Evening folks!
Got stuck with few hundred AUD worth of Japanese Yen. Wondering what's the best way to put it back into aussiebuck in SYD without losing a lot of value due to conversion rates and fees?
Exchange Foreign Currency Back to AUD
JetBombat on 28/09/2016 - 21:10
Comments
Hi, I always use transferwise https://transferwise.com. It's a service that uses the actual exchange rate (e.g. found on xe.com) and for a very small fee. If the exchanged amount is under $10,000, the fee will be 0.7% of the amount transferred (minimum $2).
No cash or cheque – as a fully online business, we can’t accept or send out cash or cheques. You can use TransferWise to send money from a bank account to a bank account.
Don't see how this would help for actual physical money exchange?
If you work in a CBD you could ask around to see if anybody traveling there wants to swap AUD for yen in person.
or, wait for another cheap deal on tickets to Japan.
That's a backup plan. But I am afraid I might have the same problem after.
Goto airport and line up at Japan checkout and sell it
Haha, have not thought about this one, wonder how long is it going to take before an interested officer would come along to buy some
I did it with Png and Solomon island currency, when I was next at the Brisbane airport. My wife was embarrassed, most people think your sus, but eventually both times a savvy young couple took the loot… Albeit keeping airport staff at bay
I would consider buying off ya but you are in Syd! :(
Good luck!! :)
If you are going back again, keep it! :D
How much do you need?
Depending on what rate is being offered. :)
I won't be returning to Japan till next year, so I def in no rush. If someone really wants to sell their YENs back to AUD, I could consider!
Try PM?
Can it be posted??
Not sure :/ never posted money before to anyone. I'm sure people do it but I don't think you are supposed to though… :(
The short answer is you simply cannot "win". Any institution exchanging cash has to make money off you either via the rate or the fee.
Shop around. I usually find the small exchange outlets privately owned offer the best value verses the banks.
You may not be able to win, but you definitely lose less.
Yes hence my second paragraph of shop around. But people just need to keep in mind that forex is a business and has risks and businesses need to cover the risk and also make money at the same time.
Easy and fun way would be at the casino!