Changing dollars into yen – update
As mentioned in a prior entry, my results from two years ago are now somewhat out of date when it comes to the best method to maximize the amount of yen you receive when converting your US$ (and possibly other currencies as well) into Japanese yen.
Here are my results for August of 2009 followed by a brief analysis:
ATM 48,000 yen received / ($503.83 + $5 Wells Fargo fee) = 94.334 on 8.14.09 when market rate was 95.27
SFO 83.12 on 8.13.09 PST
NRT Cash rate of 92.12 on 8.14.09
NRT TC rate of 94.12 on 8.14.09
Post Office TC 46,730/500 = 93.46 on 8.17.09 when market rate was 94.46
I asked at the post office in Japan what their rate was on international postal money orders, and the answer was the same rate as that given for traveler’s checks. My bank (Wells Fargo) won’t let me pull out more than $510 a day.
Conclusion:
1. Do not change US$ into Japanese yen in the USA. You will have far fewer yen to spend on your trip. The rate can be more than 10% worse than the rates offered in Japan. I checked this rate at more than one place in the SFO airport. I think Forex is the company ripping people off in the US airports. As an example, had I converted $10,000 in the US instead of in Japan I would have had the equivalent of US $1,000+ less to spend in Japan!
2. Cash is not good to exchange. Not only do you receive an inferior rate, if you lose it there is no way to get it back.
3. If you can get free traveler’s checks from your bank this is a good option. TCs give you a better exchange rate, and if they are lost or stolen you can get them replaced.
4. International postal money orders are better than TCs if you have to pay for TCs.
5. Wells Fargo is giving the market rate on ATM withdrawals (something they didn’t do with wire transfers). The $5 per withdrawal fee can be painful, however, especially if you have a limit below $500 on daily withdrawal amounts.
A few other items to note… The Japanese post office cash rate was the same as that found at the banks in the airport (i.e., 2 points worse than TCs). Most Japanese banks still do not accept foreign ATM cards. Citibank, Mitsui, and 7 Bank are the only ones that I have found that do. Mitsui and 7 Bank ATMs only give out 10,000 yen notes so if you are trying to get, say, 49,000 yen then they aren’t the way to go. Japanese post offices do accept foreign ATM cards. There are Citibank and 7 Bank ATM machines near the second set of escalators heading down to the Keisei Line in Terminal 1 of the Narita airport. Get your daily ATM withdrawal amount raised with your bank to more than $500 before going to Japan. Withdraw your maximum amount, less frequently, to avoid fees. Credit cards should not be used in Japan now that the credit card companies are all charging at least $3 per transaction plus a 3% foreign currency charge.
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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?
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.
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.
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.
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. =)
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).
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?
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.
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?
September 8th, 2009 at 4:18 pm
Yes, the hotel or wherever you are staying.
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?
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.
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!
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
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.
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.
September 19th, 2009 at 7:06 pm
I think you can leave the address open.
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.
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!
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.
September 30th, 2009 at 5:26 pm
Thanks much acase!
October 5th, 2009 at 8:24 am
how much does it cost to stay in a hotel in japan
October 5th, 2009 at 8:27 am
how much would it cost if i took a taxi ride in japan??
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.
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?
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.
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.
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.
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
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.
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
December 8th, 2009 at 12:01 am
The place you are staying for two weeks (hotel, etc.)…
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!!!
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.
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!
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.
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.
January 24th, 2010 at 4:53 am
Jill, Do it in Japan for better rates.
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.
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/
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.
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.
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.
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 $1000. Good luck.
March 16th, 2010 at 9:04 pm
Okay, Citibank (Citigold so no fee included) at an ATM gave 90.22 when the market rate was 90.35.
March 18th, 2010 at 11:51 pm
Hi acase,
Thank for the post and it was very helpful! i was wondering what is the maximum U.S dollar that i can bring to Japan? and what is the maximum Yen that i can bring to japan. I just don’t want to do some extra paper work when it was asked on the form. Do you think is it better just bring U.S dollars to Japan to exchange it? I don’t really know how the TC works, can you give me a little knowledge about it, please?
April 4th, 2010 at 2:48 am
Hi Acase,
Would you know which bank at NRT Terminal 2 has the best rates for US$ T/C to Yen or are they all the same?
April 4th, 2010 at 3:45 am
They are all the same. As mentioned above, the rate is better for TC or International Postal Money Orders than it is for cash.
April 30th, 2010 at 1:48 pm
Hey Acace,
Thanks for all of your great help. I was curious as what my options are for the weekends with respect to exchanging the International Money Orders. I only see the ATM’s office open on Saturday, as the actual ‘Post Office’ is closed during the weekends, what about holidays as well?
I see there are two parts of the ATM description, one is the ATM and one is called ‘Contact Savings’. I hope the CS is not the one where the exchange is needed to be made.
April 30th, 2010 at 1:49 pm
Sorry, Acase…(its a little early I guess)
I think wells fargo charges a flat 3% transaction fee with the $5 atm fee now….Let me know what you think.
thanks,
Jason
April 30th, 2010 at 2:15 pm
Let me correct myself, that would be for a purhase…not a ATM withdrawal i guess…wow, thats a steal!!!!
thanks! I hope i interpret that right!!!!
April 30th, 2010 at 3:16 pm
Jason, you are interpreting it correctly. I’m still getting market rates (with a $5 ATM fee) via ATM withdrawals from my Wells Fargo account at Japan’s post offices. Most are open on weekends and holidays from at least 9 until 5. Some larger ones open earlier and close later. The ATMs all close at night which is strange.
The International Money Orders cannot be exchanged when the post office is closed. Even some post offices that are open on weekends don’t offer money changes on those days. For a list of which post offices are open on the weekends and what services they offer see this website:
http://map.japanpost.jp/pc/?para=1&service=23
The branch needs to have a circle next to 外貨両替・トラベラーズチェック and the 貯金窓口 must be open (under the ATM tab) during the hours you visit.
April 30th, 2010 at 3:23 pm
Acase,
Thanks you so much! Thats what I feared, I guess I will have to wait during the week to exchange my int money order; or more depending on the closures due to the golden week. however, should i use the JP bank (post office) atm or the citibank or seven bank atms to use my wellsfargo atm card for a withdrawal? earlier you mentioned the later two, i can find all three i guess. just curious what your preference is?
again you are a life saver!
-Jason
April 30th, 2010 at 3:31 pm
I always use the post office because you can withdraw in 1,000 yen bills. My limit is $510 which means about 47,000 yen. If I go into any other bank (or 7-11) the most I can withdraw is 40,000 yen as they don’t dispense 1,000 yen bills. At the post office I can withdraw the full 47,000 yen amount.
May 1st, 2010 at 7:06 pm
can you cash your travelers checks at the 7-banks?
May 1st, 2010 at 7:18 pm
Jessica,
An actual 7 Bank? Probably (although I’ve never seen one). At an ATM in 7-Eleven? No.
May 6th, 2010 at 12:06 pm
Great post! I have a question for you. I am able to get no-fee TC’s through American Express in NYC. I am traveling to Osaka via 4 hour stop in Narita. Where’s the best place to exchange the TCs in Narita without having to leave the secured area? The flight to NRT is on Continental Airlines, which arrives in Terminal 1. If the best option is after passport control, can I leave and then re-enter?
