I'm heading to Japan next week and I'm wondering how I can get money to Japan -- the past two times I went I didn't need all that much because I had no up front costs and I got paid fairly quickly.

This time, though, I need 64000 yen just to move in to where I'm living, and I'm not getting paid until mid-October so I'll need another 32000 yen for rent plus whatever other expenses I need.

What's the best way to get all this money over? I need basically two solutions -- first off, I need about $1000 in yen right off the bat, so I need to either get that before I go or as soon as I get to Narita. Do traveler's checks still work for that?

Then I need a way to access my US bank account until I get paid in October; is it still the case that 7-11's have international ATMs that can be used with American debit cards?

Citibank is cheaper than the Postal ATMs? By how much? I'm heading over in 4 weeks as well, and hearing that Citibank is cheap just kind of surprised me.

After getting shafted using traveler's checks in London, I would avoid them. I took them to Lloyd's TSB, and got reamed on the exchange rate (by $0.15 per pound). After going to all the trouble to find a place that would even take them... ugh. I got a much better rate just using an ATM.

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That'd be hellishly expensive compared to a post office though (the airport). You'd be better exchanging that much before you left and carrying it with you.

Banks in the US can exchange currency for you if you give them enough time (2-4 weeks). Any money you need right away should be done then.

The only problem with int'l ATMs is that you need to know your ATM card's fees. You could be saddled with a lot of foreign transaction fees and foreign conversion fees and ATM fees for not using your bank's ATM.

The 7-11 ATMs don't charge any fee by themselves, my Schwab card has no transaction/conversion fees, and they convert based on the VISA exchange rate (so it doesn't matter what ATM I use), so it was ideal for me.

So 7-11 doesn't charge. (Which is quite the opposite from most convenience store ATMs in the US.) Do the post office ATMs charge? I don't remember. It's been 4 years since I was last in Japan.

Either way, I'll have to pay a $0.75 for each foreign transaction with my credit union, which isn't as bad as dealing with Citibank-- they want 3% of everything. I'll probably order some yen today, since I have a few weeks before I'm leaving.

Gingerninja Wrote:That'd be hellishly expensive compared to a post office though (the airport)..

What's your source for this? Do you have details? I'm running out of time; I don't think I can exchange it here and I can't wait to find a post office.

tokyostyle Wrote:Citibank ATM withdrawals are free.

Not if you're withdrawing from abroad.
http://www.citibank.co.jp/en/bankingserv...x.html#a02

citibank Wrote:Currency Exchange rate / Commission rate and Overseas ATM service charge.
Conversion exchange rate for using overseas CDs/ATMs from foreign currency to yen is, in the case of US dollars, equal to the daily telegraphic transfer sales rate (TTS) at the Citibank Japan Ltd. Where your account is held +3% (TTS × 1.03). For other currencies, the amount is converted into US dollars at the rate determined by the partner company, then converted to yen at the above rate. When you withdraw cash from a CD or ATM outside Japan, you will be charged overseas ATM service charge of 210 yen (incl. tax) per withdrawal when using your Banking Card and US$2.00 per withdrawal when using you Gaika Cash Card. Some CDs/ATMs operators charge a fee for using the machine. Some CDs/ATMs operators charge network fees in using overseas network.

tokyostyle Wrote:The OP is asking about withdrawing cash in Japan, not abroad.

I had the impression that rich_f was talking about making withdrawals from Japanese citibank ATMs but from a non-Japanese bank account which incurs the 3% charge he was talking about.

yudantaiteki Wrote:

Gingerninja Wrote:That'd be hellishly expensive compared to a post office though (the airport)..

What's your source for this? Do you have details? I'm running out of time; I don't think I can exchange it here and I can't wait to find a post office.

In Britain we can exchange at a post office on one days notice, so i've no idea how your system works sorry.
It's well known that airports have worse exchange rates for exactly this reason, people who need holiday money in a hurry, in an airport, captured audience. So they'll pay more because they don't have a choice. I changed some yen on the back to the UK a week ago (KIX). they charged me 2100yen + for £15 when it would have been 1800-ish elsewhere.

So when you say "post office" you're talking about British post office, not one in Japan? US post offices don't do money changing as far as I know.

Quote:It's well known

I'd still appreciate it if someone could provide proof from personal experience or a site that shows the Narita airport banks would give worse exchange rates than elsewhere. I don't really have much of a choice at this point, though, so it may be a moot point.

yudantaiteki Wrote:I'd still appreciate it if someone could provide proof from personal experience or a site that shows the Narita airport banks would give worse exchange rates than elsewhere. I don't really have much of a choice at this point, though, so it may be a moot point.

they all charge a transaction fee (something like $10-$20) on top of the exchange rate.

