I think you're entirely right on the media thing. I've used them on JP->US and US->JP over the years as my sources of income and expense destinations have shif

I think you're entirely right on the media thing. I've used them on JP->US and US->JP over the years as my sources of income and expense destinations have shifted around. They're pretty brilliant, but it's clear that they're just buying dollars from UFJ (who has a lot of dollars to sell) at a rate better than the one UFJ would quote me. Which is fine! It does exactly what it says on the tin.