 AM
According to that prediction you should buy yen now. However, in January that same site was predicting the yen would fall against the dollar, back to the range it was in early 2007 and also predicting the dollar to fall against the GBP and Euro. And for those interested, the dollar is at the same level or stronger than most currencies as compared to mid 2007 before the financial crisis. When compared to the GBP the dollar is stronger than it has been since 2001/2002 and compared to the Euro, the dollar is the strongest it has been since 2006.
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05-08-2009, 09:15 AM
If you aren't going for a year or so, start using a currency update service, such as at XE - The World's Favorite Currency and Foreign Exchange Site. Keep an eye on the way the currency moves and spend a few months getting to know its trends, and it's regular highs and lows. For example, Sterling to Yen, the average range is 110 - 145 yen to the pound, but has spiked due to unusual circumstances at a whopping 180 yen to the pound late last year.
Then when you come to buy your yen you know whether the rate your getting is acceptable or whether you should wait for it to change, and you'll know roughly how long to wait for that change. You also need to keep an eye on the news in Japan - unexpected problems can prove remarkably beneficial in buying and selling currency. Events which cause a momentary downward blip in the value of yen can help you out tremendously if they coincide with an event which causes an upward blip in the value of your own currency. Remember also that rates on currency sites are BETTER than those you will actually get. They are average rates calculated on MASSIVE transactions with bulk-buy discounts. You will then need to shop around for the best rate that you can actually get. And, yes. Take cash to Japan. It's pretty safe to do so (but, frankly, I've not even been mugged in my own country, let alone any other). Just don't be dumb enough to carry 100,000 yen in your wallet. I tend to transfer a daily amount to my wallet every morning before I go out, then stash the rest somewhere safe. That way when I'm rooting around to pay for stuff I've got about 10,000 yen in there and even if someone does snatch it I'm not cashless for the rest of the trip. This is just common sense no matter what currency you're carrying.
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05-08-2009, 11:03 AM
Quote:
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05-12-2009, 08:54 PM
Start saving your money in your local currency and when the time comes to visit Japan buy yen. I use the exchange banks at the airport in Japan but you might be able to get better rates in other places. Never use your hotel as they take their cut. Post offices in Japan generally have international ATMs but check with your bank before you leave to let them know you will be in Japan also to find out what the service charges are. The exchange rate changes a lot and no one really knows where it is heading. There is also the rick that your life may change and you will not be able to go.
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