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Even though this is an old thread, I'd like to clear up some misconceptions about traveller's checks in Japan.
First of all, assuming that you don't often lose your wallet, you should be safe carrying cash, even large amounts of cash, around anywhere in Japan. To make purchases, cash is accepted everywhere, credit cards are usually accepted at major chains, and traveller's checks are not widely accepted except really heavy tourist areas where you can usually use a credit card anyway. To make exchanges, cash is accepted at exchange booths (airport/hotels/kiosks) and banks (but not all and not every type of currency). Credit card (depending on country/type) can get cash advances usually at postal atms and some convenience store atms. Traveller's checks can be exchanged at exchange booths (airport/hotels/kiosks), some banks, and possibly some department stores. The main advantage of traveller's checks is that they are insured, so if you lose them or they are stolen you can get them replaced quickly. Credit cards can also be replaced but it takes longer. Obviously cash is not insured or replaced. When using traveller's checks either for exchange or purchases, you should have your passport handy in case you need to identify yourself, and many places want to see the receipt of purchase of the traveller's checks.
My personal recommendation (may not work for all travellers. check with your local bank):
Bring a few 10,000 yen in cash (either exchanged at your home bank or the airport) and then withdraw from your home checking account at postal ATMs as you go. I try to pay for major things like hotels on my credit card, and like to keep around 30,000 yen in cash on me to pay for everything else. If you are worried about losing everything then bring some traveller's checks as insurance (with the serial numbers recorded somewhere else of course). This method is geared to save money by taking advantage of good exchange rates. It also happens to be very convenient, except that you have to be aware of your daily atm withdrawel limit.
Now on to some comments from previous posts:
I just heard the stories about these traveling checks, that people who had them were not possible to buy stuff with traveling checks.
Depends on where you are shopping. Major department store and hotels USUALLY take them. However if they take traveller's checks then they most likely also take credit cards.
do u're know how much it would cost to change traveling checks to cash in japan (commission or service charge)?
Again, depends on where you're exchanging them. Every place has it's own policy. Some charge no fee, one bank tried to charge me 40%.
It can take a long time to change them at the bank.
Again depends on the place. It's taken me between 30 min and 2 hours before.
I'm pretty sure you can exchange them into cash in post offices or major banks.
Of course,it requires service charge payments.
But I don't think you can use them directly in stores/hotels.
You can but the key word is MAJOR banks/hotels/stores.
I've purchased merchandises from department stores to a merchant on street of near Kiyomizudera, Kyoto (in amount of over 300 dollars) and they accepted my US travellers cheques at this small store
Around Kiyomizudera is one of the most heavy tourist areas in the country. They probably see more travellers checks there then most banks in Tokyo do. I would NOT use this example to show that Traveller's checks are widely accepted in small stores, just that they are more likely to be accepted in heavy tourist areas.
With my experience there is no extra fees when you use or exchange your TC for currency with because you paid your fees when you bought your TC from a institution.
There is a difference here between exchanging traveller's checks and using them to purchase things. There is often a fee to exchange. They don't care that you paid an institution already because they are not that institution. It may not be an outright fee and can be figured into the exchange rate instead. If you are using them to directly purchase something the hotel or store will probably give you an exchange rate that is a percent or two in their advantage.
At the hotel sometimes they charge small fees (service charge) but you get your money at current rate.
The rate they sell to you is slightly different that actual rate. That's how they make their money on the exchange.
Best place to exchange to yen would be at the airport in Japan upon your arrival. It's very easy.
Definitely the easiest place to exchange traveller's checks but also the most pointless place. Traveller's check's main feature is that they are insured. If you plan to exchange them at the airport when you arrive you could just bring cash and save yourself a further 1-2% of exchange rate fees. Otherwise you waste time with the traveller's checks just to protect your money in case you lose it on the plane. I can only see it being useful if you are bringing all your money into the country in the form of traveller's checks. Regardless, purchasing traveller's checks at home to exchange at the airport is
essentially two exchanges where you could just do one (and with generally bad rates both times).
Second best place would be at your hotel, if you are staying in one of the major international hotels, they have services available for foreign exchange at their front desk.
Probably the most convenient place to exchange traveller's checks. Be aware of exchange rates and fees. Some hotels give good rates, some don't.
Third easy place would be at major department stores. Some of them offer that service.
Also I had no problem using US travellers cheques to pay for merchandise I bought but it's usually in amount higher than 100 dollars or yen.
