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Best place to purchase yen?

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  • Best place to purchase yen?

    I am going to Japan in July. The exchange rate for the Japanese Yen is currently around 94 yen per dollar. This is an improvement (I recall it being under 90 for quite a while), so I thought I should purchase some yen now (say, $500 worth) to hedge in case the dollar gets weaker between now and July.

    Anyway, my credit union (Pearl Harbor) does not offer yen for purchase. Where is the best place in Hawaii to purchase yen? If at a bank, do I need to have an account there?

    Thanks.

  • #2
    Re: Best place to purchase yen?

    you probablly would get better information just calling the banks - i would start with FHB or BOH.
    "Democracy is the only system that persists in asking the powers that be whether they are the powers that ought to be."
    – Sydney J. Harris

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    • #3
      Re: Best place to purchase yen?

      First Hawaiian Bank:
      I saw this on their website:

      Foreign Currency Banknotes
      If you have foreign cash transactions, First Hawaiian Bank buys and sells all major foreign currency bank notes.

      I don't know if you need an account or not, but at least you know they do it.

      Can't think of anything creative this time

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      • #4
        Re: Best place to purchase yen?

        Thanks for the advice anapuni.
        Thanks for the research on FHB surlygirly.

        FWIW, I made some calls:

        CPB requires you to have an account with them

        BOH trapped me in an automated response loop without giving me the option of speaking to a live teller, and did not answer my question. I also checked their website and I could not find the answer.


        FHB had a live person who I could speak with, and I found out:
        • No account with them is required
        • Non-customers pay a surcharge of $5 for up to $300 purchase, $10 surcharge up to the maximum purchase of $1000
        • The Main & Waikiki branches carry yen
        • Can order yen from other branches, allowing 2 days for delivery
        If anyone else has any suggestions, I would appreciate it.

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        • #5
          Re: Best place to purchase yen?

          Well, I bank at the main branch of FHB and know the people who work at the desk where you can buy the yen. They are all very nice and would assist you very well I'm sure. I've seen them handling money exchanges and they really seem to know what they are doing. The desk is all the way to the back of the main banking floor, not at the teller line.
          "Democracy is the only system that persists in asking the powers that be whether they are the powers that ought to be."
          – Sydney J. Harris

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          • #6
            Re: Best place to purchase yen?

            don't know if this will help but just some off the cuff thoughts.

            * you can use your credit card in japan, obviously, but a lot of credit card companies will charge you a fee for foreign transactions/exchange fee

            * you can purchase travelers checks in hawaii (usually free if you have an account at the bank) and some places in japan will accept them; or you could take your TT to a bank in japan and exchange it there for yen; not sure what rates you might get in japan, tho...

            * you could get a small amount of yen here just for the first day and then change u.s. bucks for yen at a bank in japan; not sure where you might get the best exchange rate, tho...
            525,600 minutes, 525,000 moments so dear. 525,600 minutes - how do you measure, measure a year?

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            • #7
              Re: Best place to purchase yen?

              I am currently in Japan and the rates we can get at the bank here on the installation (military) is about 2 yen less than the actual rate and there appears to be a two day delay. When I was back home in Waikiki in October, I found a currency exchange operator (in a small shack) between Ala Wai and Kuhio on Royal Hawaiian (diamond head side of the street) and he offers a kamaiiana rate which was about 1/2 percent off of the actual rate. This is the best rate that I have seen since I've been up here in Japan. Hope this helps.
              Whoa, Mista Buss Driva, eh, you can stop the buss o wat?

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              • #8
                Re: Best place to purchase yen?

                I've got 11,000 (a 10,000 and a 1,000 note) - I'll sell at the market rate...
                May I always be found beneath your contempt.

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                • #9
                  Re: Best place to purchase yen?

                  Yen exchange rate really took a dive today. It went from 93.5 to 90.5 overnight. This is probably due to the weak Stock Market showing in the US (due to Greece). Today is a rare instance at our community banks where our exchange rate is at 92 (because of a 2 day delay in our exchange rates), about 2 yen above the actual rates.
                  Whoa, Mista Buss Driva, eh, you can stop the buss o wat?

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                  • #10
                    Re: Best place to purchase yen?

                    Well, I was a day late, but I purchased some yen from American Savings Bank since we have an account there. The surcharge was 1% (minimum $2.50, maximum $10).

                    The rate I got was 90.5 yen per dollar, which isn't as good as 93.5, but still better than 87 like I think it was last year. If the rate goes back up I may purchase more.

                    Thanks to all who replied.

                    P.S. salmoned, I'm not sure how best to pull off such a transaction between strangers, so thanks but no thanks.

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                    • #11
                      Re: Best place to purchase yen?

                      Fair enough, tho it doesn't seem very complex - we meet, I show you my 11,000 yen, you show me your $120, we exchange 'em.
                      May I always be found beneath your contempt.

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