As it stands would it be better to get my Pounds Sterling changed here in the UK or once I'm over in Japan?

Question

Familiar with 0% commision but a little confused when it comes to breaking it down. Any tips on simplifying conversion rates. Much appreciated.

Answer 1

Agreed with xenon. Take enough cash from the UK in Japanese Yen to cover transport to the hotel, dinner, firts night's room and breakfast. However, whilst in Japan, use your bank cards so that you are not carrying too much cash around. Cash cannot be replaced - your bank cards can be stopped and replaced.

Answer 2

Change it when you get there. If you really need cash then convert some pounds but the best deal by far is when you pay for things with your credit card. The spread (difference between the price they pay to buy your yen and the price you sell it back at) is much much lower on credit cards.... only use cash when you absolutely have to!

Answer 3

0% commissions means that the broker earns the difference between the buy rate and the sell rate, and doesn't charge any other lumpsum.

i.e. you get lower rates than other places.

Personally i think that the banks in london have very poor rates and its better to use your japanese credit card and let the credit card company do the conversions... you'll get a better rate that way !

Answer 4

No matter where you travel it's not a good idea to carry large amounts of cash. Carry a modest amount of local currency, then use your debit card to withdraw cash in modest amounts when you get there, Keep debit & credit cards seperated, i,e, keep in safe and only carry one at a time.
I envy you going to Japan, its a wonderful country.

Answer 5

live in Japan and so I say convert it when you get here...BUT I must warn you. Pounds is worth alot more! You might get almost double the Yen....but when you change it back into pounds...all of your yen will disintergrate to less than half! Its true...it happened to me.

Answer 6

ask your bank manager