Japanese Yen (JPY), the official currency of Japan, is one of the world’s most commonly traded and top currencies. Yen comes from the word ‘round object’, which refers to the coins typically used during ancient times. Japan’s robust economic trade with many countries, including Australia and its 25 million tourists annually, has made Yen one of the most traded currencies.
Most Australian tourists buy Yen as their travel money in banks, airport kiosks, or currency exchange offices at the last minute of their travel. This is not, however, a wise thing to do because of the hidden fees and low exchange rates they provide. If you are heading for a Japan trip soon and looking for a competitive rate for your Australian dollar (AUD) against the Japanese yen (JPY) or the best AUD rate to buy JPY, read this guide below. These are tips to get an excellent Japanese yen rate in the market without paying an extra fee.
Understanding Exchange Rates
Exchange rates can be a complex and confusing topic, especially for those new to foreign currency exchange. However, understanding exchange rates is crucial to getting the best deal when exchanging Australian dollars (AUD) for Japanese yen (JPY). Here are some tips to help you navigate the world of exchange rates:
Tip #1. Ask Google for different exchange rate providers online to avoid hidden fees
Google can provide you with several online exchange providers from which to choose. The best way to spot a good one is to check if their currency converter offers a mid-market rate. Checking exchange rate trends can help you spot a good provider. Check the difference in rates between online platforms. But remember not to get hooked easily on cheaper rates as they may have hidden fees. The services should also include a secure and flexible mode of delivery to ensure that your travel money is safe.
Foreign Xchange offers mid-market rates and no extra fees except for your cash order’s $30 postal delivery. You can get the most out of your Australian dollar since Foreign Xchange provides the best rate within the day. They also partnered with Australia Post, so you can pick up your money safely and collect it from any Australian Post near you within 3-5 business days.
Tip#2. Identify the best time to exchange AUD for Japanese Yen
There is no perfect timing for getting the best exchange rate, but you can get the most out of your Australian dollars by monitoring the currency trend and historical exchange rates of AUD to JPY. With enough research information, you can set your ideal AUD to JPY rate. Use currency alert tools that notify you when the AUD to JPY exchange rate reach a particular value, allowing you to convert your money on time when the exchange is favourable.
Foreign Xchange has a rate tracker where you can set a trigger rate. You will be notified in your email when this rate is currently the real exchange rate in the platform. In this way, you will get the yen rate you desire without checking any foreign currency converter daily.
Tip#3. Exchange Larger Amounts
If you need to convert a significant amount of your Australian dollar for Japanese yen, inquire about the prices for bulk exchange rates. Some online platform services offer better rates for more significant Australian dollar transactions.
Foreign Xchange offers the best AUD to JPY exchange rates if you convert more than 2500 AUD. You won’t find this kind of deal in the bank or in-store since they offer flat, standard rates. For transactions between 1000 and 2500 AUD, you’ll get a better rate, and for transactions lower than 1000 AUD, you’ll get a good rate. Your cash will be delivered to you by Australian Post within 3-5 business days.
Conclusion
If you’re exchanging Australian Dollars (AUD) for Japanese Yen (JPY) for your next trip or an international transaction, finding the best JPY rate among different platforms is essential. You must compare the costs among different online exchange platforms and choose the one that would give you the most of your Australian dollars. Utilise other online tools such as currency converter, rate tracker, and historical trends to help you decide the best time to exchange your Australian dollar for Japanese yen.
Frequently Asked Questions
Where can I get the best exchange rate for AUD-JPY yen?
Competitive rates can be found on online platforms like Foreign Xchange, which offers some of the best AUD-JPY exchange rates and convenient delivery options.
Is it better to exchange currency in Australia or Japan?
It’s usually better to exchange a small amount in Australia for immediate needs and then exchange more in Japan, where rates may be more favourable. However, this can be stressful, and the fee for exchanging your money in Japan might be higher than in Australia.
How can I avoid high currency conversion fees?
Avoid airport kiosks or bank rates if you do not want to pay for hidden costs. Use Foreign Xchange ahead of your trip to secure great rates online before your trip.
What time of day is best to exchange currency?
Currency markets are most active during weekdays. For the best rates, exchange during market hours when fluctuations are less extreme.
Should I exchange all my money at once or in small amounts?
It’s wise to exchange in small amounts throughout your trip, especially if you expect the exchange rate to improve or are unsure of your spending needs. Platforms like Foreign Xchange also allow you to monitor rates online to time your exchange perfectly.