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Thread: Getting JPY
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Old Nov 27, 2011 | 11:45 pm
  #38  
RichardInSF
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How about the Lloyds bank service, if we're talking Japan -> another country? I've never used it but I've heard people speak well of it:

https://www.golloyds.com/index/en

Hmmm....reading the small print it looks like there are a bunch of mysterious additional charges above and beyond the Y2,000, including the "only-in-Japan" so-called lifting fee of 0.1% when you DON'T have them do the exchange and another $20 by an intermediary bank when you want USD.

The simple fact is that even when my former company was transfering large amounts like USD$500k+, we never had a Japanese bank do the exchange, and we always did our best to eliminate the lifting fee (generally succeeding). It turns out that for these large amounts, you actually get 2-3 different banks to bid on doing the exchange. A few times we included Japanese banks in the bidding process and they were never competitive.

Another hmmm....right now Google says that 1 USD = JPY 76.97 but Lloyds is requiring JPY 78.64 to give you $1. That means that if the sell rates are similarly charged, there would be a 4% difference between buy and sell. That's not terrible but it certainly isn't fabulous either.

Last edited by RichardInSF; Nov 28, 2011 at 12:00 am
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