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Money matters

2008年12月11日 05:03

I remember talking about how hubby's company delayed the reimbursement for our rent and his actually salary for months when we first moved to Boston. It was not easy but we had to deal with it.

What we did, was to buy enough US dollars to keep us alive with our limited savings. Unfortunately the exchange rate went sky high and hit 120yen/USD. Although we were spending our yen, hubby's company repaid us with USD months later at a much lower rate. So we literally lost quite a bit of money because of the exchange rate. Thanks to the poor internal system / management / support at his company. As of today we are still stuck with a bit of the dollars we purchased at that time, but the exchange rate is down to 93yen/USD these days. Meaning a price difference of a max. of almost 30yen/dollar!

Bad luck is all that I can say about this whole thing. But we still have to decide what to do with the USD when we return to Japan. After some thoughts we decided to send some to Canada. Interesting enough, the exchange rate between USD and CAD has been unstable in the summer but now it's back to the 1.2-1.3 level. So we kinda made use of this timing to send the money.

Usually when you make an international wire transfer, you lock the rate at the bank where you send your money. But I encountered something very interesting when I was at BOA the other day. I called the customer service of the bank in Canada for the ABA# and somehow we (the bank rep at BOA to be exact) realized the money actually had to go through JP Morgan instead of the usual direct transfer between 2 banks. So what happened was, I was sending money to Canada via JP Morgan in NYC, and the transfer was actually counted as an USD transfer. And I had no idea what exchange rate JP Morgan would give me.

Sounds frustrating huh? That being said, things worked out to my favor at the end. When the money reached the other end, the rate I got was actually better than one offered by BOA. Though I had to pay an additional $10 (total $45) for the domestic transfer, BOA was unable to rip me off through their low exchange rate. hahahahaa I just lucked out I guess.

Why through JP Morgan you may ask. I asked my sister too, but then our assumption was that it is the bank with the least possibility to go bankrupt at the moment. Yes, money could vanish if the bank goes bankrupt in the process of the transfer. So I guess it's just some precaution taken by the bank in Canada to protect their clients? Who knows...and I don't think I'd bother calling them again to verify that.



コメント

  1. su | URL | -

    佢地內部好多野真係人地唔明. 真係出一出外面都幾多野煩. 我覺得都係HK BANK好. 好方面. 日本銀行好唔掂. 野都要手續費. 又管制外滙得好嚴. (不過當然) 所以係香港習慣左自由其實香港真係有佢既好處. 講開最近成日聽到有銀行話唔掂. 係新生銀行. 都傳得幾緊要. //你話果D模唔好用咁我都唔會去買囉. 我原本重想得既時侯買黎試下. 好在你話比我聽.

  2. ukishima | URL | mQop/nM.

    >Su,
    我完全有同感。日本個金融体制無香港o甘自由。不過都可能係同一個原因、今次個世界金融風暴無影響得日本o甘応。
    anyway la、過去o左o既都無計la。
    講開silicone模、depend on個用途、其実都可以幾有用o家。例如frozen items o甘。baking就正如我所講、焼き色が良くないからお勧めできない。

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