I read that the aussie dollar is at a high compared to the Japanese dollar so I was wondering if you could buy that then exchange it to US dollars for a better deal than our lousy exchange rate
The exchange fees would probably eat up any savings though
Why no infinite money hack?
The yen is weak against the US dollar too. Try converting A$1,000 to JPY to USD; compare with A$1,000 to USD.
You would pay the spread twice - AUD/JPY and then JPY/USD
Don't forget to pay the vig.
Possibly… but you have to hope for a bounce in jpy/usd. Has happened to me sometimes 10% bounce after I finished all spending and converted back.
Covers off all the times there was a slump
hmm was editing, it was MYR and a freak thing, just remember the rate getting better and getting a "bonus" when leaving for AUS
If you could do this then many of us could be millionaires
Rates pulled of Google at time of comment
AUD/JPY=107.21
JPY/USD=0.0063
AUD/USD=0.6767
i.e. if you have $1,000 AUD and transferred to JPY, you would have 107,210 JPY (ignoring FX fees). Transferring that JPY to USD would net 675.42
ignoring some rounding variances from FX translation, a transfer from AUD to USD, would net the same outcome as a AUD->JPY->USD
You're only up in this situation, is if you believe (beyond market expectations) that there is a specific opportunity for the JPY to appreciate against its peers (e.g. higher domestic inflation, Japan central bank increasing rates or Japanese exports growing massively against forecast). Economics struggle to predict the future, so unsure how a regular Joe would be able to either.
Windmills do not work that way! Good night!
Short answer is no, you can’t arbitrage on FX.