Yen --> USD --> ??? --> Profit!

March 5, 2007 3:12 PM

What's the best way to exchange Japanese Yen (in cash form) to USD?

I have about the equivalent of $8000USD in yen sitting around in an envelope. Safety of holding that much money in cash aside, this was due to the rates being iffy when I was returning to the states (1USD < -> 120Y or so), so I decided I could exchange that once I got back to the US and the rates improved. And improve it has, for the time being anyway, thanks to the whole carry rate fallout.

So I just came back from the bank, astonished that they take what seemed like a 6% cut from the whole exchange, before the service charge of $10. Reading a bit through MeFi revealed to me that the 1% or so difference in rates @ Japan is actually very good -- something I wish I knew late last year.

What're my best options now?

posted by Muu to Work & Money (4 answers total)

Sell the yen for the interbank rate to people on Craigslist, if you're comfortable handing over that much cash.
posted by grouse at 3:30 PM on March 5, 2007

Try a bigger bank. I don't know where you live.
posted by lee at 4:51 PM on March 5, 2007

Well you're losing over 5% a year by holding it in yen notes rather than a dollar savings account. Shop around different banks and get rid of it asap.

Your other option is to sell it to someone who's going to Japan on holiday.
posted by TrashyRambo at 8:23 PM on March 5, 2007

I did the "find someone going on holiday" thing when I had some Euros, but then 1.) I didn't have nearly as many and 2.) I couldn't find any bank who'd exchange them at any rate.
posted by dagnyscott at 5:59 AM on March 6, 2007