Foreign Currency Exchange

**RSO 34** · 11-03-2010, 12:59

Considering how low the dollar has dropped against the yen, it would be best to try to save as much as possible on the exchange rate. From what I have read, it appears that the best rate is given in the Narita airport. Their current rates are updated daily on this website:

http://www.narita-airport.or.jp/exchange_e/index.html

Take note that you get a better rate exchanging traveler's checks rather than cash so do the math before you go and figure out whether the fee for purchasing traveler's checks still gives you a better deal than a straight cash transaction. It appears that there is only .025 USD difference cash v. tc so unless you are exchanging thousands of dollars the rate advantage of a tc v. cash is relatively nominal but you still would have the "security" of tc's.

**Matt_337** · 11-03-2010, 13:01

Isn't the best rate given by using an ATM?

**RSO 34** · 11-03-2010, 13:03

I had thought that but from what I am reading it seems like the airport works best. Perhaps because of the fees your bank will hit you with (assuming your ATM card works in Japan) that makes the airport a better deal.

Anyone?

Bueller...

Bueller.........

**Matt_337** · 11-03-2010, 13:24

The $3 fee my bank charges me to use another ATM is definitely offset because banks use the spot market exchange rate . In all of my international travels, I've always gotten the best exchange rate doing it this method. Of course, I don't pull out $20 at a time when using the ATM. I tend to pull out $300 or more to get the best bang for the buck

**BATMANs** · 11-03-2010, 13:29

I made more $$$$ with converting my currency to the chinese RMB than I would with the Yen.

Consider that.

**Dtrigg** · 11-03-2010, 13:42

My bank doesn't charge to use other ATMs so that's what I do. Also, you'll probably get a better rate by using your credit card for purchases.

**RSO 34** · 11-03-2010, 13:45

I just got off the phone with Chase. They charge a $3 ATM fee but 3% if used as a debit card (the local ATM provider might charge its own fee) but I had to "register" that I will be out of the country with the card and would be using foreign ATMs.

**passline** · 11-03-2010, 16:00

I concur w/RSO. Unless you are moving to Japan, do it at the airport. You are spending 3k USD so 2 or 3% is not a big deal. An ATM if it is not in English, you are going to be pulling your hair out ........... and for what? The airport will charge a small fee and that is what they do, but so what? It is not that much and you will be on your way having fun and not holding up yourself or others.

Just my .02 cents.

**SFNSXguy** · 11-04-2010, 06:00

ATM has all languages -- no problem (though mine requires a four-digit PIN for outside US). Use credit card for all you can (don't forget to call your credit card company before you leave and tell them you will be in Japan so they don't stop payments thinking it's fraud). Carry a few thousand Yen for incidentals (10,000 Yen is about $125).

**Lud** · 11-09-2010, 09:45

Be aware: The majority of ATMs in Japan do not accept most foreign cards. Some will, typically in major airports or train stations, major department stores, post offices, 7-11 stores, etc. But you will probably have less hassle if you just bring cash with you. Japan is very safe, do not worry about carrying around cash.

The airport in Japan is fine to change money. Here are the lists for rates and locations at NRT:

http://www.narita-airport.or.jp/exchange_e/index.html
http://www.narita-airport.jp/en/guid...st/svc_11.html

Japan is much more cash-based than the US, but this group is staying in either major western-style hotels which all accept credit cards, or the hotels that Hirofumi paid for out of our registration fee, so you shouldn't need cash for lodging.

You will probably be find just bringing enough cash for ground transport to/from the airport, meals/activities not included in the event registration, drinks, spending money, etc. Most higher-end restaurants accept credit cards as well. But if you "go native" at all you will find you need cash (i.e. you can't duck into smaller local store or restaurant and be confident that they will accept credit cards).

While I'm rambling on about money: Do not just go around tipping people in Japan! Tipping is not customary. If you hand someone an extra 20% cash or leaving a pile of money behind at a restaurant you are more likely to cause embarrassment than appreciation. If you intend to tip, do some research first to understand the few instances when it may be appropriate (e.g. at a ryokan) and how to do it properly to avoid creating a situation that is just embarrassing for everybody involved.

**RSO 34** · 11-09-2010, 09:56

Originally Posted by Lud

The airport in Japan is fine to change money. Here are the lists for rates and locations at NRT:

http://www.narita-airport.or.jp/exchange_e/index.html
http://www.narita-airport.jp/en/guid...st/svc_11.html

Do you have any recommendations on which location to utilize for currency exchange in the airport? It looks like there are multiple places. Do they all use the same rate listed in the link above? And do you find the exchanges before or after you go through customs (they show before and after passport control but I wasn't sure if that meant on the way in or on the way out of the airport)?

**dablackgoku1234** · 11-09-2010, 11:24

When I went to Japan, the forex rate by any of the Japanese banks was a total ripoff. Then again, I was converting Canadian dollars, which is less sought for than the USD. Either case, there are a few Citibank ATMs in Tokyo if you need cash. The extra fee you get charged with is an Interac or Plus charge. The exchange rate is comparable to credit cards, but no where close to the damage incurred at a local Japanese bank. Everywhere else, credit card is widely accepted. For the 2 weeks I was in Japan, I spent $5000, over $4000 of which was on credit card.

