Hi everyone, just wondering if doing this directly is worth while. I figure it should be because NTD and JPY have high volume relative to one another.
I ask because I typically change my money to USD first and then to local currency wherever I travel, such as the Philippines, Indonesia, Thailand, etc because the NTD rate to those currencies is so bad, that it’s actually cheaper to get USD first and then whatever currency you need, even though you’re changing twice.
So should I just straight up change NTD to JPY, or is it still more advantageous to change to USD first and then JPY? Thanks!
at the bank counter, the lady will use the cross-exchange rate between any two available currencies.
if you make it 2 steps, you’ll pay more out-of-pocket fees.
I have always wondered why people would do this? I looked into it once and after quickly doing the maths, it was better to change directly to the currency I wanted.
I just hunt around for the best exchange rate so I know where to change (Bank, high street, etc) and which country to do the transaction in.
I don’t have much of a choice, I’m going there on holiday, I suppose I could just take my chances and wait for a somewhat better rate, but probably marginal. just wondering if it’s better to exchange directly to JPY and if my usual strategy of changing to USD first for SE Asian currencies works for the yen.
so what’s a better option? going to the bank to get JPY, or the airport? any real difference? any particular banks that offer better rates on JPY? Thanks!
As I know both Bank of Taiwan and Mega bank usually have very competitive rates and both have booths at the airport. Someone can correct me but I believe in the airport and at their own branches they use the same rates however at the airport might have a small commission charge.
(remember rates change slightly throughout the day)
For some currencies, like the JP Yen, Mega bank has an ATM inside the bank that does currency exchange. And that rate is an average of the SPOT and CASH rate. So it is a slightly lower rate than if you went to the counter and got the CASH rate.
I have not actually tried that ATM yet but with upcoming trip in October will give it a go.
if you have about 10,000 NT worth of yen and if you’re in Taipei, I could do that. send me a PM if you meet both conditions and we’ll see if we can arrange it. has to be this week though, I leave on Friday.