May 6th, 2010 at 2:32 pm
Mike, I’m not sure. You may have to wait and change the TCs in Osaka for the best rate. There are some money exchange places within the secured area, but I don’t know if they will give you a rate as good as a post office or bank which you can get to outside the secured area.
My advice would be to check with them first. If they are something like BUY TC at 93 and SELL TC at 95 then go for it. If not (i.e., they are like BUY TC at 91 and SELL TC at 97), see if you can leave the secured area to cash in your TCs and return through security. If you can’t leave then wait until Osaka.
May 7th, 2010 at 12:04 am
Hey MIke:
I know this is totally unrelated to the post, but I was just wondering what is the best way to get a temporary phone while in Tokyo?? Are there specific rental services or things I should be looking for or staying away from?
May 23rd, 2010 at 9:36 pm
answer to the unrelated post – I just rented a mobile via rentafonejapan.com. they seemed to have good reviews and rates.
May 23rd, 2010 at 9:38 pm
hi ACASE. thanks for the detailed reviews – you have convinced me to get TCs! In case I need to exchange more – will postoffices accept citibank atm cards?
May 24th, 2010 at 3:36 am
Citibank ATM cards should work fine in Japanese Post Offices. I don’t have one, but I haven’t heard of an ATM card that didn’t work.
May 24th, 2010 at 6:17 am
Acase,
In thinking further down the line…what will be the best route of changing back your extra YEN to Dollars when you are leaving Japan, say at Narita Airport to be most specific? I want to make sure to sell them back to Japan not when I get back to the USA, if you use the same logic…
Thanks a bunch,
Jason
May 24th, 2010 at 2:18 pm
Your best bet is not to sell any back as you’ll get hit with the fee again. Only pull out enough on your last withdrawal to get you to the airport and maybe a bite to eat.
But if you do have yen left, and aren’t planning another trip to Japan in the near future, then the airport in Japan will give you a better deal than in the U.S. You’ll be charged about 3% for the conversion in the airport and the rates shouldn’t vary from one place to the next.
May 24th, 2010 at 5:03 pm
Thank you very much! I hope the dollar grows stronger in the time I have to go change back some money…
June 4th, 2010 at 9:34 am
Acase,
I checked with my bank and they do give out free TC. I will be leaving for narita in 2 weeks. I am wondering if you can tell me exactly where to change my TC in Terminal 1. I will be taking the hotel free shutter bus. thanks in advance…
June 4th, 2010 at 9:42 am
Acase,
Btw, my flight arrive in narita around 3:30 – 4:00pm on a tuesday…
June 4th, 2010 at 3:37 pm
Ling,
You have lots of choices. Here they are: http://www.narita-airport.jp/en/guide/service/list/svc_11.html#t1
June 4th, 2010 at 7:04 pm
Thanks…
June 21st, 2010 at 3:18 pm
What about withdrawing money from a post office location using a BECU ATM card?
June 21st, 2010 at 6:35 pm
I’m not familiar with a BECU ATM card but if it is widely accepted then it shouldn’t be a problem. I have yet to hear of an ATM card that does not work at a Japanese post office ATM.
July 7th, 2010 at 5:53 am
acase,
Thank you for putting all the information up. We have a 17-year-old kid traveling to Takamatsu for a 3-week stay as a student ambassador and were wondering about currency exchanges, where the best places to get yen are and all the little details. She will be staying with host families, but it is good for her to be more aware of how things work there. The information you provided as well as all the questions and answers are very educational.
July 10th, 2010 at 11:08 pm
Hi Acase!
Thanks for this great post. I have a question regarding ATMs. I currently have an account under First Hawaiian Bank, which is not a credit card but a checking card. It is a mastercard, not visa. Is this card good to use in ATMs in Japan? I have tried checking first hawaiian’s main bank website but there is little to no information regarding withdrawals from international ATMs. Thanks!
July 11th, 2010 at 1:06 am
Mastercard works as do any cards with a Cirrus or Plus logo on the back. http://www.jp-bank.japanpost.jp/en/ias/en_ias_index.html
July 14th, 2010 at 7:11 pm
Hi,
I’m in Japan right now, doing an internship for the summer. I am going to be taking around 300,000 yen (around $3000) back to the US with me, and I’m trying to find the best way to exchange yen to dollars. I don’t have a Japanese bank account, and I have BOA. I saw your earlier posts recommending to exchange at the airport. Do you mean at the post office at Narita? Wouldn’t I get a better deal at a post office outside of the airport for example (maybe even outside of Tokyo?) Is there any way I can get an international postal money order in japan if I don’t have a japanese bank?
Thanks!
Colin
August 10th, 2010 at 11:29 pm
Hi acase,
I have Wells Fargo as well. So if I withdraw from a postal/ 7 bank ATM in Japan I’ll get roughly the market rate minus the withdrawal fees? I looked at the exchange rate for ordering money for Wells Fargo and it’s currently 3-4 yen below market value, so I’m looking for a better rate than what their order rate is.
August 11th, 2010 at 10:24 am
Yes, and the fees for Wells Fargo are $5 per transaction so if you take out the equivalent of $500 at a time you are looking at 1%–not too bad.
October 1st, 2010 at 10:20 am
hi,
so it sounds like buying international money order at USPS and exchanging it at post office in narita is a good way to go. i am arriving at narita on a saturday, is it right that i cant do this excange at post office in narita on a saturday? if this is the case sounds like i need to wait until monday, then where is a good place to go? i will be in tokyo.
thanks,
nina
October 1st, 2010 at 10:40 am
one more question,
i have bank of america and they charge $5 fee for international ATM withdrawl, but i can increase my withdrwl amount to $1500 for the trip. does it sound like that may be an ok way to go, opposed to the international money order route?
thanks again,
nina
October 1st, 2010 at 11:46 am
If you can pull out $1500 at a time with a fee of only $5 then that is the best way to go.
The post offices in the airport (like most post offices in Japan) are not open on Saturday or Sunday.
October 5th, 2010 at 6:12 am
I’m in Kyoto right now, and I need to exchange some AMEX Traveller’s Checks, however I am in class from 9-5 m-f. I had read somewhere that some of the major department stores will exchange TC’s on Saturday mornings. Is this correct, and do you have any suggestions if this is not so? Thanks!
October 5th, 2010 at 7:15 am
I don’t know about the department stores. Maybe they do. Maybe the rates aren’t so good. Can you slip away at lunch to a post office on a weekday or go right after class? The main post office, right next to the station, is open until 6 if you can make it in time. Here is the link: http://map.japanpost.jp/pc/syousai.php?id=300144089000
October 13th, 2010 at 6:03 pm
I was told by WellsFargo, (where I hold an account), that if I were to purchase Yen at a branch in San Francisco, (where I live), they would exchange $ for Yen at approx. 5-6% off the “market” rate. So that was a terrible option.
