Japanese Yen

C

cml2949

Hi, some of you may have seen this post in the Eurex Trading already..

On a trip last year to Japan I converted U.S dollar to Japanese Yen.. On the trip back to the U.S I held on to the yen instead of converted it back to the dollar.

I noticed that I have around 13,000,000 yen which is a little more than 1 future contract. I want to exchange it back to dollar soon and the exchange rates at these currency exchanges are horrible.

Anybody familiar with FCM's which will allow me to sell a future and let it expire to exchange the yen. What's the process?

Will it be a better rate? Is there any other ideas to exchange from yen to dollar?

Thanks in advance..
 
Couldn't you open an account with IB and deposit the yen and then convert it to USD. I imagine the spread would be way better.

I've never done this myself.
 
Ok I will contact IB and see if it's possible.. I did speak with Everbank last year, but they don't take the actual yen currency..

Thanks for the suggestions. Now, lets see if how close to the market's rate IB will give!
 
IB does convert Yen to Dollar, but only through their platform. I'm not sure how the process works, but I will look into it some more..

I guess your out of luck if you have the actual Japanese Yen at hand because they only accept wire transfers.

Heres the link to converting money http://individuals.interactivebrokers.com/en/trading/pdfhighlights/PDF-Forex.php?ib_entity=llc

For long JPY, the interest rate will JPY LIBOR -0.5% for balance above 1,175,000, and for balance above 11,750,000 will be LIBOR -0.25%

Take a look at these rates!
 
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