You will see the converted amount appear in the amount field and in the Japanese Yen that you want. Done!
Banks and currency brokers for far too long have been taking large spreads, commissions and extra hidden charges when sending money abroad or selling you travel money. Using a transparent currency specialist online like The Currency Club will give you access to the live prevailing GBP to JPY interbank exchange rate before confirming your exchange rate. You receive an all inclusive price and then can then make a direct comparison with other providers and the margins that they are taking. There will be no hidden charges and you will be able to see clearly the expected margin from the live GBP to JPY exchange rate.
When you are considering exchanging cash for a trip to Japan then there are a couple of options you have when converting pounds to Japanese Yen and vice versa.
1) Banks and some traditional Bureau de Change or currency exchanges - These can end up being quite costly options due to these businesses having high overheads which results in the overall cost to exchange Japanese yen being quite high. Many banks and traditional bureau de change will not hold Japanese Yen in stock and will need to be ordered in advance and this can take up to 3 days or more. It can be much better to consider an online currency specialist when exchanging pounds to JPY.
2) Online Currency Specialists - There are two great positives about using an online currency specialist when exchanging pounds to Japanese yen. Firstly, they will readily have Japanese Yen available for next day home delivery as they manage hedged inventories, and secondly, as they have much lower operating costs compared to the banks and traditional branch operations, you will usually get a very competitive exchange rate on your GBP to JPY conversion.
Search for an online currency specialist that supplies you Japanese Yen at as close to the live interbank GBP to JPY exchange rate without any hidden charges or commission. This way you can see exactly how much they will be charging you when you exchange pound to yen or vice versa. Transparent currency specialists will also give you access to the live interbank exchange rate before transacting.
Transferring pounds to yen although can be cumbersome through traditional providers, using an online payments specialist is usually the easiest route to go when you want to transfer Japanese Yen.
After you have decided on whether to transfer using a bank or currency specialist, the following steps should take place:
Step 1 - After selecting your currency specialist who you will use to make your pound to yen payment, there will be a registration process online. An electronic ID Check usually takes place during this process.
Step 2 - you will be asked to confirm your exchange rate and the best scenario would be that you are provided with a transparent service where the rate of exchange is the interbank GBP to JPY exchange rate with the spread shown separately or you will be quoted the pound to yen exchange rate which includes a hidden mark-up. In the transparent solution you can easily work out the mark up on the pound to yen exchange rate before confirming.
Step 3 - After the exchange rate is confirmed, the deal is booked. Your newly purchased Japanese yen will be sent to the account of the beneficiary that you have set up with the currency specialist.
Make sure that you can transact with knowledge of the interbank pound to JPY exchange rate before confirming the GBP to JPY quoted exchange rate on offer.
The question you really need to ask yourself is how do I get the best deal when exchanging yen to pounds. There are two ways that you will be quoted a JPY to GBP exchange rate by a bank or currency specialist.
When it considering banks and traditional currency specialists, they will overall provide you with a very expensive pound to Japanese yen exchange rate that includes their margin. The additional dilemma with this is that they can quote you an exchange rate at one time and then when you call back again the rate can dramatically change from the interbank pound to JPY exchange rate therefore ending up much more expensive second time round.
If you opt for a transparent currency specialist, you will be able to transact with complete visibility of the live GBP to JPY exchange rate as per the currency converter on this page. There will be no hidden charges and you will be able to clearly review the spread at the time of transacting.
Why not have a dedicated line to an FX dealer or tools provided by online currency specialists can also help alerting you if certain rates are reached before you convert pounds to Japanese Yen.
Last updated on
Source: compareholidaymoney.com
You send
Recepient gets
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*We capture the exchange rates being offered by airports and high street providers once a month and calculate what spread they are taking off the live interbank rate. We then compare that to what rates we are offering to calculate the savings you can make if you use us.
*Your potential saving has been calculated using our exchange rate and the most expensive provider's rate in the market at a given point in time.
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Last updated on 16-02-2025 14:40:07
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Last updated on 16-02-2025 14:40:07
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Last updated on 16-02-2025 14:40:07
Last updated on 16-02-2025 14:40:07
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