Nationwide Reduction on Commissions
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On the 16th of January, the Kyoto Shinkin Bank drastically reduced its commissions for exchanging foreign cash currency from the United States and five other countries. The greatest reduction is 50% for Italian lira, with an average reduction of 30%. This is the lowest commission rate available in Japan for these six currencies, even lower than the Bank of Tokyo and other major banks dealing in foreign exchange.
For U.S. dollars, the commission for exchanging foreign cash currency is \2 per dollar at the majority of financial institutions, with some institutions such as the Bank of Tokyo charging \1.80 per dollar. The Kyoto Shinkin Bank has reduced its current rate from \2 to \1.70 per dollar, offering a rate 5% to 15% lower than other financial institutions. Rates have been reduced on five other currencies in addition to U.S dollars -- Australian dollars, New Zealand dollars, Canadian dollars, French francs, and Italian lire. For Australian dollars, the current rate has been reduced from \8 to \5 per dollar, meaning a savings of approximately \3,600 for every \100,000 worth of Australian dollars purchased. For Italian lira, the commission has been reduced from \1 to \0.50 per 100 lira. The commission for traveler's checks issued in U.S. and Australian dollars has also been reduced -- from January 16 to March 29 the commission for issuing travelers checks will drop from 1% to 0.5%. |
