money changer or bank

[quantgeek]

i have cash japanese yen 3mio kept under my pillow. need to change it to SGD. what is the best way to do it, considering convenience and admin costs? let us just assume i need to access this liquidity now, so no need consider about gain/loss.

is it even possible to do it at the money changer? JPY3mio is not really big amount, but not small too. or my only avenue is to go to a bank?

 

[o2atom]

i have cash japanese yen 3mio kept under my pillow. need to change it to SGD. what is the best way to do it, considering convenience and admin costs? let us just assume i need to access this liquidity now, so no need consider about gain/loss.

is it even possible to do it at the money changer? JPY3mio is not really big amount, but not small too. or my only avenue is to go to a bank?

I am not aware of any banks in SG where you can do cash exchange for foreign currency. Your only avenue is likely money changer.

 

[yoongf]

Just go raffles place, use 3-4 money changers.
Need produce NRIC.
Nothing unique abt such a transection.

 

[Ilovemathstutor]

haha, what a joke.
3m yen... can barely buy u a decent watch.

 

[limster]

there are so many Singapore tourists visiting Japan every year, and Japan cash is really needed in many restaurants/ramen bars... i'm sure you can sell the yen to one of your relatives or friends who are planning to visit.

 

[bluetwinkle]

I am not aware of any banks in SG where you can do cash exchange for foreign currency. Your only avenue is likely money changer.

Banks can do money exchange too but the rates may not be attractive when compared to money changers.

 

[limchooc]

Just go to HWZ travel forum and make a post that you wish to exchange Japan currency to Sing Dollar at a better rate than money changer. In no time your JPY will be gone if the rate is good.

https://forums.hardwarezone.com.sg/japan-271/yen-exchange-rate-watch-2118409-580.html

 

[Trazora]

Just go to HWZ travel forum and make a post that you wish to exchange Japan currency to Sing Dollar at a better rate than money changer. In no time your JPY will be gone if the rate is good.

https://forums.hardwarezone.com.sg/japan-271/yen-exchange-rate-watch-2118409-580.html

Don't quite understand why he would want to do that. More work and less returns than go to money changer.

 

[quantgeek]

haha, what a joke.
3m yen... can barely buy u a decent watch.

not sure if you have any constructive intention in your reply. 3m yen may not be significant for you, but it is for most people.

 

[quantgeek]

thanks all for the tips. i think i will take the advice and get it sorted out with multiple money changers instead of a bank. quickest and least hassle than going to a bank. i want to sell the whole lot, so if i post on HWZ will have to string multiple buyers. appreciate it!

 

[willgoh]

thanks all for the tips. i think i will take the advice and get it sorted out with multiple money changers instead of a bank. quickest and least hassle than going to a bank. i want to sell the whole lot, so if i post on HWZ will have to string multiple buyers. appreciate it!

Ask the bank/ money changer if there are preferable rates given the large amount you are changing.

 

[silverbomb]

deposit into multi-currency bank account in branch and transfer fx via bank into SGD account.