Yen to Pounds : Best Exchange Rates?

September 21, 2006 11:35 PM

Currency Exchange: I have a handful of Japanese Yen and a desire the British pound wasn't so strong. What are my best options for getting my Yen converted into Sterling?

Any advice as to what I could do with my Yen to increase its Pounds Sterling value?

posted by 0bvious to work & money (6 comments total)

Convert it from within the UK.
posted by pompomtom at 11:50 PM on September 21, 2006

Buy a commodity with it that the Japanese have alot of but the British have none of in Yen, and then sell that commodity in Pounds. Say, perhaps, computer chips, non-embarassing royaly, or self restraint (hey-o!)
posted by ChasFile at 11:56 PM on September 21, 2006 [1 favorite has favorites]

Ooh, good call, ChasFile. Only how about buying a hot collectible in cash in Japan and then selling it via online auction?

About 8 years ago at the height of the PEZ dispenser boom, a friend requested a set of 5 Japan-only PEZ that could be bought at any convenience store for 300 yen a piece. They paid me actual cost plus tip, but after I saw how much the set was going for on eBay (well over 4, 5 times their value), I purchased another set and sold it for kicks. They went FAST. I should have bought more.
posted by QueSeraSera at 1:46 AM on September 22, 2006

Yep, cultural arbitrage is the way forward. Look at British blogs with an interest in Japanese culture and technology, pick something small and cheap (strappus, pens, chocolate) and head to eBay.
posted by holgate at 2:14 AM on September 22, 2006

If you're considering a straight-up currency exchange, XEtrade has a best rate guarantee. After shopping around, I found it beat anything else I could find by at least a percent, there's no minimum trade, and if you choose your method of money transfer carefully (i.e. you don't use wire transfer) then there's no flat fee, so the cost can be really low.
posted by louigi at 5:25 AM on September 22, 2006

I am actually back in the UK, which alters things a bit. I have signed up for XEtrade. Any other ideas?
posted by 0bvious at 8:09 AM on September 22, 2006