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Buying merchandise from Japan paying with Japanese Yen - Best Exchange Rate?
Old 02-13-2017, 06:56 PM   #1
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Buying merchandise from Japan paying with Japanese Yen - Best Exchange Rate?

Trying to buy an item through a shopping service from Japan , seller and agent want to be paid in their currency. Total value around $20,000.

Wells Fargo rate is 109 to $1
Fidelity Investments rate is 110.33 to $1
Visa Credit Card rate is 113.7 to $1 (through their website)

Unfortunately I can't pay with Visa card without being there myself.

Suggestions?


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Old 02-13-2017, 07:17 PM   #2
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why would you have to be there? I've set up trips and paid places in other countries using my credit card. This includes Japan -- I admit it was some time ago.

the visa rate looks like the present exchange rate. Usually their rate is one of the best, but is often as some offset so they make money both ways.

I've also done it buy using forex at fidelity and then wiring the money to the appropriate bank and account. Again, long ago.
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Old 02-13-2017, 07:45 PM   #3
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Current conversion rate tonight is 113.748.

Are you cure there won't be any duty added?
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Old 02-13-2017, 09:54 PM   #4
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If you could pay with a CC , and had one that had zero foreign transaction fee, you could save $600

When I just signed up for Barclay Credit card which has zero foreign transaction fee, during the process it asked if I wanted expedited delivery of the card, for only $15. vs normal wait of 7 days.
https://home.barclaycardus.com/cards...astercard.html
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Old 02-14-2017, 10:51 AM   #5
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I think I received wrong information from Fidelity yesterday.

Talked to their international department this morning, I can convert the currency myself with my brokerage account. The fee is 1% from the published rate. For example, on XE.com, the rate shows 114.40 JPY to 1$, I will get 113.256 yen for every dollar I convert. This is better than Wells Fargo that charges about 3%. A 1% charge is not too bad.
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Old 02-14-2017, 04:07 PM   #6
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when I did it I did not just ask fidelity to convert it, but bought yen using forex trading and had it put in my account. I then had it wired to a back. As least that is what I think I did. It was over a decade ago.

so could you do forex trading and then take receipt of you yen? you may need to enable it.
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