**Lud** · 11-09-2010, 11:45

Bob, I do not really recall. The ones I checked may have varied slightly but were all close enough that I considered them the same (at least for USD which is all I paid attention to). There are places both before and after customs/immigration. On that list, "before" and "after" passport control is split into depatures and arrivals, so look at the arrivals rows. If you really want to get OCD about planning you can figure out where they are on the terminal maps and probably check the rates at the individual banks somehow, but that's too much for me: http://www.narita-airport.jp/en/guide/map/index.html

dablackgoku1234 - I should have clarified. The banks in Japan have good USD and Euro exchange rates, maybe the best readily-available. This includes banks doing currency exchange at the airports. Rates for other currencies are not so good, so anyone changing currency other than USD or Euro is probably better off changing at home or trying to use ATM and credit card. Last time I was there I met someone from Australia who said it would have been about 10% more if they had changed money in Japan vs. changing it at home!

**RSO 34** · 11-09-2010, 12:09

The latest trading shows 80.6 yen/USD. The airport exchange shows 78 if using cash and 80 if travelers checks.

By way of comparison, I was at Chase just now and they were charging $131 for 10,000 Yen, or approximately 76+ per usd (roughly 5 1/2% "loss" on the exchange).

**Scott in MD** · 11-09-2010, 12:34

For the latest exchange rates I use www.xe.com

**TonyD** · 11-09-2010, 12:38

Already have a few hundred in AX travelers checks - still trying to decide how much in travelers checks I should actually bring and convert at the airport...

**SFNSXguy** · 11-09-2010, 12:39

Really sorry if for some reason Japan is different than Europe but...

I have been to Japan many times, but the last time was over ten years ago.

I have been to Europe many times, the last time six months ago.

In ALL my experience the cheapest way to go is to:

1. Use credit card wherever possible.

2. When necessary to get cash use your ATM card (and always get at least $200 to minimize costs).

3. Exchanging cash at local US bank before departing is not a good deal, but may be useful so you have proper currency in your possession on arrival.

4. Travelers Checks are not a good deal -- too many fees on both ends, and not always convenient.

5. If you intend to go back to a country, keep the cash, put it in your safety deposit box for your next trip (I have 10,000 Yen from my last trip to Japan, so I can use it to get from the airport to the hotel).

Your mileage may vary.

**RSO 34** · 11-09-2010, 12:45

Originally Posted by SFNSXguy

4. Travelers Checks are not a good deal -- too many fees on both ends, and not always convenient.

American Express charges only 1% for travelers checks if you have an amex account. The airport gives 2.5% more if you use a travelers check compared with cash so that would seem to be a pretty good deal (disclaimer: I have never been to Japan - I'm just doing the math off of the info I can find on the interweb).

**TonyD** · 11-09-2010, 12:48

Originally Posted by RSO 34

American Express charges only 1% for travelers checks if you have an amex account. The airport gives 2.5% more if you use a travelers check compared with cash so that would seem to be a pretty good deal (disclaimer: I have never been to Japan - I'm just doing the math off of the info I can find on the interweb).

I obtained my AX travelers checks at a Credit Union - I paid no fees to get the checks.

**Dtrigg** · 11-09-2010, 12:51

Originally Posted by sfnsxguy

really sorry if for some reason japan is different than europe but...

I have been to japan many times, but the last time was over ten years ago.

I have been to europe many times, the last time six months ago.

In all my experience the cheapest way to go is to:

1. Use credit card wherever possible.

2. When necessary to get cash use your atm card (and always get at least $200 to minimize costs).

3. Exchanging cash at local us bank before departing is not a good deal, but may be useful so you have proper currency in your possession on arrival.

4. Travelers checks are not a good deal -- too many fees on both ends, and not always convenient.

5. If you intend to go back to a country, keep the cash, put it in your safety deposit box for your next trip (i have 10,000 yen from my last trip to japan, so i can use it to get from the airport to the hotel).

Your mileage may vary.

+ 1

When I lived in Glasgow, I had offices in London, Athens, Milan, Cairo and Abu Dhabi. Also did a lot of business in the Middle East and the former Eastern Bloc. Credit cards are the best for exchange rates. (I have lots of Syrian money. Can't exchange it. No one accepts it!)

**SFNSXguy** · 11-09-2010, 13:12

Originally Posted by TonyD

I obtained my AX travelers checks at a Credit Union - I paid no fees to get the checks.

In my experience, the fees on the OTHER end are the killers. And not always easy to find someone to take them.

**nsxtasy** · 11-09-2010, 16:04

Originally Posted by SFNSXguy

In my experience, the fees on the OTHER end are the killers. And not always easy to find someone to take them.

As noted above, the currency exchanges in the airport give better exchange rates for travelers checks than for cash - IOW there are no fees on the other end - and the difference more than offsets the fees needed to purchase them. So buying and exchanging travelers checks appears to be a better deal than cash.

**SFNSXguy** · 11-09-2010, 17:38

The airport may be fine for changing travelers checks, but I'm guessing one is not going to exchange them ALL at the airport. It's the other places that I'm speaking of.

http://www.independenttraveler.com/r...=41&category=8

**Dtrigg** · 11-09-2010, 18:33

As I mentioned in my previous post, I lived and worked in Europe and the Middle East. I also lived and worked in Asia and Latin America. I've probably been to 100 countries. SFNSXguy is giving you some excellent advice and is spot on. If you're going to go to Japan and come home, it's probably not that big of a deal. But if you travel internationally, he is definitely spot on.

Have fun.