You will see the converted amount appear in the amount field and in the British Pound 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 JPY to GBP 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 JPY to GBP exchange rate.
If you are looking to exchange money in cash, then here are the top options when converting yen into pounds or pounds into yen:
1) Banks and some currency exchanges - These tend to be expensive options and the overall cost ends up being very high. In some cases, you may have to order in Japanese Yen as they may not have it readily available in stock. When exchanging yen to pounds, research an online currency specialist to consider your exchange.
2) Online Currency Specialists - tend to be the better and cheaper option as they do not have the same operating overheads like a bank or branch operation has.
Make sure that you find a currency specialist that supplies your currency at as close to the live interbank JPY to GBP exchange rate without any hidden charges or commission. This way you can clearly see how much they will be charging you when you exchange yen to pounds or vice versa. If you opt for a transparent currency exchange specialist, they will also give you access to the live interbank exchange rate before transacting.
Online currency specialists tend to also have hedged inventories of Japanese yen and can ship currency out to your UK address for next working day delivery.
Transferring pounds to yen or yen to pounds can be overwhelming but there are a few simple steps to follow:
After you have decided on whether to transfer using a bank or currency specialist, the following steps should take place:
Step 1 - ID Check when you have selected your bank or currency specialist who you will use to make your pound to yen transfer, you will be taken through a process of registration.
Step 2 - you will be asked to confirm your exchange rate and be either given a transparent service where the rate of exchange is the interbank GBP to JPY exchange rate with fees shown separately (best scenario) or you will be quoted the pound to yen exchange rate which includes a hidden mark-up.
Step 3 - once you have confirmed the rate of exchange and the deal is booked, the funds will be sent to the account of the beneficiary that you have set up with the bank or currency specialist.
What is important when converting pounds to yen is to make sure that you use a transparent currency specialist.
Make sure that you can transact at the interbank pound to JPY exchange rate and where the clear fees are shown separately.
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 comes to banks and traditional currency specialists, they will generally provide you with a very wide yen to pound exchange rate that includes their mark up or margin. The problem with this model is that they can quote you one rate and when you call back again the rate can dramatically change from the interbank JPY to pound exchange rate therefore ending up as a worse deal.
If you opt for a transparent currency specialist, you will be able to transact with complete visibility of the live JPY to GBP exchange rate as per the currency converter above. There will be no hidden charges and you will be able to see clearly the fee payable from the live pound to yen exchange rate.
This is where a currency specialist can help, online or otherwise, you should have a dedicated line to a dealer who is informed about the movements about the pound to the Japanese yen.
Last updated on
Source: compareholidaymoney.com
You send
Recepient gets
| You send | Exchange rate | Recipient receives (After fees) |
*You could save | |
|---|---|---|---|---|
*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.
Last updated on 08-12-2024 07:13:29
Last updated on 08-12-2024 07:13:29
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Last updated on 08-12-2024 07:13:29
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Last updated on 08-12-2024 07:13:29
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Last updated on 08-12-2024 07:13:29
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We are pleased to announce that, starting from 16-Sep-2024, our international payments service for corporate clients will be managed by our sister company, Sterling FX. The Currency Club platform will now focus more on private clients, while Sterling FX will continue to cater to institutional business needs.
Please note that, aside from being redirected to the Sterling FX website, the following will remain unchanged:
You can continue to log in using your existing credentials.
You will continue to work with the same points of contact. All our team members are being retained in their current roles.
The agreed fixed margins on your account will remain the same.
The services we have provided to you thus far will continue to be offered by Sterling FX. The only differences will be slight changes to the interface, such as the website, logo, and color scheme.
We are excited to continue doing business with you and greatly appreciate your ongoing partnership.
As always should you have any questions, please feel free to get in touch on +44(0) 207 723 7000.
We are pleased to announce that, starting from 16-Sep-2024, our international payments service for corporate clients will be managed by our sister company, Sterling FX. The Currency Club platform will now focus more on private clients, while Sterling FX will continue to cater to institutional business needs.
Please note that, aside from being redirected to the Sterling FX website, the following will remain unchanged:
You can continue to log in using your existing credentials.
You will continue to work with the same points of contact. All our team members are being retained in their current roles.
The agreed fixed margins on your account will remain the same.
The services we have provided to you thus far will continue to be offered by Sterling FX. The only differences will be slight changes to the interface, such as the website, logo, and color scheme.
We are excited to continue doing business with you and greatly appreciate your ongoing partnership.
As always should you have any questions, please feel free to get in touch on +44(0) 207 723 7000.
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