If I were to use my ATM card in Japan, (at a non-Wells Fargo bank, since there aren’t any there), they said they would charge a $5 fee, but there’d be no conversion fee because the actual exchange of $ -> Yen would be done, in that case, by the bank who’s ATM I’d be using. So *that* bank would charge me a commission. That also sounded like a bad option since I’d have to spend time hunting around for the bank offering the best conversion rate, and pay $5.
So I decided to go with the TC, based on your advice. As an account holder at Chase, they didn’t charge any fees to buy the TC. We’ll see what happens.
October 13th, 2010 at 9:10 pm
You don’t have to hunt around for a bank in Japan. You can withdraw funds at any Japanese post office ATM. In Tokyo they are all over the place. They don’t charge commission so you are only stuck with the $5 to Wells Fargo. Free TCs are just as good though, just a bit more of a hassle.
October 14th, 2010 at 11:06 pm
I get a social security check every month and bring it to the Citi Bank which charges me 1,000 yen for the service and also a conversion charge. I have an account with them where I deposit the money cashed. Am I getting ripped off or is there a better way?
October 15th, 2010 at 7:55 am
Jack, If you can have it directed deposited into a US bank account then you could withdraw the funds for probably $5 per transaction.
October 25th, 2010 at 6:19 pm
I went to Wells Fargo Bank today to get free traveler’s checks. While I was there, I asked that my check card be increased from the present $300 daily limit. I was surprised that they increased the limit to $1,000 since you said the max limit was $500. I have 2 check cards. One for a regular account which means $5 per ATM transaction. The other card is a PMA account which means you get two free transactions per statement cycle.
I’m going to rely on the TCs because if the cards don’t work I’ll be stuck. Thank you for you research. It has been very helpful.
November 1st, 2010 at 4:30 pm
hey acase,
i just wanted to confirm because i got conflicting info from the wellsfargo guy i talked to on the phone. the current rate is about 80 to 1 and when i asked over the phone the guy said that i would get the exchange rate on their foreign currency page which is about 77 to 1, which of course is not market rate right now. was he incorrect?
also i bumped my daily withdrawl limit to $1000 and it sounded even possible to go higher. is there a limit the post office allows for withdrawls? would i be able to withdrawl $1000 at the post office if my bank allows it?
thanks for the help
November 1st, 2010 at 4:32 pm
sorry forgot to mention i was asking the wellsfargo guy about atm withdrawls and what exchange rate i would get.
November 1st, 2010 at 6:24 pm
I always got the market rate on ATM withdrawals. I didn’t get anything close to the market rate on wire transfers through Wells Fargo. You can take as much out as you wish from a Japanese post office. The limit is on the Wells Fargo end only.
November 1st, 2010 at 8:25 pm
is it becase the post office gives you that exchange rate? i think i am thinking of it backwards and expecting wellsfargo to be the decider on the exchange rate.
November 2nd, 2010 at 7:29 am
Wells Fargo decides the exchange rate and the daily limit. You also have to remember that the daily limit is based on time in the USA (not Japan) so you can’t pull out your limit at, say, 5 p.m. in Japan and then expect to pull anything out the following morning in Japan.
November 3rd, 2010 at 12:21 am
when was the last time you were over there? are you still there now? do you ever remember calling them and asking about the exchange rate for atm withdrawls in japan to confirm the rate you would get?
November 3rd, 2010 at 7:24 am
I was there from August of 2009 until August of 2010. I didn’t call them, but I pulled money out via an ATM at a Japanese post office every month, sometimes multiple times a month. I would compare the amount received with what showed up on my Wells Fargo statement and then look at the market rate on that day. It was always within 1% of the market rate, usually very close to no difference.
November 3rd, 2010 at 9:01 pm
ok..well we’re taking off tomorrow and im planning on taking the atm card to pull out cash from the post office since my daily limit is so high. thanks for all the help acase and ill let you know how it goes.
November 7th, 2010 at 6:09 pm
I am going to Japan in December. My best bet is to take travelers checks or International MOs? Not credit cards or prepaid debit cards?
November 8th, 2010 at 8:28 am
Lisa, I don’t know if you’ll find many places that take prepaid debit cards. Credit cards aren’t accepted everywhere, and you’ll likely be charged 3% or more per transaction.
November 8th, 2010 at 9:59 am
What do you suggest is the best way to bring money? I will be bringing about 3000?
November 8th, 2010 at 1:46 pm
Cash is not good. You can lose it or it can get stolen. Also, the banks and post office charge 3% for conversion. You are better off with TCs (if you can get them for free) or international postal money orders as the conversion fee is only 1% and you can get them replaced if lost or stolen.
November 15th, 2010 at 9:07 am
Hi there,
It’s Nov of 2010 now, and though it might not be the same anymore, do you have a general idea of what the dollar limit is for exchange at a Japanese postal office? Your previous 2007 entry said you can’t exchange more than $300 in one day, but I’ve exchanged at least $500 at the post office, but maybe it’s allowed since the exchange rate is so bad now. Anyway, I once read what the limit was for the exchange but I can’t remember, and I want to exchange as much as I can in my next money order, such as $800. Do you think this would be
okay?
Thanks,
Danielle
November 15th, 2010 at 10:37 am
The limit is based on your bank outside of Japan. My bank initially wouldn’t let me withdraw more than $300 in a day. They raised it to $500. Others have said they got their bank to up their limit to $1,000. If you are pulling out a lot, get your bank to up your limit as much as possible to avoid the transaction fees (usually $5 per withdraw depending on your bank–not the Japanese post office which doesn’t charge anything).
November 15th, 2010 at 9:19 pm
Hi Acase,
Thanks for your great info!
I will be traveling to Japan end of this month.
Do you think it’s better for me to get TC’s or MO’s?
Does Post Office Cash both TC’s and MO’s?
Are they same rate?
Thank you,
November 15th, 2010 at 11:44 pm
Hi Acase,
Question – are TC (in yen) widely accepted in Japan (in terms of hotel/shops and etc)?
Thanks!
November 16th, 2010 at 8:24 am
TCs and MOs are given the same rate at Japanese POs so if you can get TCs for less than MOs, they are better and vice versa. Only larger POs will change money so don’t assume that you can walk into any PO for currency exchange.
TCs are not widely accepted in hotels, shops, etc. The only thing widely accepted in Japan is cash yen. Many hotels and larger stores will take credit cards but the fees are horrible.
November 17th, 2010 at 6:12 pm
How do you find out if the town you will be staying in has a Post Office that will change money? I will be staying in Kii Katsuura.
November 17th, 2010 at 10:16 pm
Lisa,
http://map.japanpost.jp/pc/syousai.php?id=300147016000 They don’t do money changes at the post office there. You can change TCs or MOs at the airport on your way in. The post office there does have an ATM so you can use your ATM card to get yen.
November 21st, 2010 at 6:51 pm
Hi Acase,
I purchased a international money order from post office.
The post office didn’t make me fill out the from and to parts.
What do i write in from to & adress and also Pay to & adress…
And, how do I cash it in Japan PO?
Thank you,
November 21st, 2010 at 11:12 pm
You can make it out to yourself. Use the address on your ID.
At the Japanese P.O. be sure to have ID on you other than your passport that has your home address and your name on it. Also be sure to have your Japanese address (hotel, etc.) with you written in Japanese.
