Glossary of terms commonly used in the Wallet

exchange fee

how to read
How to read in Japanese: exchange fee

The exchange fee is the fee charged for converting your currency into a foreign currency. The exchange fee is paid to the financial institution that requested the exchange. The need to pay this fee arises when traveling abroad or when purchasing goods denominated in a foreign currency.

The constantly fluctuating exchange rates can cause inconvenience for exchange operations. Keeping currency prices constant throughout the day and introducing a commission system can make the process fair and smooth.

The amount of the fee varies depending on the financial institution and the type of currency. For example, in the case of the US dollar, the commission tends to be set at 1 Japanese yen per dollar. The actual price at which a currency is traded is determined by adding the foreign exchange commission to the base price of the market, known as the middle rate.

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