John R. Yamamoto-Wilson wrote:

> Lloyds, on the other hand, is currently offering an exchange rate of
> 214.46 yen to the pound sterling, whereas http://www.xe.com/ucc/ gives
> today's rate as 211.145 yen to the pound. That would add up to a
> difference of some 65 pounds sterling ($120) per million yen. Lloyds
> also charges a commission of 2000 yen per currency exchange. But then,
> this seems to be their exchange rate for cash; it isn't clear from their
> website what rate they would apply to an international transfer.
>

A 1.5% rate spread is fairly common. The spread would likely be
somewhat less on a USD or EUR purchase. If the amount you transfer is
large enough (5M¥ ? 10M¥ ?) they will not use the displayed rate
(which is fixed in the morning), instead they will quote you a live
rate (with the same spread).

I don't think you can walk in a bank with 5M¥ in cash in hand and have
it wired overseas. For this kind of amount you might need to have an
account and go to the branch where your account is opened to make the
wire: that is what Mizuho asked me to do.

A ¥2000 commission is fair, i think it was ¥2500 minimum at Mizuho,
anyway it is an extremely small amount compared to the rate difference
you may have from one day to the next (or even one minute to the next
if the quote is live) on a large wire.