44 Responses to “Changing dollars into yen – 2009 update”

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   KP04:
   August 31st, 2009 at 2:20 pm

   Are exchange rates for TCs at Tokyo banks about the same as the rate at NRT? Also, do you know if prepaid debit cards (like Travel Visa) are accepted at many retail businesses?

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   acase:
   August 31st, 2009 at 3:19 pm

   Yes on your first question. Not all banks exchange money and those that do have rather limited hours (not open on weekends for instance). They probably don’t speak English in the banks either.

   I’d be doubtful on trying to use a prepaid debit card. They may work in some places but I haven’t noticed them.

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   KP04:
   September 7th, 2009 at 3:26 pm

   Thanks! My daughter will be studying in Tokyo this year and your blog has been very helpful. She has some Japanese language capability already so hopefully it will not be too difficult for her to communicate with the locals.

   She has a regular bank debit card already, but I thought a prepaid one might be a little more secure. Anyway I’ve found that the card companies here will charge exorbitant rates for foreign transactions, both retail and at ATM’s, so we’ll definitely discourage any kind of debit card use unless there’s an emergency. The school will help her set up a bank account locally. Do banks there issue their own debit cards to account holders, as banks do in the United States? It would be nice if she didn’t have to carry cash around all the time.

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   acase:
   September 7th, 2009 at 3:42 pm

   I’m not sure on your question. Many places don’t take cards of any kind. More and more are taking the train cards (Suica and Pasmo) which you can prepay at any train station.

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   Ben:
   September 8th, 2009 at 12:55 am

   Hi acase,
   Thanks for your great advice. I am heading to Japan in about a week and wanted to get this clear. So basically, I go into a USPS(I reside in NJ), purchase a international postal money order and then when I get to Japan I go to their post office to exchange? Thanks again for your help. I will check back frequently before my trip. =)

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   acase:
   September 8th, 2009 at 3:05 am

   That is correct. The USPS will charge you $3.85 for each $700 money order you purchase. Japan’s post office will give you a rate 1% worse than the current market rate. Compare this to exchanging cash which will always be at least 3% worse than the market rate. Not all Japanese post offices change money though. The larger ones and ones in the airport do though.

   If you do the postal money order be sure to have ID on you other than your passport that has your US address and your name on it. Also be sure to have your Japanese address with you written in Japanese.

   ATM cards also work great (and can be used at any Japanese post office–not just the large ones) if your bank is charging you less than 1% (mine is).

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   Nathan:
   September 8th, 2009 at 3:40 am

   What bank do you bank with to get less than 1% and do you know that rates of other banks?

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   acase:
   September 8th, 2009 at 4:33 am

   Wells Fargo charges me $5 per ATM withdrawal in a foreign country, and the rate is close to the market rate. They won’t let me pull out more than $510 worth of yen at a time though so it ends up being about a 1% fee.

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   Ben:
   September 8th, 2009 at 3:52 pm

   Thank you again acase! One last question, when you said “japanese address” that is the address for example the hotel I will be staying at right?

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    acase:
    September 8th, 2009 at 4:18 pm

    Yes, the hotel or wherever you are staying.

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    KP04:
    September 8th, 2009 at 7:07 pm

    Our bank (Citizens Bank) charges a $2.00 ATM transaction fee, in addition to whatever fee the foreign ATM’s bank tacks on. They didn’t mention a maximum withdrawal amount, but their exchange rate is really high – 3% on all foreign transactions, so frequent use will be out of the question. The prepaid train cards sound like a good option. Are any transaction fees charged when using train cards for retail purchases?

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    acase:
    September 8th, 2009 at 7:19 pm

    I was anticipating a 3% fee from Wells Fargo too, but that hasn’t been the case–just the $5 per withdrawal. There is no foreign ATM fee in Japan.

    There are no fees for using the Suica or Pasmo cards in stores. The cards cost 500 yen, but that 500 yen deposit can be refunded after you finish using the card. The cards are supposed to be refundable if you lose them too, but I’m not sure how that works since they wouldn’t have any way of knowing how much you had on the lost card. Maybe it is only the personalized cards that can be refunded if lost.

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    KP04:
    September 9th, 2009 at 3:04 pm

    We’ll have our daughter try a small ATM withdrawal to see if she might have the same luck. Thanks again for sharing your experiences!

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    Student Going to Tokyo:
    September 16th, 2009 at 11:52 pm

    Hello,

    I’m going to Japan for a year long study in about two weeks and was curious where did you get your International Postal Money Orders exchanged at? I have enough Yen to get me from Narita to Tokyo Proper, and was informed that not all Post Offices will allow you to exchange money at them. I was thinking of going to Tokyo Central Post Office, located at Tokyo Station (Marunouchi District), but was unsure if it really existed or if my info was correct. I am having a hard time finding info about locations of Post offices, and keep on running into a splitting up of the Post. Thanks for your time and information.

