Japan was hit with yen appreciation. Now yen is in stronger upper hand against dollar (strongest point yet in last 15 years)

Hearing so, I tried to convert some of my yen to US dollar and find out it’s better to open a foreign currency deposit instead

Here is the detail of it. If you want to convert yen to US dollar by cash, aside from the conversion rate, you need to pay another 3 yen per dollar as a handling charge.

Now if you open up a foreign currency saving account, the handling fee is lighter. It’s only 0.5 yen if you open it through Internet and around 1 yen if you open it by usual method.

Knowing that, I opened up the account using internet. Now here is the catch, if you want to convert the US dollar back to cash Japanese yen, you need to pay 2 yen per dollar as a handling charge. But if you convert it to yen by account transfer the n the handling charge would be 0.5 yen per dollar.

I’m still new in this kind of thing but I guess it would be nice info to share this with anyone who interested 🙂