My online ohana: currency overseas
Knowledge is power.
The seniors (OG) who paved the way for me here, I show homage to the founding fathers. You know who you are.
Just curious, for the worldly traveler; in this day and age of technology, how do you track currency? Example, say you want to get the best bang for your buck, knowing what the United States dollars is, compared to say the Philippines pesos. Do you use a web site? Or know a trusted company that always gives the best rates? Mahalo in advance.
H.
Pacific Currency Exchange
[QUOTE=FCH300;3786247]It isn't enough to be able to track exchange rates. There are a number of phone apps that can and will provide you with international banking exchange rates (I use the iPhone App "XE", for example). The app will tell me what the current exchange rate might be but the real key to find someplace that will match that rate.
For example, I'm planning a trip to Japan in the near future and needed to land with a little bit of local currency. I need to find a place that will give me a good rate here. I look at XE and find that the going bank rate today is $1 US = 106.7550 JPY. However, when I call the Currency Exchange, they are only offering 102.25 JPY per dollar + $9. 95 service fee + $5 handling fee. BOH offering no fees but exchange rate of 99.425 JPY per dollar.
It is a marketplace like any other where demand dictates price, The best you can do is to known what the big boys are trading at and try to get as close to that rate as possible. That knowledge is what the app provides.[/QUOTE]Best place to get yen has been pacific currency exchange in Waikiki. They are basically buying yen from tourists and selling to locals or back to the tourists, so the buy / sell spread is pretty tight, as they are the only middle man. If it happens to be a day when they are holding a lot of yen, they will sell the yen to you at a favorable rate, likely to minimize their overnight exposure. This kind of situation normally occurs when there is a surge in Japanese visitors, like special holidays. I don't know if they do other currencies.
Correction: Pacific Money Exchange
[QUOTE=VanDeventer;3786441]Best place to get yen has been pacific currency exchange in Waikiki. They are basically buying yen from tourists and selling to locals or back to the tourists, so the buy / sell spread is pretty tight, as they are the only middle man. If it happens to be a day when they are holding a lot of yen, they will sell the yen to you at a favorable rate, likely to minimize their overnight exposure. This kind of situation normally occurs when there is a surge in Japanese visitors, like special holidays. I don't know if they do other currencies.[/QUOTE]Sorry, had the name wrong the first time. It's Pacific Money Exchange. Best to call several days before you need the yen, so they have time to accumulate It if they do not have enough.