    Sincerely,

    Student Abroad

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    acase:
    September 17th, 2009 at 2:55 am

    The bigger post offices will all change your money orders into yen as will the post offices in the airport. You can look on their website to see which will do it (but you need to be able to read a bit of Japanese). http://map.japanpost.jp/pc/
    The post office must have a o next to 外貨両替. If it has an x next to it then that post office will not change money, TCs, or money orders into yen for you.

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    Student Going to Tokyo:
    September 19th, 2009 at 5:38 pm

    Awesome! Thanks for the information. I just went out and bought the money orders. I have my name written on them, but antother question has popped up, what address am I suppose to use for the “To” section? My address in the states? or my Dorm in Japan? I will also be staying at a hotel for the first couple of nights, do I use the hotel address? I have them addressed to me, but no location address yet.

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    acase:
    September 19th, 2009 at 7:06 pm

    I think you can leave the address open.

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    Ben:
    September 21st, 2009 at 3:22 am

    Yes you can. I just did this about a week ago with the advice of acase. Also, a reminder that post office do not exchange money orders on saturday and sundays. So have enough money to bring you through the weekend if you plan on traveling on the weekends.

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    Rob:
    September 30th, 2009 at 1:53 pm

    Thanks acase. This article is very helpful. If I want to use my Wells Fargo ATM card at Narita Airport, can I just go to any bank’s ATM machine there and withdraw up to ~$510USD? The Japanese bank won’t charge me any fees but I will incur a $5 fee from Wells Fargo right? Thanks for clarifying!

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    acase:
    September 30th, 2009 at 3:22 pm

    There are only two ATMs in the airport that will work, Rob–Citibank and 7 Bank. They are near the second set of escalators heading down to the Keisei Line in Terminal 1. Yes on the fees, $5 per withdrawal. Check with Wells Fargo to see how much they will let you pull out. I had to get my limit raised to be able to take out $500 U.S. at a time.

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    Rob:
    September 30th, 2009 at 5:26 pm

    Thanks much acase!

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    unknown:
    October 5th, 2009 at 8:24 am

    how much does it cost to stay in a hotel in japan

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    Kelea:
    October 5th, 2009 at 8:27 am

    how much would it cost if i took a taxi ride in japan??

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    acase:
    October 5th, 2009 at 5:18 pm

    Hotels are paid for by the person rather than the room in Japan. In some places you can find a very cheap one for as little as 1,000 a person but a more common price would be in the 5,000 to 10,000 yen per person per night range.

    Taxi rates vary by time of day (and in some cases location–they are more expensive at night) but just to get in one costs more than 700 yen. After that it is usually at least 100 yen per 500 meters.

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    Jaycee:
    October 26th, 2009 at 10:43 am

    Hi Acase, if I want to use traveler’s checks, do you know if Narita Airport available for the currency exchange on weekends (Saturday afternoon)? Also, does it follow the daily rate of the exchange operation OR the rate when I purchase my T/C?

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    acase:
    October 26th, 2009 at 2:42 pm

    Saturday afternoon should be fine. It follows the daily rate. The rate when you purchased the TCs is no longer relevant.

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    seoulchris:
    November 25th, 2009 at 12:28 am

    When you say that “If you can get free traveler’s checks from your bank this is a good option” — do you mean obtaining traveler’s checks in USD (as opposed to JPY)? Also to clarify, if I obtain traveler’s checks in USD and try to convert it in Japan, that would probably be a better option than international money orders? Thanks.

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    acase:
    November 25th, 2009 at 2:08 am

    Yes, in USD. I don’t think US banks will give you TCs in a foreign currency, or if they will they will charge you several percent for them.

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    Sal:
    December 2nd, 2009 at 1:24 pm

    Dear Acase:
    Where are the Japan post office located for exchanging Intr’l Postal money order located in terminal 1 ?
    Also where are the banks for TC exchange located in Terminal 1 ?
    I found your blog to be super helpful. You’ve saved many of us hours of research.
    Peace,
    Sal

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    acase:
    December 2nd, 2009 at 3:15 pm

    It’s on the second floor. Here is a map: http://www.narita-airport.jp/en/guide/map/airport_map/t1/t1_2f.html

    There is a bank right next to the post office.

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    Charles:
    December 7th, 2009 at 8:24 pm

    First off, thanks for the great info. I do have a question. I am going to visit Japan for the first in a couple weeks and then leave in 2 weeks. I had a question about this post:

    “…The USPS will charge you $3.85 for each $700 money order you purchase. Japan’s post office will give you a rate 1% worse than the current market rate. Compare this to exchanging cash which will always be at least 3% worse than the market rate. Not all Japanese post offices change money though. The larger ones and ones in the airport do though.

    If you do the postal money order be sure to have ID on you other than your passport that has your US address and your name on it. Also be sure to have your Japanese address with you written in Japanese.

    ATM cards also work great (and can be used at any Japanese post office–not just the large ones) if your bank is charging you less than 1% (mine is).”