December 12th, 2010 at 11:22 pm
Hi Acase!
Thank you for the helpful tips, but I just wanted to clarify a few things.
Firstly,I also bank with Wells Fargo. Do you know if TCs are free? You also mean that I can withdraw money from Wells Fargo and incur a 5 dollar charge per transaction, right?
Secondly, my parents get free TCs from their bank? Should I have my dad get me the TCs? Should the TCs be in one huge amount or should i have it in amounts of 100? Do you also know if you can exchange the TCs once you get back to the US if you didn’t use all of it?
Thank you so much!!
December 13th, 2010 at 8:47 am
TCs were free for me because of the accounts I had. I don’t know if they will be free for everyone who banks with WF. Check with your WF.
You can withdraw money from the post office in Japan that will come out of your WF account with a $5 charge per withdrawal.
Your dad getting the TCs is fine. The amounts don’t really matter. They are in US$ so you can use them in the US with no charges if you don’t use them all in Japan. There is no per change fee on the TCs but they will charge you at least 1% of the current exchange rate when you change them into yen.
December 19th, 2010 at 10:09 pm
Hi, thanks for your post. I will be visiting relatives in Osaka for 9 days. I think that Boeing Employees Credit Union charges for travelers checks. Since I will only probably need a maximum of $400, should I just get postal orders in Seattle, and then change at the airport in Osaka/Kansai? Or wait until I find a post office later and change there? Thank you.
December 20th, 2010 at 8:29 pm
Just use an ATM if you only need $400. They have them in the airport.
February 4th, 2011 at 10:36 am
hi, acase! thanks so much for the info!
I had originally planned to take some yen from US for my first days in JP before I saw this post. I had heard that airports give bad rates, but perhaps that’s just the case in US.
If you don’t recommend exchanging USD to yen in US, does that mean that it’s safe to go with zero yen, & just use the ATM once arriving in NRA?
Thank you!
February 4th, 2011 at 11:34 am
Jen, yes.
The ATMs in the airport are always available. Outside of the airport, most ATMs in Japan shut down for the night so make sure to take out as much as you can from the airport ATM when you arrive at NRT.
Have fun!
February 9th, 2011 at 11:48 am
I’m planning a trip to Japan in May for 3 weeks and I am so happy I found your tips for exchanging money. I have a few questions so hopefully you can help. Sorry for the length.
How exactly do International Postal Money Orders work? Do I buy say $500 worth in US money or in yen? I’m not using my credit cards because they charge 2 and 3%. I haven’t bought my ticket yet but from the searching I did I’m pretty sure I’ll be landing after or around 5 so I’ll have to have some money with me. Is there an exchange office that is open at that time in the airport? After looking at your tips I called my bank and found out that they do not charge for Travelers Checks so I was planning on getting some in US dollars and then exchanging them for yen when I land.
I’ll be traveling all across Japan so would you recommend carrying a lot of money with me or just hoping I can cash the IPMO at a local post office?
Thank you!
February 9th, 2011 at 1:37 pm
You buy IPMOs in US$ and then convert them in Japan to yen at a 1% exchange rate difference. Use the ATM when you get there. The post office will likely be closed after 5.
I think your best bet is to avoid the money orders and TCs completely. Instead get your maximum daily limit increased on your ATM card and use it to the max whenever you need it.
February 10th, 2011 at 7:11 am
How much better is the Post Office exchange rate when compared to the airport banks’ exchange rate? I’m assuming all post offices will be able to cash money orders, correct? Do ATMs give you a straight conversion or would it be the conversion that my bank would offer? I’m considering opening a Capital One account just so I don’t have to pay any fees, but I’ll wait to hear your response. Thanks.
February 10th, 2011 at 8:09 am
Changing money orders gives you the same rate at TCs (1%). Cash can also be exchanged at banks or some post offices, but the rate is closer to 3%. ATMs depend on your bank. My bank didn’t charge a conversion fee. Instead, there was a $5 fee each time I took money out.
February 17th, 2011 at 8:05 am
I checked with my bank and they said that there’s a $2 fee if I use a foreign ATM and there shouldn’t be any other fees. Do the ATMs charge a fee?
I found a flight that would get me to Japan before 2 so I’m thinking I’ll take a few money orders or TCs with me and cash them at the post office.
February 17th, 2011 at 8:17 am
The ATMs in Japan do not charge a fee. I’m not sure if that is true of all of them, but the ones at the post office and in the airport do not charge a fee.
March 9th, 2011 at 4:36 pm
I can see if I want to exchange for large amount of cash, I should use TC instead of other methods. But should I really avoid using credit card? I know my credit card (Citi) charges 3% transaction fee and no charge for per-usage. So as of today (03/09/2011) according to Oanda.com, if I use my credit card (3% fee), I can swipe 8108 Yen ($100 USD). Comparing to TC Buy Rate published on Narita Airport (http://www.narita-airport.or.jp/exchange_e/index.html), it’s 8190 Yen ($100 USD TC). TC is slightly better but the difference is only $1 USD per every $100 USD. And you get the convenience of using credit card without carry large amount of cash. Did I calculate that correctly?
March 9th, 2011 at 5:42 pm
The rates change daily so you may not be comparing rates that are really what you will get at the exact point in time. On average, I think you will find a difference of closer to $2 USD per $100 USD between a credit card and TCs. This isn’t a big deal if you only plan to spend a few thousand dollars or if your bank charges for TCs. However, if your bank doesn’t charge for TCs and/or you plan to spend tens of thousands of dollars then the almost 2% difference can really start to add up.
Finally, you will find that far more businesses, including places where you stay and/or eat, do not take credit cards in Japan. In the USA, virtually every restaurant and every hotel takes credit cards. In Japan, I would say only about half of the lodging places and less than half of the eating places take credit cards.
March 10th, 2011 at 1:04 am
Thanks for the info. Yeah, I’ve been to Japan couple times already but with tour groups. I used credit card most of the time. But this time we’ll be staying for 2 months and going to some rural places. I’ll definitely get some TC just in case.
May 26th, 2011 at 1:40 pm
Thanks for this really informative site! I haven’t been able to find any other site that spells this stuff out so clearly. I got international postal money orders and will find out how that works at Narita very soon.
June 11th, 2011 at 9:50 am
I have found this information very nice to know just before leaving for Japan. Thank you so much!
June 17th, 2011 at 8:35 pm
Hi acase,
Thanks so much for the post. I can verify that as of June 16, 2011, getting international postal money orders from a post office in America, and then exchanging them at the post office on the 2nd floor post office during business hours at Narita airport works. There is no transaction fee assessed. A few things I would warn about:
This took me a very long time to do. Once I found the post office, I had to wait at least 45 minutes for them to exchange it, and I was worried that they wouldn’t accept them. But they did, eventually–the people that worked there did not seem to really know how to deal with my international postal money orders. Also, you have to fill in your name and U.S. residential address THREE TIMES on EACH money order, and it has to be EXACTLY the SAME on each one. This took a long time–I had to write my name and address 9 times for 3 money orders.
