Small tips of Money Exchange

2017年 06月 29日 Versen (CEO) 更新

Good afternoon everybody! Have you travelled abroad before? I am Versen , the CEO of NihonEX Foreign currency exchange store. This is my blog and I would like to talk about foreign money exchange today. Although there are many countries are using credit card to do the payment such as America and Canada, there are still many countries do not support paying credit card like China. Due to the security problem, using credit card is not popular in Asian countries.

 

Basically it is recommended that you pay with Chinese Yuan in China. In overseas trips local currency is needed rather than credit card. The problem here is the foreign currency exchange fee. If you exchange Japanese yen from foreign currency,  transaction fee will be charged by bank or agent.So what will happened? Let's do some calculations. For example, you went to Taiwan on a continuous holiday.

It is supposed to exchange from 80,000 Yen as a pocket money in 6 days of 5 nights.

Well, how much will be charged for the transaction fee? There is the calculation:

  Bank rate of airport (Japanese Yen → Taiwan Dollar TWD): 3.19

                                            〃 (Taiwan Dollar → Japanese Yen): 2.11

       Actual exchange rate (Taiwanese Dollar / Japanese Yen): 2.655

Answer: 27,500 Yen

How to calculate

 

① Exchange fee at the airport (outbound)

At the airport exchange rate, 80,000 Yen ÷ 3.19 = 25,000 TWD At the actual exchange rate, 80,000 Yen ÷ 2.565 = 30, 132 TWD.

We also lost 5000 TWD. In Japanese Yen, Approximately 13,000 Yen!

 

② Value of currency used locally

If you use 20,000 TWD for shopping, eating and drinking etc. The value of 20,000 TWD in the airport exchange rate, should be 63,800 yen.

It is 51,300 Yen at the actual exchange rate. 12,500 Yen - I have wasted it unnecessarily!

 

③ Airport exchange fee (return route)   

Airport rate 5,000 TWD × 2.11 = 10,550 yen

Actual exchange rate 5,000 TWD × 2.565 = 12,825 Yen = ¥ 2,000 Yen lost!

 

By the way, how much was it taken with a fee?

The answer is 13,000 Yen + 12,500 Yen + 2,000 Yen = 27,500 Yen

Out of the 80,000 Yen, the total handing fee for the foreign currency exchange is 27,500 yen (about 34%).

 

Even if I calculate by myself I am also a bit shoched.

Foreign currency exchange NihonEX does not charge any transaction fees! ! ! We are waiting for everyone's visit

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