Changing Money

[Ivo]

Hello everyone,
I need to change about 3000USD for my trip to Japan.
Should I do it in Japan once I arrive or is it better to get money already in the U.S. - my concern: i'd like to get the best rates and paying the no fees.
I mean, there's been a lot of talk about this and I still can't solve it what to do.
Would you say that using a credit card (bank of america) and make ATM withdrawals is,after all, the best option?
thanks ivo

 

[Pachipro]

For the greatest savings and for getting the most yen for your bucks, you would be wise to exchange your dollars at the airport in Japan. Example from one of my recent trips:

Dallas Airport: 107 yen for $1
Narita Airport: 115 yen for $1

No bank in the US or ATM machine will give you a better rate.

 

[Ivo]

Pachipro, thanks for the quick answer.
As I see it, it seems that Postal Services at Narita would probably be the best option.
And TC get a better rate than cash, am I right?
but what about ATMs in Japan using an American card?
ivo

For the greatest savings and for getting the most yen for your bucks, you would be wise to exchange your dollars at the airport in Japan. Example from one of my recent trips:
Dallas Airport: 107 yen for $1
Narita Airport: 115 yen for $1
No bank in the US or ATM machine will give you a better rate.

 

[Pachipro]

I don't know about TC as I stopped using them long ago. As for your bank card at an ATM you will probably be charged a premium, usually about 3% for processing, fees, and the exchange rate. The same with a credit card unless you use one that does not charge any fees for overseas use like the BOA "World Perks" Platinum Plus card.

I still believe that the airport in Japan is your best bet unless someone knows of a better place. Japan is safe, so carrying around a large amount of cash will not be a problem.

 

[Prizm]

Before I went, I checked the yen exchange rates at different places everyday in my home city. There was one small place related to a travel center which consistently had the highest rate and no commission. So I figured I'd just get the majority of my cash exchanged here, and then if I needed more than I could exchange in Japan.

I did that, and didn't regret it at all. When we got to Narita Airport, we found the rate was slightly worse there, so we were glad we got it exchanged back home.

 

[ifjames]

Before I went, I checked the yen exchange rates at different places everyday in my home city. There was one small place related to a travel center which consistently had the highest rate and no commission. So I figured I'd just get the majority of my cash exchanged here, and then if I needed more than I could exchange in Japan.
I did that, and didn't regret it at all. When we got to Narita Airport, we found the rate was slightly worse there, so we were glad we got it exchanged back home.

We used Travelex online, and had no problems at all: great rate online: significantly better than in-store, and easy to then collect at a local store: the rate was better than banks, and Narita, and no commission: and the agreement is when you get home they will exchange back into local currency at the rate they sold it to you, NOT the buying rate which is a lot lower: not that we had any left to exchange: however we did do that when my kids returned from a school trip to China and had no problems at all.

 

[Gnarf]

We made the exchange at the airport (in Sweden) just before leaving for Japan. That way we were guaranteed "no fees" when we came back and exchanged the money back. At least if you save the receipt from Forex as we did

I do not know if it is better or not to exchange while in Japan, I guess it depends on the rates. I did make a couple of withdraws during our visit in Japan with my VISa card and it did cost a little extra but nothing extra ordinary. As long as you pay most of the things cash it should not be a problem.