So, in sum, this DOES work–but it will be best if you arrive during business hours with plenty of time to take care of money exchange if these international postal money orders are your only planned source of yen in Japan. You will get the T/C rate quoted under the “Buy” column at http://www.narita-airport.or.jp/exchange_e/index.html, as posted above. There was no transaction fee at Narita airport at all when I did this.
Thanks so much to acase for all the helpful information!
June 21st, 2011 at 12:45 am
This blog has been amazing! Thank you so much for your help everyone! Does anyone know if there is a problem exchanging TC’s or using ATM’s at the Haneda airport? I’m flying into there next month. Also, if I can get my atm withdrawl limit up to $1000, is there any reason for bringing TC’s? Would I get a better rate with them?
June 21st, 2011 at 1:18 am
Thank you for all the help! Are the exchange rates better at the post offices than the airports? Or is it around the same? I’m arriving in Haneda at a strange time (5:00am) so I don’t think the post offices would be open. If my bank is charging a l% conversion charge, is it just better to go with the atm for the trip?
June 21st, 2011 at 7:36 am
Katie, I assume Haneda is the same although I haven’t actually changed money there. My bank charged $5 per ATM transaction but didn’t charge 1%. TCs will get you dinged at least 1% and will take much longer to convert than pulling yen out of an ATM. Note that many ATMs in Japan aren’t open 24 hours a day like the rest of the world. Many have extended banking hours (like 8 a.m. to 6 p.m.). Hopefully the one in the airport opens early. ATM is probably the easiest and best way to change money in Japan these days.
Get your withdraw limit raised as much as possible. My bank just upped my limit to $1,500 for my trip to Europe this week. I wish they would have done that for me while I was in Japan. I probably would have saved over a hundred dollars during the year I was there avoiding many $5 fees.
June 22nd, 2011 at 4:03 pm
Hello acase,
I will be going to Japan next week to visit friends and will fly directly from Narita to New Chitose. I get into Narita at 4:30 pm on a Friday and have about a two-hour wait till I get on the next plane. My bank is Chase and charges $3.50 for a pack of T/Cs (I only want about $1000 at the max and I am able to get that amount in one pack). The post office charges $4.25 for international MOs. I was wondering what do you think I should do. Should I just get the T/Cs or should I get the MO?
I looked at New Chitose’s website and its bank exchange will be closed before I get there. Can I just go to any bank to exchange the T/C or MO in Narita? I noticed the post office closes at 4pm.
June 23rd, 2011 at 5:44 am
I would recommend just raising your ATM limit to $1,000 and using the ATM to withdraw yen.
June 23rd, 2011 at 2:51 pm
Thank you for your help acase! I got my ATM raised to $1500. Does anyone know if Bank of America uses the international exchange rate for ATM transactions or their own? Their rate for changing money is atrocious – would they use the same rate for the ATM transactions? I tried asking them but got muddled answers.
June 29th, 2011 at 2:46 pm
Wow! acase-san! you have a great & very informative blog!!!
i’m Japanese, lives in US, and i’m going to visit my family in Japan next week…
i went back about a year & half ago. My parents home is in a kind of rural area (Aizu in Fukushima), but OF COURSE there was 7-11! and had a 7 bank atm! i used it a lot, though i don’t recall the fees… i wish i paid the attention when i returned…
anyway, i just called my WFB branch and found out that you need to call the phone number on the back of your debit/atm card to raise the daily limit and also to let them know when you will be going to Japan, so they won’t freeze your account/card when they see there are some transactions coming from Japan! and i was told that it’s no fee to purchase TCs.
So, i’m debating whether i should get TCs or Int’l MO.
Here’s my questions:
Q1: Can i buy TCs/Int’l MO with a credit card?
Q2: Can i exchange either TCs or Int’l MO at any bank in Narita Ap? cause the post office will be closed when we arrive.
Q3: Are there any differences (rate/fee) to exchange them at any bank?
Q4: DO you know well about “SUICA” card?
Q5: Can i purchase it/them with a credit card?
Q6: We won’t be using much train, but would it be useful, instead of carrying all the cash?
(We will be staying at Omiya & Aizu area, and i’m thinking of exchanging all the TCs/MOs at Narita when we arrive)
Q7: Can it be connected to the existing credit card like Visa?
Q8: If i can buy SUICA with credit card, would it be better to use the SUICA instead of purchasing the tickets with my credit card?
Sorry for the lot of questions, but i would sincerely appreciate it if you could help me! ☺
Yoroshiku onegaishimasu! m(__)m
June 29th, 2011 at 7:49 pm
A1: I doubt it.
A2: Maybe on the TCs, if they are open. Only a PO can do the MOs.
A3: The banks and POs all seem to have the same rates.
A4: Yes. I used one for a year.
A5: No. Cash only.
A6: Not every place takes Suica. It’s mostly useful for trains, vending machines, and convinence stores.
A7: No.
A8: n/a
Personally, I would just up your ATM limit with Wells Fargo and then pull out cash from the ATM when you get there. Many places still don’t take credit cards, credit cards have much higher fees, and changing TCs or MOs can take a lot of time–not to mention the fact that the hours you can change are shorter and the places you can change them into cash are fewer.
June 30th, 2011 at 5:38 pm
Hummm… Thank you so very much for your answers.
I just found out that Wells Fargo Bank doesn’t sell TCs at any branch any longer…. only online purchases, then they will mail to the nearest branch! I cn’t believe it… The AMEX Travel Office is too far for us to go… that sucks…
Well, unfortunately we were little low on cash, so we thought to use credit card as much as possible…
Do you know if there is a 7 bank or the ATM for Wells Fargo to use when we get to Narita? And do you know the transaction fee to withdraw cash at 7 bank each time?
June 30th, 2011 at 9:04 pm
There are Citibank and 7 Bank ATM machines near the second set of escalators heading down to the Keisei Line in Terminal 1. I’m sure those aren’t the only ones either. The fee is $5 so if you take out more than $500 at a time ATMs are cheaper to use than MOs or TCs since they charge a little over 1% and ATMs don’t charge any %. You get market rate.
June 30th, 2011 at 9:43 pm
Thank you very much for your input.
Do you know the rates/fees per different company ATMs with Wells Fargo card?
By the way, i found out that we could use Visa, MasterCard, Amex & Diners Card at “Midori-no-Madoguchi” & View Plaza!☺
June 30th, 2011 at 11:50 pm
There are no fees on the Japan side regardless of where you use your ATM card (although you will find the post offices and 7 Elevens most convenient I think). The only fee is $5 from WF.
July 1st, 2011 at 8:46 am
Thank you soooo much for your help, acase!!! ☺
Have a wonderful & Happy 4th of July!
July 5th, 2011 at 11:59 am
acase,
I’m leaving for Haneda, Japan on July 7 and won’t be arriving there till 10:30 @ night on July 8. By the time I get there everything will be closed. What do you recommend to getting around $1000 yen? btw I have a chase account…
thanks…
July 5th, 2011 at 12:57 pm
Tri, ATMs should still work in the airport at that time. They probably won’t work at that time in other places in Tokyo so be sure to take the money out before you leave the airport.
July 6th, 2011 at 2:08 pm
Hello! It looks like you’ve got quite considerate information going for people!
