Best way to convert large amount of $ to yen for study trip.

[Emoni]

Well, I'm headed back to Japan soon.

I didn't see any recent thread on this topic that was recent so I'm posting this.

During my previous trip to Japan, I used Citibank to convert my money. At that time you could deposit into an American account and withdrawal from a Japanese Citibank ATM with a 1% charge taken off. Not bad! However, that has since changed to a 3% charge. Still not bad, but not great.

I'm curious if there is any other better option for converting my cash to yen while the exchange rate is still relatively good. This is a fairly large amount, so it isn't something I want to be careless with. 3% is still not bad, but I'd prefer to optimize the amount I receive in conversion.

Thank you.

 

[nice gaijin]

A friend of mine recommended paypal for cash withdrawls, as they only have a $1 ATM fee, but I'm not sure about large quantities. I'll ask around.

 

[Zipper]

I think go by rules is better and without risks

 

[Emoni]

Paypal? Never heard of that one, but I know they deal with a lot of business nowdays.

As for going by "the rules and no risk," where did I say I was planning on doing anything risky or illegal?!

 

[Ewok85]

I recently went to Australia and used my citibank card to withdraw AU$ - no charge and done at a very, very generous rate (around 95-96 during last week - practically the going rate without much markup).

 

[Glenn]

What about the post office withdrawal system? A friend of mine gets money from his Australian bank account at the post office, and I think it's a $5 charge each time, so he takes out ¥70,000 to make it worthwhile. I don't know anything about it beyond that, though.

 

[Emoni]

Post office withdrawl system? Do you mean withdrawing from a bank account in America through a Japanese post office atm maybe? I'd be leary of that due to who knows what hidden charges...

 

[Glenn]

Yeah, that's what I mean, and I haven't heard of any hidden charges. I know two guys who did it from AUS bank accounts quite often, and as far as I know they only pay the $5 charge.

 

[Mikawa Ossan]

If there's a hidden charge, it will not come from the Japanese postal system side of things. It may be possible, as I've heard of this, that some banks charge you for using ATM machines from other institutions. I remember hearing about this several years ago, so I don't know how prevalent it is today in America, etc. You should check with your bank to find out if there is such a charge incurred for withdrawing from "non-inhouse" ATM machines.

 

[nice gaijin]

I pay a 1.50 fee for using an ATM that is not owned by my bank, and another 1.50 for withdrawing in a foreign country. These fees do not show up on the receipt, nor does the ATM in the post office give you an option of which account to withdraw from (mine defaults to checking, which has tripped overdraft protection more than once), but as long as you have access to your account via the internet, you can move your money around and see whatever fees get applied to your transactions here.

 

[Emoni]

Yeah it is the hidden charges aspect for transferring money like this internationally through ATM's that proves to be the biggest worry of mine. Most people I might ask at the bank here tend to not know anything about this, or give very "unsure" answers. So I posted here

 

[nice gaijin]

It's not that the charges are hidden; they are stated in the terms and conditions with your bank account, and will show up on your statements and inquiries; it's just that the ATMs here (at least in the post office) don't tell you anything other than how much yen you pulled out.

 

[mr.sumo.snr]

'study trip'? A weekend, a month, six months or are you undertaking a doctorate for the next four years?

Are we talking an address and gaijin card holding period of time in Japan?

--

 

[Emoni]

Year at least, maybe longer depending on how the graduate school plans pan out.

 

[catravel]

Note that if you are assessed an ATM fee, it is by your home bank. A bank on the cirrus network is not supposed to charge foreign bank customers ATM fees and may charge them for domestic bank customers.
Check this http out at:
tinyurl.com/z58yd

 

[Glenski]

If the exchange rate is so good for you right now, why not get traveler's cheques (very safe) and cash them as you need them? I have no idea about fees for them, but at least you can keep them around practically forever and not worry about someone else using them.

 

[Goldiegirl]

I used/am using travelers checks form American Express...I know the fee to change them over to yen was small....but....it took forever. The banks here are slow. I have taken checks in three times now and it has taken no less than 45 minutes each time. Oh, you do have to "buy" the checks as well, so that is an additional cost. I'll see if I can find my receipts and figure out what the charge was.

 

[Glenski]

Goldiegirl,
Personally, I think you are scrimping on pennies to try saving dollars. What's 45 minutes out of your life, anyway? Exchanging TCs never took me longer than half an hour. You can use the time wisely while you wait.

 

[Goldiegirl]

I have nothing to do while I wait except listen to my ipod. I wasn't trying to save money by not cashing in all my travelers checks, it's just that my trip keeps extending on short notice. I didn't want to change over a lot of money only to have to change it back the next day that's all. I just found out tonight that I may not be leaving this Friday. I'll know tomorrow evening. (Thursday) We'll see!

 

[JerseyBoy]

How about asking your bank to issue you the bank check which you can cash at a bank in Japan? I was told CitiBank USA can issue its bank check (cashier's check) and I can bring it to Japan and cash it at one of CitiBank Japan branches.