Exchange rates, still not getting it

I agree with Guest. Not worrying about petty cash is just part of the cost of a vacation.

And I always laugh when I see the phrase "hard-earned" cash.

Hmm, we 're advocating the same things, only you don't seem to realize it. It only takes a few seconds to educate yourself on money exchange in Japan, and zero effort to put into practice. So while you're are out there enjoying yourself, we'll just be enjoying ourselves 10-15% more!

Uh, no we're not advocating the same things.

When I see thread after thread after thread of people stressing out of whether to exchange currency at home, or at Narita, or at a bank in Japan, or use an ATM all while wondering which one is going to give them the best exchange rate...I shake my head. The amount of money you are going to save between exchanging at home, vs exchanging at Narita, vs exchanging at a Japanese bank vs using an ATM is nominal. It's laughable to be running around looking to save a few dollars on a vacation that is probably already costing thousands when you calculate airfare, hotels, local transportation, food, and spending money.

Honestly, how much is your time worth to you? Because my time to me is more valuable than $5. I check the market exchange rate to have a good idea of what I'm going to get, then I don't worry about it from there.

But as I replied to Faiyez, if your idea of fun is chasing a few dollars have at it.

@ LoveJapan the AmEx works just like any credit card. Just pay your bill in full when it is due and no interest will be charged. We used the ATM at 7/11 because there are no fees involved and it is easy, you will find a 7/11 just about everywhere. We didn't worry about the exchange rates too much, it won't make that much of a difference on the grand total anyways. We used our credit cards a lot to pay for dinners, train tickets, car rental, hotels etc.... most locations accept credit cards, that was never a problem.

Some real negative people on this thread . The point of asking is I had no idea how much of a percent they would take off. I agree the difference between 2-3 percent is not worth worrying about , but on can get charged 10-15 percent then it is cause for concern. If paying 12 percent more for everything is not a concern to you then good for you! For myself and my family of 4 this trip cost about 12,000.00 . You do the math....if it's no big thing to lose that amount of money then again, good for you! No need to post your snarky comments to someone with a genuine question, read and move on.

1. Well forgo debit card for cash.

2. Venture one for credit.only where accepted for charges.

It's mainly a cash based question as I plan on exchanging almost 8 thousand to pay for things...

I agree the difference between 2-3 percent is not worth worrying about , but on can get charged 10-15 percent then it is cause for concern. If paying 12 percent more for everything is not a concern to you then good for you! For myself and my family of 4 this trip cost about 12,000.00 . You do the math....if it's no big thing to lose that amount of money then again, good for you!

I have done the math. Hence my finding it laughable at the number of people that are concerned about a few dollars on the exchange. And it is not 10-15 percent. That's a number one person posted that they probably pulled out of the air.

Currently the exchange at Narita airport is $1 US gets you 120.37 Yen.

The current exchange rate at Bank of America is $1 US gets you 116.96 Yen.

A whopping difference of 3.41 Yen or about $0.03 US.

THAT is what I am trying to point out to people. It's a nominal amount. It doesn't matter. Even if you exchanged $10,000 US in cash you are still only talking a difference of about $300. If you have $10,000 US to exchange to spend on your trip, $300 is nothing. You're not going to miss it.

As I wrote in my first post, if a few dollars is of such a concern to people going on a trip to Japan that it actually makes or breaks their trip, then they really need to stay home, save more money, and travel at a later date.

I can think of a few nice things to buy with $300.

Rule of thumb is not to buy yen in your home country, as it's pointless. I see banks doing much worse than 15%.

Uh, no we're not advocating the same things.

Check out my first post. We are literally saying the same thing.

I have done the math. Hence my finding it laughable at the number of people that are concerned about a few dollars on the exchange. And it is not 10-15 percent. That's a number one person posted that they probably pulled out of the air.

Not everyone is from the US, the rates and savings vary a lot depending on the country.

Currently the exchange at Narita airport is $1 US gets you 120.37 Yen.

The current exchange rate at Bank of America is $1 US gets you 116.96 Yen.

A whopping difference of 3.41 Yen or about $0.03 US.

