Money stuff

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Money stuff

Post  james on Tue Oct 14, 2008 3:03 pm

Exchange rate = Sad

You can lock in at a rate with travellers checks but:

Looking at Westpacs rates (guessing everyone else is similar) you get a lower rate for T/C vs ATM withdrawal (4% lower from quick check)

So, commisions wise, ATM in Japan using Westpac costs $5 + 2% of the AUD amount, travellers check is 4% (if there are no commissions cashing them at the post office etc - I'm checking about that).

My daily limit on my card is $1000 - so me ATMing it vs me buying a fat travellers check with my bank card stacks up as follows

ATM: $1000 - 2% - $5 = $985 * ATM rate

TC: $1000 * (rate - 4%) = $960 * ATM rate

So ATM is cheaper, whilst TC allows you to lock in a rate. One other option I'm looking at is a foreign currency account. That would mean I could: Lock in a rate, skip the 2% commision and only pay $5 per transaction.

In other words, FCA: $1000 - $5 = $995 * rate

Although FCA are looking hard to come by - most of them are for businesses, but I might have found a personal one - I'll get back to you guys about it

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Re: Money stuff

Post  james on Wed Oct 15, 2008 12:45 am

HSBC might be better in regards ATM

only $4.5 and 1%

Otherwise, if you know and trust someone in Japan, you could transfer them funds (which is done at the exchange rate). However I know with my Westpac account that I have a $500 daily limit for these transfers - I can up the limit, or go into the bank and get them to transfer a larger amount, which would incur a fee

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Re: Money stuff

Post  Joanne on Thu Oct 16, 2008 3:12 am

im not sure wat im gonna do with the money problem Razz

1st my option with Commonwealth Bank:
A) Travellers check (but the hotel we stay in doesn't accept it so u nid some cash first Razz)
B) Traveller's cash (sort of debit card, lets u use an ATM in Japan with minimal fee)
C) Don't do anything XD
I'm probably going with option c since Aust dollar is so weak now o_0 (pray it go up 30 cents in a month XD), but option B sounds nice. cheers

2nd option (my private choices ) pig
A) use other currency to change in Yen (Singapore $/US$ looks more worth now XD)
B) sell my manga set on Ebay XD

so how much r u plannin to bring over?
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Re: Money stuff

Post  james on Thu Oct 16, 2008 9:12 am

Travellers cash (and similar options like cash passport) are in USD, Euros etc, but not Yen - so you'll be losing out by quite a margin (difference between the buy/sell rate, commission etc).

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Re: Money stuff

Post  Michelle on Thu Oct 16, 2008 12:47 pm

omg, really? i thought we can have Yen on traveller cash too... guess i just have to reread the booklet...

I am planning to bring as much cash as possible, most probably gonna change the money during the last week or something.. i have been to the post office and they said they only need 2 days to get the traveller cheques (i will just give them 4-5 days) and will try to exchange some money during the last week too.

oh man, i should have done this 3 months ago, AUS Dollar was so strong that time >x<!

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Re: Money stuff

Post  james on Tue Oct 21, 2008 3:58 am

the wizard clear advantage master card looks the way to go

as long as you have your own cash on it, apparently there are no fees (no commission for international exchange etc). i'll have to look at it in more detail to be sure, but it looks like you can pay for stuff/withdraw from atms without paying anything (just make sure you dont have your own money in there otherwise you gotta pay interest and stuff on cash advances)

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Re: Money stuff

Post  Joanne on Sat Oct 25, 2008 6:11 am

It's 1 AUD = 60 Yen now...
oh my gosh... everytin's gonna be twice as expensive ><
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Re: Money stuff

Post  Michelle on Wed Oct 29, 2008 3:34 am

i know eh, it's so ridiculous ...

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Re: Money stuff

Post  Joanne on Wed Oct 29, 2008 4:18 am

Japan economy is doing so well...
it's like the only currency appreciating against the US dollar, rather than falling with it
noooooooooooooooooo
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Re: Money stuff

Post  james on Wed Oct 29, 2008 9:11 am

bounced back about 10% today

apparently the japanese interest rates are going to fall as well (theyre like 0.5% which is bloody low anyway), which might help in terms of the exchange rate as well

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Re: Money stuff

Post  Joanne on Wed Oct 29, 2008 11:46 am

I've been reading the Economist that the Japan is gonna increase its interest rates soon not decrease ><
Consumption taxes going up ><
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Re: Money stuff

Post  Michelle on Thu Oct 30, 2008 1:07 pm

omg, u serious?! that's BAD D:!!!

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