Concerning the live currency-cross-rate system (real-time foreign-exchange rate for the current market price)
The live-currency-cross rate system compares the rates of the main eight currencies (including USD, EUR, JPY, etc.) and is updated in real-time. Feel free to subscribe to your favorite currencies and use the system as a reference during transactions.
During transactions, our rates are set by the market price and, in principle, are only updated once per day. While the medium price is determined by the standard published by the bank, the price is also influenced by the indices of the Foreign Exchange Market (around 10:00 AM).
* The time is based on GMT London, resulting in a time-difference for Japan.
USD, EUR, GBP, CHF, CAD, AUD, NZD, SGD, HKD, THB, CNY are all abbreviations of different currencies.
The above abbreviations represent the following currencies who's rates are displayed: American Dollar (USD), Euro (EUR), English Pound (GBP), Swiss Franc (CHF), Canadian Dollar (CAD), Australian Dollar (AUD), New Zealand Dollar (NZD), Singapore Dollar (SGD), Hong Kong Dollar (HKD), Thai Baht (THB), Chinese Yuan (CNY), Taiwan Dollar (TWD)
In the Foreign Exchange Market, the rates influenced by transactions between banks are displayed on separate lines and change by the second; this type of market structure is called a 'floating exchange rate system'. The rate displayed is called the 'inter-bank exchange rate' and is influenced by the transactions and supply-and-demand within the market during open hours.
With a floating rate, the foreign exchange rate normally shown to the customers by a bank are decided once per day at a predetermined time with regards to the medium value set by the banks and Foreign Exchange Market. The process of setting the rate in one place for a fixed amount of time with change is called a 'fixed rate system'. This type of display rate is known as TTS or TTB (telegraphic transfer selling (buying) rate), and refers to the commission fee included in the rates during a bank's transactions during open hours.
※TTS(TTB) telegraphic transfer selling (buying) rate
The cash rate is is the fixed rate used by banks when exchanging bills. The cash rate physically requires more than other rates due to having to import the bills, paying interest, insurance fees and so on. Therefore, the rate is higher than what's displayed on the telegraphic exchange rate for wire transfers due it including the other costs.
The real-time rate is expressed as a reference value because the inter-bank rate in the foreign exchange market reflects the price of the currency traded by individual banks by relative transactions all over the world for the sake of accuracy. It is impossible to display the price by every individual transaction. However, since networks between banks are keen to share information very closely, the rate transmissions are properly shared and don't create a large gap, being trusted enough to become a reference index.
With the live-currency cross-rate graph, the bid and ask lines determine the exchange rate between banks.
Bid: the rate for buying foreign currency (as a customer), Ask: the rate for selling foreign currency (as a customer).
About foreign currency-exchange
SAKURA EXCHANGE has the best rate in the nation in comparison to airports and other currency exchanges.
When purchasing more than 300,000 JPY worth of a foreign currency, or when selling your own foreign currency, we way require a copy of your photo ID (driver's license, passport, etc), so please have them on hand.
SAKURA EXCHANGE does not employ a minimum or maximum limit for transactions of our supported twenty-two currencies. While smaller units of currency can be given out, we do not support foreign coins.
SAKURA EXCHANGE is open 365 days a year from 7:00AM to 11:00PM.
*Business hours may differ from store to store.
Please feel free to inquire.
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Please visit our stores for more information.