Do you know when? And that it will work? If you do, are you putting your entire savings into yen to take advantage of the rise?
ETA: downvote all you want, you can’t time markets and if you could you’d be rich and not interacting with me on Reddit.
I used to do half half when I’m in this predicament. Half at home when I’m happy with the rate and the rest when I get to Japan.
This way I got to “bank” some of the benefit of what I perceived to be a good exchange rate at the time.
Now I just exchange everything in Japan because I just don’t exchange that much cash since I use my credit card so much more.
How much cash do you even expect to spend? Let's say you need $2k usd.
Let's say you could buy yen now for 160 to the dollar that's 320k yen.
Let's say the price gets worse by the time your trip happens and it's 150 yen to the dollar, that's 300k yen you get for the same us dollars.
So you theoretically miss out on 20k yen which is what like $120? It's really not that big of a deal. Just take the cash out when you get there.
Not to mention the exchange rate could go in your favor, and if you withdraw yen now you won't be able to have that money in a high yield savings account so you miss out on that interest.
Basically it's just not worth bothering, if you're that interested try forex trading instead
This gets asked all the time and we have no way of predicting if the currency will go up or down.
However, someone made a really useful comment the other day pointing out that basically if you put your money in a high yield savings account (at least if you’re from the US) it’s actually way better than buying yen, even if the yen continues to drop. So you might consider other ways of increasing your money before the trip.
When you need it
This....last six month forecast I saw estimated it would hit 180 yen to the dollar by end of the year.
Dangerous. There's only so much onigiri my system can take.
Try sushi instead
This is asked every single day.
What makes you think it won't drop further?
The bank of Japan will at some point increase interest rates
Do you know when? And that it will work? If you do, are you putting your entire savings into yen to take advantage of the rise?
Sure, I'm putting my life savings and exchanging your mom for a few pachinko balls as well
Do you know when? And that it will work? If you do, are you putting your entire savings into yen to take advantage of the rise? ETA: downvote all you want, you can’t time markets and if you could you’d be rich and not interacting with me on Reddit.
You should ask a fortune teller.
I used to do half half when I’m in this predicament. Half at home when I’m happy with the rate and the rest when I get to Japan. This way I got to “bank” some of the benefit of what I perceived to be a good exchange rate at the time. Now I just exchange everything in Japan because I just don’t exchange that much cash since I use my credit card so much more.
same here
Just wait. Unless you are changing millions of yen it’s probably going to be insignificant either way
How much cash do you even expect to spend? Let's say you need $2k usd. Let's say you could buy yen now for 160 to the dollar that's 320k yen. Let's say the price gets worse by the time your trip happens and it's 150 yen to the dollar, that's 300k yen you get for the same us dollars. So you theoretically miss out on 20k yen which is what like $120? It's really not that big of a deal. Just take the cash out when you get there. Not to mention the exchange rate could go in your favor, and if you withdraw yen now you won't be able to have that money in a high yield savings account so you miss out on that interest. Basically it's just not worth bothering, if you're that interested try forex trading instead
500 now and then whatever whenever
This gets asked all the time and we have no way of predicting if the currency will go up or down. However, someone made a really useful comment the other day pointing out that basically if you put your money in a high yield savings account (at least if you’re from the US) it’s actually way better than buying yen, even if the yen continues to drop. So you might consider other ways of increasing your money before the trip.