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Exchanging Money in Japan

Money Matters in Japan 768
Exchanging Money in Japan
As exchanging money an inevitable step when traveling abroad, many people wonder how to do it. Though money exchange can easily be found at airport, the rate is usually low and comes in with commission fee.  For that reason, we recommend Travelex Japan instead. There are more than a hundred Travelex store in airports and around the country. Whether exchanging money at a traditional store or at kiosk, Travelex ensures the process simple and smooth. They allow exchanging currencies from many different countries to Japanese yen, including USD/EUR/CAD/GPB/RMB/AUD/KRW/TWD/HKD/SGD/THB/AED/BRL/CHF/CNY/CZK/DKK/EGP/FJD/HUF/IDR/MXN/
MYR/COK/NZD/PHP/PLN/RUB/SAR/SEK/TRY/VND/XPF/ZAR. Nevertheless, the best way is to directly withdraw cash from ATM. Even though the transaction fee is not ideal, but ATM will it save you a lot of time and trouble. ATMs are very common around the country, and there is one in almost every 7-11 convenient store. Another option is to exchange at a bank. Banks usually provide great service, but the process could be tedious and time-consuming as you would be asked to line up and fill out form. Alternatively, you can exchange currency ahead of time at banks in your home country, which guarantee fair rate and safety. Lastly, you can consult your friends, tour guide, or driver.

Cash Dispenser(ATM)
It is easy to withdraw money from ATMs in Japan? The answer is affirmative. There are about 28,000 ATMs located in Japan Post Banks and postal offices. Most ATMs allow cash withdrawal with VISA, MasterCard, American Express, JCB, UnionPay cards, Dinners Clubs, and other types of credit card. You may use your debit or credit card for instance cash withdraw at more than 23,000 ATMs in the 7-11 stores in Japan. There are 7-11 stores located in hotels, tourist attractions, and major airports such as Haneda Airport, Narita Airport, and Kansai Airport. The ATMs in 7-11 stores and Aeon show logos of the accepted credit cards. Since 7-11 are open 24 hours, they provide the most convenient cash withdrawal service. You may consider downloading an app called "Japan ATM Navigation" from Google Play or App Store to help locate the ATMs near you. However, the app only shows the ATMs of the 7 major banks in Japan. If you still need help on find an ATM, you can ask the hotel or your tour guide.

Preparing Japanese Yen in Advance
Many foreign travelers don't feel comfortable carrying a large sum of cash. If that is your concern, please don't worry because Japan is a very safe country. We recommend exchanging currency ahead of time. Because Japanese Yen is one of the most popular traded currencies around the world, it is easy to exchange the currency no matter what your home country is. Exchanging currency at Japanese banks is not hard, but make sure the amount is under the custom limit. If the bank gives you 2000 yen notes, you may want to ask for different denomination because many vending machines don't take 2000 yen notes. Most 3-stars or above hotels provide safe deposit box. Additionally, you can store you valuable in the front desk. To sum up, using cash in Japan is probably the best option.

Traveler's Check
Traveler's check is a safe payment method in many countries.  However, it does not apply to Japan.  If you plan to use traveler's check, make sure to research first because many banks in Japan don't accept traveler's check.  You can process the traveler's check through a third party agency, but which often offer pitiful rate. Moreover, most travel agencies and transfer service providers do not like to take traveler's check due to complicated process. Lastly, we recommend cash instead.

Most Frequently Asked Questions

  • Where can I get the best rate on exchanging USD to JPY?
    Travelers usually find the best rate at home country. For example, you can exchange money in America to JPY before traveling. Exchanging currency in Japanese bank is not ideal because it could be time consuming. Thus, it is recommended to exchange money in advance.
  • Can I exchange Czech koruna in Japanese banks?
    Yes. Additional to Japanese bank, you can exchange Czech koruna at airports and Travelex Japan. However, the rate in Japan is usually lower than exchanging in Czech.
  • Is it easy to withdraw Japanese notes at ATM?
    Yes, there are plenty of ATMs found in Post banks and 7-11 stores. However, you may want to check the rate first because ATMs usually offer lower rates.
  • What is the exchange rate between EUR and JPY?
    The currency rate fluctuates daily and differs from bank to bank. Thus, you may consult your local bank or refer to online information.
  • What is the best place to exchange money?
    If you don't mind carrying cash, you can exchange the money at your home country. Once arrive in Japan, banks usually have the best rate. However, you might have to wait a long time at the bank. Lastly, using credit card to withdraw cash from ATM is also a good option.
  • Does your office accept Canadian dollars?
    All our products are listed in US Dollars. If you find it troublesome to exchange money, you can pay in Canadian dollars or Japanese Yen, and the price will be calculated based on the currency rate of the day.
  • Can I exchange currency at a black market?
    There is no black market in Japan for currency exchange. We recommend exchanging at a bank or a legal booth. However, if you find better rate at black markets or private stores in your home country, you may do so.
  • Is it better to exchange money in Japan?
    You don't have to wait until arriving in Japan to exchange currency, and in fact you can do it at your home country in advance. Japanese yen is one of the most traded currencies around the world, thus it is very easy to exchange to Japanese yen.
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