Where to exchange foreign currency?
 

My husband & I just found a wad of yen from his years of working in Japan. He had it stashed in an old suitcase, and neither of us knows what to do with it (which is probably how it ended up in the suitcase in the first place). I have been comparing on line exchange rates with what local banks & airports will give us, and it seems like such a rip off. Any suggestions?

fly to Tokyo and exchange it in person at a Japanese bank?

Sorry, I don't suppose you'll be able to do much with it without doing that, except to grin and accept about a 3 or 4 % minimum exchange rate fee.

Money laundering may offer a better exchange rate.

Ask around to see if anybody you know knows somebody going to Japan. You can sell the yen to them at a rate that benefits both of you.

Barring that, you'll have to take it to a big bank that handles international currency. You'll get stuck with unfavorable exchange rates, but at least you'll be doing something with it.

But, hey, the way our government is hemorrhaging money, it probably benefits you to hang on to your yen for a few more years. The dollar looks like it is only going to continue to decline.

Check that the money is still valid. If the face on the currency is not current, you may have problems exchanging it.

This might not be true everywhere, but I have always found Bank of America to have more reasonable rates than it's competitors. Another place with good rates is the American Express offices. Check around for the best rate.

Michael makes a very good point that the money might be outmoded. I worked as a foreign exchange teller in college and people were always bringing in money from decades ago, thinking it still had some value. Quite often it did not, so be prepared for that.

Thanks for your advice, everyone. My favorite solution would be a trip to Tokyo, but since that won't be happening any time soon I guess I'll just have to bite the bullet & take the best rate I can find. Fortunately for us I believe the currency is still in circulation, so we'll probably get just enough to pay our taxes this year!