Looks like you’re just the person I need to ask~
My 19 year old is leaving for Japan (he was born and raised there- just visiting before he heads to college here in California).
Usually I change money at Well’s Fargo in Santa Cruz. Would the rates be any better than at the airports in either country? Or 7-11′s in Japan? I wish it were easier to look that all up- but you may have all the answers here!
Thanks for this!! Thia
July 8th, 2011 at 2:39 am
The rates are always much better in Japan. Also, there is less danger in losing the money on the way there. Get it there in the airport with an ATM card for best results, less risk, and a better rate.
July 8th, 2011 at 9:52 am
Thanks SO much for that!!
By the way, my Mac has the layout of your blog in chronological order automatically. May I get it the opposite, what is that called anyway? So that we see the latest entry first?
Have a great weekend! Thia
July 9th, 2011 at 2:52 am
The most recent entries should appear on this page: http://traveljapanblog.com/wordpress/ and then you can go backwards in time by clicking on the “older entries” link at the bottom.
August 4th, 2011 at 4:18 am
Hi acase
I like how even after almost 2 years, you’re still helping out and answering people’s questions (and even though there are a lot of repeats). Anyways, I just exchanged some USD to YEN yesterday in SF, not because I failed to read this page beforehand and realize that the conversion rate is really bad (which, I’m not going to lie, I failed to read this page beforehand) but because I’m estimating that by the time I actually go, the market rate will be that much worse. I just wanted to let you know what I got out of it.
Market rate is ~76.88. In SF, I went to the mechanics bank off of Sansome Street. (I use WF.) Since they dont exchange coins, I got 37000 yen for $496.54USD Cash (a rate of 74.52). $2.50USD service charge. I’m betting on the market rate going lower by the time I go, but I’m hoping it doesn’t.
August 8th, 2011 at 7:03 pm
Hi acase,
Fantastic articles on converting and transferring money. I’ll be traveling to Japan soon and your advice probably saved me a few hundred dollars.
Regarding wire transfers, I understand PayPal will convert currencies for you. I only have limited experience using it for domestic charges, but have you looked into setting up a PayPal account to see what kind of exchange rates they offer?
August 8th, 2011 at 9:09 pm
I have a paypal account, but I haven’t used it for international transfers. I think PayPal charges about 4% plus $.30 per transaction for transactions in foreign currencies so it isn’t a very good option.
September 16th, 2011 at 11:17 am
Hi Acase-san,
Thank you so much for your informative site!
I will be travelling all over Japan for about 2 weeks in Sept/Oct. I am expecting to use about $5000. Is your advice to get my cash from the ATMs? I am actually very nervous about using my debit card at foreign ATMs, if something happens, my money isn’t protected as well as if it were a credit card, right? What is your opinion on saving money with debit card withdrawals vs. protection provided by using CC overseas? thank you!
September 16th, 2011 at 11:32 am
Most places in Japan don’t take credit cards. Unless you are very careless with your cash (yen) you shouldn’t have a problem carrying around a few ten thousand yen bills or less. There are no pick pockets in Japan so there are no worries there. My wife left her wallet in restaurants probably a dozen times and every time she got it back still full of all of the cash she was carrying.
My advice in a different country (especially Europe) would be different, but Japan is nothing like traveling in Europe. Credit cards are almost worthless in Japan; cash is king (and safe).
September 21st, 2011 at 1:37 pm
Thanks for your service.
So, on arrival at Narita, getting cash from an ATM … do I use a VISA or my ATM card? And are the ATMs there obvious (I’ve only been there nine times, but never used the ATM)? Still a better rate than the exchange counters in the airport?
And in the city, ANY ATM will take my card and apply a $5 charge? Which card again … ATM or VISA?
Most important question of all: Do the ATMs display English?
Last question: Suica/N’EX cards. Much better than the JR rail pass for more than two weeks in Tokyo with few plans for long, outside-the-city trips?
September 22nd, 2011 at 7:22 am
Use your ATM card; they are obvious. You’ll get a better rate and it will take you 10 seconds instead of 20 minutes. Same goes for in the city. I usually used the ATMs in the post offices or 7-Elevens in the city. They all display in English once you change the language to English on the first screen.
You don’t need a JR Rail pass unless you are making at least a round trip from Tokyo to Hiroshima or farther (and back). We did Tokyo to Himeji and then back to Osaka and flew out of Osaka and individual train tickets were less than a rail pass.
September 23rd, 2011 at 12:05 pm
Thanks. That’s very helpful. I’ve always brought yen from the US and used a JR rail pass (which have gotten more expensive).
One more question: have you done the special train to Kamakura/Enoshima with the pass for one day of local trains/buses … I’d like to do it. Is it easy to see pretty much everything if I get an early start? (If I really wanted to, two visits wouldn’t hurt me.)
September 23rd, 2011 at 1:24 pm
I have been to Kamakura and Enoshima many times but never with a special pass. I think the special pass is on JR. I always took the other line because it was less expensive (even than the pass). You can’t see everything in Kamakura in a single day period. To see pretty much everything in Kamakura you need about three days. For everything on Enoshima you need about half a day.
If you only have one day, I would recommend a very early start, then follow the directions here: http://traveljapanblog.com/wordpress/2010/03/kamakura-daibutsu-giant-buddha-hike/ Temples to see along the way include Engakuji, Tokeiji, the Daibutsu, and Hasedera. From Hasedera get on the train toward Enoshima. Walk the bridge to Enoshima and make sure you get to the backside of Enoshima in time for the sunset. http://traveljapanblog.com/wordpress/2011/04/moment-of-zen/
September 30th, 2011 at 7:06 pm
Hello,
This is by far the most informative blog on converting USD to yen in Japan. Thank you!
I am writing because we are taking a tour with an outfit called WalkJapan which just sent us an info packet on what to expect on a variety of subjects of interest to travelers taking their tours. This info packet said “The daily withdrawal limit from the Japan Post Office for international cards, including VISA, is JPY30,000″, which is currently about USD270. I contacted Wells Fargo and was told that their ATM debit card is a VISA card. So I am obviously confused about how you are using the Wells Fargo ATM/debit card at an ATM to get out USD500. Are you using the 7/11 ATM or the one at the Post Office? Or is their information inaccurate?
Thank you!
September 30th, 2011 at 7:32 pm
Unless things have changed in the past year (which I doubt) the information from WalkJapan is incorrect. I frequently took out more than 30,000 yen in a single day at either the post office or 7 Eleven. In fact, my limit was on the US side, not Japan, so I could take out my max (about 50,000 yen) in the morning in Japan and then take out another 50,000 yen in the late afternoon of the same Japan day when the US became a new day.
October 1st, 2011 at 6:14 am
Thank you for your fast reply. I will contact WalkJapan to ask them to confirm their information. I am sure they do not intend to mislead! I think that we will probably bring some money in traveler’s checks as a back up to the ATM. So far, I have researched USAA bank which seems to only charge a 1% fee for withdrawing money at a foreign ATM, HSBC Premier which has a 1% currency conversion fee provided you have a $100,000 balance with them (HaHa), and Wells Fargo which allows you to have two fee-less foreign ATM withdrawals each month and does not charge a fee as long as you have an account with a $25,000 balance. I also plan to ask a couple of credit unions where we have deposits about their fee structure. I will report my findings later today.