I've never exchanged at a department store, and I'm not sure if its possible. But I have used them to make purchases. It wasn't too much of a problem, although it did take longer. There's just a lot more steps involved than paying by credit card or cash, and often the manager gets involved. Remember though that if they take traveller's checks then they most likely also take credit card. If you have a credit card it is usually advantageous to use that instead.
I don't go to post office because it's just out of my way.
The post office bank (which are the country's most pervasive bank) are probably the most widely available place to exchange traveller's checks.
At the airport exchange booth your TC will be exchanged exactly for the rate at that time.
At the rate that the exchange booth has set. This is usually a percent or two in their favor.
I am not sure about post office, and I cant tell you first hand it is a pain in the butt to exchange them at regular banks. Most major international hotels will accept them (check beforehand) but a lot of other hotels like business hotels and ryokans will not. Also I do not think train stations accept them when purchasing tickets.
Seconded. Definitely second the checking beforehand part.
Cash is the major form of currency, followed by debit cards and last credit.
Definitely cash is first. I've never heard of a Japanese debit card, but Japanese credit cards function similarly to debit cards.
Most large places even small one will accept it if they are organized and trained enough to know how to accept it. It seems a lot of places will not take it as poster mentioned because the help they have are not trained nor do the right math trying to convert to yen. And it's mostly because they (store keepers, etc) like nontraceable cash.
This is ridiculous. It has nothing to do with training, laziness, or tax evasion. Stores don't take them because it is not economical for them to do so for the same reason that not all places take credit cards. It costs them money to accept your traveller's checks.
Some smaller hotels, they may not accept TC depending on the management, if someone on the staff knows what it is, they will take it.
Ridiculous for the same reasons above.
TC is your money and they have to accept it
Again ridiculous. No store is obligated to sell you anything. No restaurant or hotel is obligated to serve you.
Most places would post what they accept whether credit cards, cash only etc.
Many do. It's best to ask. Good rule of thumb is if it's not posted then assume that they don't take it.
I always use travellers cheques. It is recommended way of bringing money to Japan. You can go to any bank or special outlet and cash them... Do not bring cash as it may get lost or be stolen. Use travellers cheques instead, because they could be replaiced.
ATMs will not accept foreign cards, just those in post office. In addition, there is commission for withdrawing money, but travellers cheques do not have.
Except for that part that traveller's checks can be replaced, I disagree wholeheartedly with this post. Traveller's checks are not widely accepted in Japan period. Even where they are it can be a hassle to use them. Traveller's checks do cost money to use them, and in fact can be the most expensive way to get money. Unfortunately the only form of currency as good as cash in Japan is cash.
what about traveller cheques in yen? do they go faster at the bank?
Typically no. The advantage of traveller's checks in yen is that they secure the exchange rate at the time of purchase. You could make or lose money depending on the exchange rate when you try to use them.
for the travellers cheques issued in USA will only be issued in US dollars. They will not be isuued
in yen or any other than US dollars.
Not true, I've purchased traveller's checks in yen from my US bank.
Travellers cheques are still a very handy, monetary ways to bring in extra money especially if you are planning on shopping some moderate to expensive items and don't want to charge up your credit cards too much when you have hotel expenses and etc. each day to think about.
Let's say, if you spent 20,000 USD and charged it on your credit card, can you pay it off when you get a bill from your credit company. Even those who has money don't like to write a check for 20,000 dollars all at once. So to void that you want to use cash via traveller's cheques.
Now this is kinda funny. You are saying that to avoid paying a 20,000 dollar credit card bill all at once at the end of your trip you should purchase
20,000 dollars of traveller's checks at the beginning of your trip. Isn't that spending 20,000 dollars all at once either way? I don't see any outright advantage using either method in this situation, except that credit card is probably more widely available and the exchange rates and fees may be better.
What I usually prefer to do is exchange them all at the airport, or carry a debit card/credit card comination, using the credit card to pay for hotels, have cash on me for other things, and If I find myself low on cash, I go to a post office (found everywhere in Japan) and cash out (if you do this make sure you know the operating hours of the post offices so you can pull out the appropriate ammount).
They key is to carry a mixture of all. Traveler's checks, cash, and credit/debit cards. NEVER relay on one form of payment. If they don't accept TC's you have credit to back up on, if they don't accept credit, you always have good old cash to back up on.
These sum it up nicely.
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