You're Being Ripped Off: Convert JPY to USD at the Real Exchange Rate

The Truth About Currency Exchange Rates

What is the real exchange rate?

The real exchange rate is the rate at which one currency can be exchanged for another in the open market. It is determined by the forces of supply and demand, and it fluctuates constantly.

Why are banks and currency exchange bureaus ripping you off?

Banks and currency exchange bureaus make money by charging a spread on currency exchange transactions. This means that they buy currency at one rate and sell it at a higher rate, pocketing the difference. The spread can vary depending on the currency pair and the amount of money being exchanged, but it can be as high as 5%.

How can you avoid getting ripped off?

The best way to avoid getting ripped off on currency exchange is to use a service that offers the real exchange rate. There are a number of online currency exchange services that offer rates that are much closer to the real exchange rate than banks or currency exchange bureaus.

Conclusion

If you're planning to exchange currency, be sure to do your research and compare rates from different providers. By using a service that offers the real exchange rate, you can save yourself a lot of money.