October 1st, 2011 at 11:43 am
I spent about 6 hours talking or online chatting with the following banks regarding foreign (non-USA) ATM withdrawals on 10/1/2011. I will summarize my findings which assume that the ATMs at the Japan Post Office do not assess a fee. The terms banks offer change frequently so these figures are only valid at this time. Bank of America has no special type of account to let you avoid their 4.7% fees (based on a $700 max withdrawal per day) for withdrawing money at a foreign ATM. Everbank itself has no ATM fees and pays 0.61-0.75% interest on checking account balances. But there is a 1% fee charged by VISA for converting the funds ($600 max withdrawal per day). USAA bank also has no ATM fees and charges the same 1% currency conversion fee imposed by VISA. You do not have to be active or current military to open an account. Wells Fargo PMA account requires a $25K deposit. It waives the $5.00 ATM fee for two ATM transactions each month. The max withdrawal amount is $1000.00. Currently, they DO NOT waive the 3% foreign transaction fee however according to the rep I spoke with. The HSBC Premier account is super if you have $100,000 to deposit with them. (The deposit can be in the form of IRAs, CDs, etc.) There is no ATM fee and no foreign transaction fee, and no currency conversion fee. You are given the best wholesale currency exchange rate for the date/time the transaction settles. Finally, I checked with Citibank which offers a Citigold account if you have a mortgage with them for over $250K or $50K in deposits and IRAs at Citibank. They waive all ATM fees and all foreign transaction fees. However, I am not certain about the how the Citigold account handles the 1% fee charged by Mastercard for the currency conversion. The maximum withdrawal amount is $2000 per day. To save time at the Post Office, get two or more accounts, i.e. an Everbank and a USAA account. Then withdraw the max from both on a visit to the P.O. Here is another great source of info on this topic:
http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange
December 12th, 2011 at 9:12 pm
I’ve spent at least half of my time in Nippon (Japan) for the last almost three years, yet am still exploring for the cheapest method to convert USD to Yen.
I found the following at http://www.Japan-Guide.com/forum/quereadisplay.html?2+26021:
“If you’re willing to become a Hostel International member ($30 for the year), you get a bunch of perks, including free currency exchange. They will exchange nearly any currency into nearly any other currency and do it without any fees. $500 USD translates directly into the Yen equivalent. You do it online with a check, credit card, anything. They mail you the currency next business day. Very fast and easy. Since there are other perks with HI membership (free insurance while traveling including heath, cheap world wide prepaid cell phones, etc) it’s well worth the price.
Forgot to add…
that you don’t have to stay at a hostel ever or anything like that. []”
That post was on 31 December 2007, and I don’t know whether it was accurate even then – in at least some respects it seems unlikely. For example, do they really mail significant sums of cash? Thus far I’ve been unable to find a web site for Hostel International. Does anyone know where it is? Or have any other insights about this? It might be a terrific option. If it really exists…
I carry a Bank of America issued American Express Platinum World Points credit card (1-800-900-6651) which, to the best of my knowledge, charges no foreign transaction fee, but does charge a 50¢ foreign exchange service fee on each transaction. If I understand correctly, in theory I could purchase a large ticket item such as a car, or anything else up to my credit limit, in Yen, and receive the actual open market exchange rate for that day (maybe the day’s average, but I don’t know), with only a 50¢ fee for the transaction. The card seems commonly accepted by ordinary retailers here in Miyazaki. There’s no annual fee for the card, and in my experience there are no other ordinary card holder charges so long as the balance is paid off every month.
But it’s a credit card, not a debit card. So simply withdrawing cash is out of the question since cash advance fees are quite expensive. (Even if you prepay your balance, so that a ‘cash advance’ isn’t an advance at all because it’s completely covered by credit you’ve prepaid into the account. That strategy doesn’t waive the ‘cash advance’ fee, alas.)
And I doubt that any business would accept the card for really high value transactions, because they’d likely incur an unacceptably high fee from Bank of America / American Express. As I recall, I couldn’t pay for my apartment for the year with it for example – I had to pay with cash Yen. However, whenever I join friends at a restaurant, or a friend purchases a new bike, TV, computer, or similar, I ask them to allow me to pay with my card, then be reimbursed with cash Yen. For transactions over $50 value, my conversion cost is then less than 1%.
Otherwise, a debit card for my Wells Fargo account, plus as generous a withdrawal limit as can be acquired, seems like the only reasonably priced conversion option. I’ll want to confirm that Wells Fargo really does convert according to the open market rate however. In the past I converted USD to Yen in cash at a Wells Fargo Branch in America, because I was advised that it was a direct open market rate conversion, with no ancillary charges, only to learn later that there was in fact a “carrying charge” (I don’t recall the percentage) which was not considered an “ancillary charge”, but rather just a margin to protect the bank from rapid exchange rate fluctuations.
In my experience a person has to invoke extreme care in conversations with many banks or similar institutions about fees, then execute a modest sized test transaction to determine whether the information provided was in fact complete and accurate.
So thus far my sense is that the cheapest way to convert USD to Yen is:
• A Wells Fargo debit card with a high withdrawal limit.
• Use my Bank of America issued American Express card to:
•• Pay for Yen from Hostel International, if that opportunity is real and practical.
•• Pay significant bills for local friends, with them reimbursing me directly in Yen.
Economical conversion seems to be a great deal harder and more time consuming than it should be. Zannen…
All this is just from my reading and limited practical experience. Perhaps other institutions offer attractive options, I don’t know. We all welcome useful insights of course.
Thanks so much for your blog! Takara desu!
January 13th, 2012 at 3:02 am
A footnote and summary:
The Wells Fargo debit card works, and seems to be, by far, the value champ for USD to Yen conversion from within Nippon. I received my debit card by mail, then called to both validate it and to request a limit extension to $5,000, which was immediately granted. Then I used it to withdraw $5,000 worth of Yen at a local Post Office’s ATM.
I then verified that I received $5,000 worth of Yen for that day’s open market exchange rate. Due to volatility, and inattention to the timing, I can’t be absolutely certain of the rate at the moment I made the withdrawal. But my sense is that the exchange rate applied was the open market exchange rate at the moment of the withdrawal. There appear to be no costs except one: A $5.00 non-Wells Fargo ATM use charge. So for my $5,000 value withdrawal, I thus lost .1% (1/10%) in total costs. That’s right – just point one percent total costs. That’s dirt cheap.
I might still use my Bank of America issued American Express Platinum World Points credit card (1-800-900-6651) for some high ticket purchases because, for me, it charges no foreign transaction fee, but does charge a 50¢ foreign exchange service fee on each transaction. So for a $500 expense or higher, the cost to me is .1% (1/10%) or less, respectively.