Went I went I needed around ￥160 000 to pay for initial rent payments, buying household stuff, paying for health insurance and general living for about 2 months. I didn't want to take that much with me in cash (about AU$2000 at the time) so I got a travel money card from my bank - it's like a travelex card. When you order it, you buy so much yen and the currency is locked in at the exchange rate on the day. This means on your card you have yen as opposed to US$, AU$, Pounds, Euros etc. so when you use it at an ATM in Japan you will not be hit by exchange rates and commission fees because you are withdrawing yen itself, not exchanging from the original currency into yen and then withdrawing. Also my bank allowed me the first currency purchase commission free, after that if I wanted to load more yen on to the card (via online banking) there was a 2% commission on top of whatever you lose through the exchange rate.

I guess the only negative is if the exchange rate increases because it means you would have received more yen if you were to do a normal withdrawal, but then again you aren't paying any commission fees so it probably works out to be the same. And on the positive side, if the exchange rate drops then you get more for your $.

Edit: Each withdrawal I made at an ATM in Japan had a ￥250 fee which came out of the balance loaded on the card.

Cash can be changed at a "special low rate" at Narita. That's what I'd do.

Ah, I was talking about the cost of using my US Citibank card in Japan. That's where the 3% comes from. Every transaction that takes place outside of the US, or every transaction *not* in US Dollars incurs a 3% foreign transaction fee. That's what I was grumbling about. So I'm going to use my Credit Union accounts instead.

Going back to the charges the machines themselves levy:

So, is it correct that the 7-11 ATMs don't charge any separate fees? And is it also correct that the Citibank ATMs do not charge any separate fees for non-Citibank non-JP cards?

What about the JP Post Office ATMs? Do they charge a separate fee for using the ATM or not? I don't remember them charging a fee 4 years ago, but it was 4 years ago. I don't remember what I had for dinner 2 weeks ago, either.

I'll be spending almost 3 months in 岡崎, near 名古屋, but not that near it. So I'm going to have to rely on the 7-11 and the Post Office. That's why I'm curious about the fees on those two.

yudantaiteki Wrote:So when you say "post office" you're talking about British post office, not one in Japan? US post offices don't do money changing as far as I know.

Quote:It's well known

I'd still appreciate it if someone could provide proof from personal experience or a site that shows the Narita airport banks would give worse exchange rates than elsewhere. I don't really have much of a choice at this point, though, so it may be a moot point.

I don't have any "proof" either, but I do have personal experience of flying from Kanku to Taiwan and Korea and finding that the rates in the destination countries were much better.
I know that's irrelevant to you, but my point is that the rates at the Japanese airport are a ripoff.

More to the point, I have an acquaintance with extensive experience flying abroad from Japan, and she has said that the rates at the Japanese post office are much better than at the airport.
It makes sense. You're paying for convenience when you change money at the airport.

One point to note is that generally, only large central Post Office branches do currency exchange. Post Office 支店 generally don't.

rich_f Wrote:What about the JP Post Office ATMs? Do they charge a separate fee for using the ATM or not? I don't remember them charging a fee 4 years ago, but it was 4 years ago. I don't remember what I had for dinner 2 weeks ago, either.

The last time I used one (Dec 2010) there was no ATM service charge as such. On my bank statement I had the withdrawal (converted to AUD) and international transaction fee about ($10-$20 depending on the amount I withdrew) which was charged by my bank. There was nothing from JP Post.

I'm also interested in this, since I'll probably be converting up to $2,000 (after all is said and done). I think it'd be best to contact my bank.

JimmySeal Wrote:I don't have any "proof" either, but I do have personal experience of flying from Kanku to Taiwan and Korea and finding that the rates in the destination countries were much better.
I know that's irrelevant to you, but my point is that the rates at the Japanese airport are a ripoff.

Well, at this point i don't think I have a choice. I need 64000 yen as soon as I get to Japan to pay my up front rent costs. Since I will have been travelling for 24 hours or so, it probably wouldn't be worth it to me to go to a post office unless the rates are extremely unfavorable.

No, probably not worth it to that extent.

