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Keeping money in JPYComments • Keeping money in JPY

  • 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.
    5 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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