But for transactions of less than $500, cash acquired with my Wells Fargo debit card as described above is the value champ. And at any level cash is better for the store too of course – they don’t want to pay fees to financial institutions any more than you or I do. And my guess is that they pay considerably more than .1%…
I’ll make another $5,000 withdrawal soon – as soon as the exchange rate opportunity seems best. I’ll chose the most favorable exchange rate moment I can, as best I can guess it, then execute the withdrawal. I’ll note the exact time of the withdrawal, then compare the exchange rate I received against the day’s open market exchange rate at that moment in time on the web later. I expect that I’ll be able to confirm that the rate I received was the open market rate at the moment I executed the ATM withdrawal. If there’s a discrepancy, I’ll report it here. If I don’t report anything within about a week, assume that I did indeed receive the open market rate at that moment in time (or that I fell into a volcano in the meantime).
So in summary, I recommend acquiring a Wells Fargo debit, card, raising the card’s withdrawal limit to at least $5,000, then simply acquire Yen from ATMs in $5,000 value or higher increments. Then, for the most part, pay for everything with that cash, guilt free, because it cost you almost nothing in fees, and the stores you shop at literally nothing.
Kudos to Wells Fargo. And to ATM infrastructure.
Itsu made mo, genki de ite kudasai, Bruce
March 4th, 2012 at 6:26 am
Sorry I’m so late with this update. And worse, my actual experience thus far has been that the Wells Fargo Debit card method of transferring money into Nippon evidently costs substantially more than just the $5 external ATM charge. Of the several roughly $5,000 withdrawals I’ve made since early December 2011, each seems to have cost about $42 plus the $5 ATM fee.
The most precise example I have was a withdrawal made while the Forex was closed this weekend, and thus the exchange rate was stable. In that instance, XE.com (http://www.xe.com/currencycharts/?from=USD&to=JPY&view=1W) reported the dollar as worth ¥81.79 at the time of my transaction. I withdrew ¥409,000, which at 81.79 ¥/$ converts to $5,000.61. But the Wells Fargo debit to my account was $5,042.23, plus the $5.00 ATM fee.
The bottom line is that while this method is very convenient, it’s not the great value I thought it was – rather than costing about .1%, the process costs about 1%.
Although I need to reverify the cost of using my Bank of America issued American Express Platinum World Points credit card, I’m reasonably confident with my last actual use verification. It indicated that their exchange rate carries no hidden expenses – I believe I was getting the exact Forex rate at the time of use, plus a 50¢ foreign exchange service fee per transaction. I should know with full confidence quite soon – I just used it to pay for an ¥8,237 meal with good friends, again this weekend while the Forex was closed and thus the exchange rate stable. If the verification holds, that credit card is the exchange value champ for any purchase above about $50.00 equivalent. Even a tad less than that threshold actually, because that credit card also provides a modest “World Points” benefit with each purchase.
At the moment I’m steamed with Wells Fargo. I invested a significant amount of time finding the most knowledgeable foreign exchange specialist available at their firm, and then conversed with absolute care and focus with them. And I was assured that I would receive the exact Forex exchange rate for “that day”, with no ancillary expenses or charges of any kind, except the $5.00 external ATM fee. I was extremely carful with that conversation, to insure that we completely understood each other, and that “no ancillary expenses or charges of any kind” meant exactly that – no ancillary expenses or charges of any kind. The only thing the representative was uncertain of was whether the exchange rate applied was the exchange rate at the moment of the withdrawal transaction, or some daily formula, such as the average rate for that day. That leaves some room for doubt about transactions during days when the Forex is open. But not in the middle of the weekend – my last transaction was almost precisely in the middle of Forex’s weekend, and thus the $41.62 discrepancy could not be related to any mathematical formula associated with exchange rate movements. The bottom line is that about $42 has disappeared from my account, independent of the $5 ATM fee, every time I’ve withdrawn about $5,000.
Needless to say, another serious conversation with Wells Fargo is imminent. One has to allow for the possibility that there was some sort of innocent misunderstanding – for example, perhaps there’s something about the mechanism that I simply misunderstand. But there is also the possibility that I was misled. If so, and it can be clearly demonstrated that deception was conscious and intentional, there will be repercussions…
I’m facing a very, very busy schedule for the next two or three months. But I’ll try to keep posting as information develops. As best I can…
Itsu made mo, genki de ite kudasai, Bruce
April 1st, 2012 at 6:26 pm
For the Prepaid Travel Visa, it should work wherever Visa credit cards are accepted for making purchases (most larger shops now, convenience stores, and a handful of supermarkets).
April 24th, 2012 at 2:16 pm
Just returned from Japan yesterday. Prior to leaving, I raised my Wells Fargo debit checking limit to $750. I withdrew from JP Bank ATM at the airport twice (1 time the first day 4/15, 1 time on 4/16. I thought I would stop by the atm more often, but it turns out I didn’t spend that much to need to withdrawl a 3rd time). The cash rate at the airport was selling at ~77.something. almost 78. Looking at google now, the market closed at 81.12 on 4/13, and 80.5 on 4/16. I withdrew 60,000 yen both times, and both times my account debited $741.89 +$5 transaction. That calculates to a rate of ~80.33.
Coming back yesterday 4/23, the rate in the NRT airport was selling at $84.something. We forgot to exchange leftovers (43000 yen) back to $USD so we did it at LAX. The reciept says Buy currency: 0.010786, Commission: 5.95, USD total 457.85. That calculates to ~93.91. Looking at google now, the market on monday closed at 81.14.
April 24th, 2012 at 11:47 pm
Sorry again I’m so late with another update. And this one’s important…
I was wrong! Wells Fargo does not charge any ForEx conversion fee when their debit card method of transferring money into Nippon is utilized. The only fee they charge is the $5 external ATM charge. The conversion from USD to Yen is literally absolutely free. I confirmed this very carefully and thoroughly. Kudos to Wells Fargo!
But as I previously indicated, each of my previous transfers seems to have cost about $42 plus the $5 ATM fee. But now it’s completely clear that Wells Fargo was not responsible for those roughly $42 fees.
Each of the transfers was made using a Yucyo Bank’s ATM. I don’t know why they’re imposing a fee of roughly $42, but my guess is that some sort of misunderstanding about the transfer is responsible – perhaps the ATM’s incorrectly presume that the money is arriving in USD, and therefore a ForEx fee is imposed. But if so, it’s clearly in error – the money is definitely transferred from Wells Fargo in America as Yen.
My recommendation is that anyone using this Wells Fargo debit card method to exchange and transfer money have a chat with the Japanese bank which owns the ATM before you use it, to insure that they won’t impose any ForEx fee at all (because they are receiving Yen, not USD), nor any other fees. The only fee which should be charged, by anyone, is the $5.00 external ATM fee, which Wells Fargo charges, and which I presume they forward to the institution which owns the ATM.
My sweetheart and I are currently trying to resolve the charges I’ve incurred. And in the meantime, we’re looking for an institution which manages these ATM transfers correctly. Once we find one, we’ll then have means to convert USD to Yen and transfer that Yen to Nippon in $5K increments for a total charge of $5, or .1% (1/10%).
I’ll try to keep you up to date…
Ja ne, Bruce
April 25th, 2012 at 6:42 am
Thanks for the updates Bruce and Jeremy! I always withdrew my yen (using Wells Fargo card) from 7-Eleven or the Japanese post office and neither ever charged a fee.