I called my bank and they need about 2-3 days to order and receive the currency. Since I have an account with them, there is no additional fee associated. So if you need money right off the bat? Try finding out about the bank you go to. I still need to do research to see about my options for when I get to Japan. If I had a different credit card I would've been able to withdraw from overseas for free (I think that's what she said, anyway). My Japanese friend always just exchanges his money at the airport.

So how do I actually exchange money overseas, though? Do I bring my debit card, and they'll accept it at the currency exchange place? Not sure how the process works.

kainzero Wrote:Banks in the US can exchange currency for you if you give them enough time (2-4 weeks). Any money you need right away should be done then.

Wow, that's poor. I guess there's not that much demand for foreign currency in the US... In the UK you can typically get currency exchange on the spot for most major currencies at reasonably sensible rates (as well as at much less sensible rates if you wait til you get to the airport).

When comparing these things you need to account both for extra fees and for what the exchange rate (and buy-sell spread) is; many places have "no fees" but take their cut via a lousy rate.

yudantaiteki Wrote:I'd still appreciate it if someone could provide proof from personal experience or a site that shows the Narita airport banks would give worse exchange rates than elsewhere

Live exchange rates at narita. UK post office currency conversion widget. At time of writing, 1GBP will buy you 119 yen from the UK post office, and only 113 yen in Narita. That's about a 5% difference, which if you're looking to exchange large sums like 64000 yen is really quite a lot. (I didn't use US dollars because I know which UK places are good for interest rates and have no idea for the US. I imagine the situation is similar, though.)

My personal opinions for the ideal case (true for UK people; take with pinch of salt otherwise):
(1) money you need in order to get to wherever your destination is and have a roof over your head you should change in advance and carry with you. I've got to Narita before and found the one ATM that accepted foreign cards not working -- I was really glad I had enough yen on me for the train fare. Knowing this isn't going to be a problem and that you don't need to do anything on the far end of a long flight just makes life easier. (If you must change cash at the airport probably better to do it at the origin airport :-))
(2) for day to day life if you're there medium term (order of a few months) the easiest thing is just to use your normal debit card in ATMs which accept foreign cards. This used to be just ATMs in Japanese post offices but they are also present elsewhere now. Your bank will probably charge a fee and/or use a poor rate for this; in the UK rates vary and it might be worth opening a new account with one with low/no fees.
(3) Traveller's cheques are now basically a historical relic and can be ignored.
(4) MoneySavingExpert is a good place to start for UK people looking for exchange rate comparisons, recommended cards for use abroad and so on.

TheVinster Wrote:If I had a different credit card I would've been able to withdraw from overseas for free (I think that's what she said, anyway).

Check the fine print. For UK credit cards even if they don't charge a fee for a cash withdrawal, the credit card interest clock starts ticking immediately (ie cash withdrawals do not get the usual interest-free period you have for things bought on a credit card) and so you'll get charged interest...

pm215 Wrote:

TheVinster Wrote:If I had a different credit card I would've been able to withdraw from overseas for free (I think that's what she said, anyway).

Check the fine print. For UK credit cards even if they don't charge a fee for a cash withdrawal, the credit card interest clock starts ticking immediately (ie cash withdrawals do not get the usual interest-free period you have for things bought on a credit card) and so you'll get charged interest...

If I used a card overseas, it'd be my debit card, so I don't have to worry about the interest-related complications. I'll make sure of the price associated with it, so that I can have something to fall back on. I'll bring a chunk of money, and my debit card, and then I have a friend in Osaka (where I'm going) who could probably help me.

Also I realize you quoted something earlier from another guy's post in regards to banks converting. Yeah my bank said they tell customers to expect 2-3 days, and that it can be possible in as little as 1.

pm215 Wrote:

yudantaiteki Wrote:I'd still appreciate it if someone could provide proof from personal experience or a site that shows the Narita airport banks would give worse exchange rates than elsewhere

Live exchange rates at narita. UK post office currency conversion widget. At time of writing, 1GBP will buy you 119 yen from the UK post office, and only 113 yen in Narita. That's about a 5% difference, which if you're looking to exchange large sums like 64000 yen is really quite a lot. (I didn't use US dollars because I know which UK places are good for interest rates and have no idea for the US. I imagine the situation is similar, though.)

It doesn't seem like it's that bad for US dollars. The traveler's check exchange rate on the Narita site is $1 = 75.74 yen, whereas the x-rates.com site says $1 = 76.5 yen. That's a difference but it's not close to 5% -- for $1000 that's not even $10 difference.

It sucks that the exchange rate is so terrible now, though -- even just a few months ago I would have gotten a much better rate.