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Keeping money in JPYKeeping money in JPY

naftienaftie6 days agoAsk MFC
Hi everyone! Bit of a weird question, but has anyone ever exchanged money at a good rate then hoarded it somehow? I'm from the UK so i'm dreading the results of brexit (maybe they'll be good, but the rates killed it for me post brexit the first time haha). At the moment the rates seem decent, so I'd like to preserve them for future purchases.

I know on paypal you can keep money in your 'wallet' in different currencies, but i was wondering if it was possible with bank accounts since some websites don't take paypal, and a bank account seems like it has less fees? Worst case scenario, keep it in jpy on paypal then transfer to a bank account maybe? Idk if any of this would work honestly haha

If anyone has done something like this before, please let me know how it went!
1,073 hits • 16 comments

Comments16

1pt
I think Paypal has a way you can store money there by extracting your bank money and put it into Paypal and convert it to JPY. But I think there will be a currency conversion fee. And then you can sit it there.
5 days ago
1pt
Kuromii Haikyuu nerdlord
Honestly, i'm more worried about not getting my medication and being admitted to a psychiatric unit because of it after Brexit.
6 days ago
1pt
Ooo, what dollfie dream is it?
6 days ago
1pt
Currency speculation makes sense with larger amounts of money. If you're thinking of converting a few hundred GBP to JPY, even if the Pound tanks following Brexit and drops 10 or 15%, you're really only gaining 1 to 2 Pounds.

Besides that, JPY isn't that strong of a currency. If you're really worried about the value of your currency I would convert to something more stable like USD or EUR. But that goes into the whole other problem that could be created when millions of Brits dump their currency for foreign currencies and the UK economy tanks even harder. I would say don't bother and hope for the best.
6 days ago
2pt
naftie (6 days ago) #54351739
I think i'm a bit confused, how will a card with no transaction fees help? Do you mean paying into the paypal account as jpy from the bank account? sorry if this is a stupid question!


Paypal doesn't convert your money for free. You lose 2-3% per currency conversion. If you somehow get paid by people in JPY, then you don't pay for any conversion with a JPY wallet in paypal.
6 days ago
1pt
naftie (6 days ago) #54351739Would taking the money out as cash in jpy work better?

No, cash rates are generally poor, and not entirely sure what you'd do with the cash unless you're physically going to Japan to buy it... For an expensive item I'd want to use card or PP for protection anyway.

I have a CC that has no foreign transaction fees - using that saves me from the 4% PayPal would charge if I used their converter for a txn - that's where the saving would come in, if you get a card with no foreign fees. So if the rate flexes less than the PP fees then you could 'counteract' the effect with a fee-free card.
6 days ago
1pt
tharglet (6 days ago) #54276287Yeah, a Dolfie Dream is probably worth running the numbers for, as I know they can be quite pricey. When your run the numbers, remember that PayPal charge a 2.5% fee for currency conversions of your balance.
yeah they're definitely on the expensive side, it's just a shame that this doll releases so soon after brexit, and I'd definitely prefer not to risk it if possible! Thank you for the heads up, I'll look into it more! Would taking the money out as cash in jpy work better? Not sure if that's feasible, just shooting in the dark haha

Sparxxors (6 days ago) #54325415converting currencies in paypal costs you like 2-3%. If you can get a credit card with no foreign transaction fees like from capital one, you play less of a guessing game and benefit from not getting penalized 2-3%.
I held a small amount of JPY in paypal, but the current JPY/USD rate is hovering around the rate that I got with the fee that paypal incurs. If it's something crazy, like 2015 where 1 USD was 120 JPY, I would hoard for sure.

I think i'm a bit confused, how will a card with no transaction fees help? Do you mean paying into the paypal account as jpy from the bank account? sorry if this is a stupid question!

Ryandh (6 days ago) #54350379I would just get a card with no foreign transaction fees. Won't help with volatile currency exchange, but should save you a bit. I Use the Amazon Prime Rewards Visa for my purchases, since it has no foreign transaction fee's and it's a free card. Plus I get 5% back at amazon, so win win
ooh that card sounds great! i'll look into it - thank you!(:

alson0206 (6 days ago) #54351198i used revolut nowadays since its has better exchange rate , when my bank give 137 and revolut are around 145
I have no idea why I haven't heard of it before, i'll check it out! better rates are always welcome haha, thank you(:
6 days ago
1pt
i used revolut nowadays since its has better exchange rate , when my bank give 137 and revolut are around 145
6 days ago
1pt
I would just get a card with no foreign transaction fees. Won't help with volatile currency exchange, but should save you a bit. I Use the Amazon Prime Rewards Visa for my purchases, since it has no foreign transaction fee's and it's a free card. Plus I get 5% back at amazon, so win win
6 days ago
1pt
I wouldn't bother, unless you're George Soros ;)
6 days ago
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Buy from Japan. Easier than ever.

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