    When you say have your ‘Japanese address written in Japanese’, you mean the place I am staying for two weeks (e.g. hotel, friend’s place) or my US address written in Japanese or neither because this does not apply to me? Thanks in advance – Charles

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    acase:
    December 8th, 2009 at 12:01 am

    The place you are staying for two weeks (hotel, etc.)…

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    Gwen:
    January 2nd, 2010 at 12:56 pm

    Hello Acase,

    Thank you for such a wonderful and informative post on Yen exchange! When I go to the bank at Narita airport for Travellers Cheque exchange to Yen, are there any fees/charges that the bank assess as I will be a non-customer of that bank? Likewise with the International Postal Money Orders, are there any fees/charges assessed at the bank airport? I went to my local bank and the exchange rates are very bad (much like what you’ve quoted). And all my banks charge 3% atm transaction fee on top of non-bank atm usage. Thanks for your help!!!

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    acase:
    January 2nd, 2010 at 4:26 pm

    There are no fees or charges (outside of the 1% difference from the current market rate) for changing traveler’s checks or international postal money orders at any banks or post offices in the airport or anywhere else that I have encountered.

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    Tiff:
    January 14th, 2010 at 3:50 am

    Your advice has been so helpful! I was able to get a better rate using TCs I purchased from my bank (for free) when I exchanged in Japan. One problem I encountered though, was that though the bank opened at a certain time, the money exchange office may not open at the same time. I ended up waiting at the bank for an hour for the exchange office to open. Also, I feel that I may have changed too many dollars into yen…any advice on the best way to change yen back to dollars? Thank you!

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    acase:
    January 14th, 2010 at 4:36 pm

    I would change your remaining yen back to dollars at the airport you depart from in Japan. That way you know you won’t be needing the yen any more, and they will give you a far better rate than any airport in the USA or any bank in the U.S. too.

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    Jill:
    January 23rd, 2010 at 9:17 pm

    What about changing yen into U.S.D? I’ve a Japanese friend in Seattle asking me that.

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    acase:
    January 24th, 2010 at 4:53 am

    Jill, Do it in Japan for better rates.

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    Anonymous:
    March 1st, 2010 at 1:15 pm

    Not sure if you still read this but I have a question. I am going to be abroad for 15 months. I have a lot of cash in my bank account (> $25k USD) I’d like to bring as much as would be safe in the form of TC’s (I have 2.5k currently) What is the max in TC’s or Post Office money orders I can bring into the country? And, safety-wise, what would be the max you would recommend?

    I’m trying to avoid having to wire the money from my home bank account to a Japanese one, as the exchange rates are awful. I made that mistake with my school payments. How will I get the rest of my money from home, and avoid awful exchange rates and hefty wire fees?

    Thanks.

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    acase:
    March 1st, 2010 at 2:41 pm

    There isn’t a maximum you can bring in the country as far as I know. If you bring in more than about $10k per person you have to declare it by filling out an extra form.

    Safety wise TCs and postal money orders are completely safe.

    I’ve found ATM withdrawals to be much better than wires and just as good as TCs or international postal money orders. Make sure your maximum daily withdrawal is maxed out (hopefully to over $500 a day) or the bank fee (mine is $5 per withdrawal) will make the effective rate worse than the 1% you’ll be charged on TCs or international post money orders.

    http://traveljapanblog.com/wordpress/2010/01/wells-fargo-international-wire-transfer-still-stinks/

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    Anonymous:
    March 1st, 2010 at 4:25 pm

    Thank you for the response! Don’t think I have Well’s Fargo near me. Although I do have a Citibank. I hear they have locations in Japan. Maybe that would be a decent option, depending on what they charge.

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    Laura:
    March 8th, 2010 at 12:04 pm

    I have a Citibank Citigold checking account, which waives the usual 3% fee for foreign ATM withdrawals. I haven’t compared their exchange rates for ATM transactions to the market rate, however. I’ll have to do that the next time I get money out and post. (Maybe next week.)

    The downside is, unless you’ve got an incredible amount of money in Citibank, there is a monthly fee of $25 incurred after the first three months. Depending on how much money you withdraw, the fee may be worth it. Or if you’re only going for a short time, maybe you could open it then close when you get back (before 3 months). There could be hidden penalties for that, though. I don’t know. Also, if you have a mortgage with Citibank, there’s a good chance you will qualify for the $25 fee waiver. Look for Citigold on their website if you have questions.

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    Matthew:
    March 8th, 2010 at 2:47 pm

    @Laura
    Thank you for the information. I was told that I had to have at least $100,000 to even open one. Although the website says differently. I’ll have to call them again and see what hidden fees you might be charged. If not, I honestly can’t think of any other method barring bringing in the max amount I can in cash and getting destroyed on the wire transfer.

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    Laura:
    March 10th, 2010 at 9:14 pm

    @Matthew If you haven’t already, you may want to try another branch. I definitely don’t have $100,000. In fact, when I opened the account I started with $1000. Good luck.

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