Honestly, how much is your time worth to you? Because my time to me is more valuable than $5. I check the market exchange rate to have a good idea of what I'm going to get, then I don't worry about it from there.

Seriously? You complain about the effort, but then you go ahead and do what we always do. Check the rate here, check the rate there, boom saved you hundreds of dollars in 30 seconds, while making exchanges EVEN EASIER since most people don't realise it is easy and cheap to exchange in Japan. Save time and money! You'd be a fool not to spend 30 seconds to learn that.

THAT is what I am trying to point out to people. It's a nominal amount. It doesn't matter. Even if you exchanged $10,000 US in cash you are still only talking a difference of about $300. If you have $10,000 US to exchange to spend on your trip, $300 is nothing. You're not going to miss it.

Or you get $300 for doing virtually nothing. Thats another night at a ryokan, two nights out at nicer restaurants, a new camera for your trip, a stop in another city/region along the way, tickets to Okinawa/Hokkaido, another private tour/lesson/experience. If say you prefer to measure your trip in experiences then this is already winning. And for those with bigger exchange variances, the difference can mean a whole other trip!

As I wrote in my first post, if a few dollars is of such a concern to people going on a trip to Japan that it actually makes or breaks their trip, then they really need to stay home, save more money, and travel at a later date.

Fair enough, a few dollars shouldn't break your trip. But as I wrote in MY first post, you should learn the basics so you don't throw away free money out of ignorance.

Wow at this thread.....
Its simple.....
Worst is an actual currency exchange place, they usually take 5-10% market rates
Second worst is probably Credit Card. Your banks Credit Card will take what ever amount of percent that your banking plan is and then also high interest due to the fact it is like a cash advance. High NOT recommended to take out cash with this option.

The rest is usually 3-5% including ATM debt card but due note that it will be whatever the Japan ATM banks fees (Usually zero) plus the rate conservation that your bank charges (Usually 3-5%) and then it depends on your banking plan (Eg. Other ATM use $2.50)

I find usually debt card at JP Post was the best rates however this also may differ depending from what country you are from.

Hope this helps!!!
Have Fun!!!

I forgot to mention, if you choose to get YEN from your own country that it does not exceed your own countries rules as well as Japan which is $1,000,000 Yen in cash

I agree with yllwsmrf - there are fairly easy things to be done to educate yourself and save some money. Since I have traveled internationally for a number of years I have accumulated various ATM/debit/credit cards that do not charge a foreign currency conversion fee. The 1 or so percent that is levied by Visa or Mastercard depending on what type of card one carries is pretty much unavoidable. It is the extra fees that can be avoided or minimized.

The OP already has a no foreign currency conversion fee credit card. Possibly he has enough time to open an account with no fees for ATM withdrawals. Mine are with Capitalone Bank - other possible sources are brokerage accounts and credit unions.

Saving a couple of hundred dollars can't hurt. ;-)

And, of course, right now at least for US citizens, the yen to dollar rate is excellent.

Wanted to add to Koohii2wii's post that the worst is probably exchanging at foreign banks that don't regularly deal with yen followed by the hotel exchange desk (although you could say that the latter is included in "actual exchange places").

Credit card can be a mixed bag, but used properly are one of the easy ways to avoid huge exchange fees. Paying with credit card is usually very good, typically less than 3% off the interbank rate (presuming you don't have a foreign transaction fee). Cash advances on the other hand are either extremely expensive, or (and this depends on the details of the card) extremely cheap. Used properly with the right card and a positive balance in your account, cash advances are one of the ways that you can get really really close to the interbank rate.

Don't be rude to those who want to be informed just because you choose not to. If you are happier not worrying about it then good for you. If others want to save nominal amounts then good for them.

Ok as OP this thread got quite a bit derailed. From the reading I have gathered the following.

1. Post office or 7-11 would be a good place to use a debit card from AmericA. I will be charged my banks ATM fee (5.00) plus 3-5 % exchanged fee, plus a possible ATM fee from Japanese side?

2. Is there any reason to bring cash and exchange that? I would only save the ATM fee correct? I will want to get some Yen at a Narita correct?

3. . I only plan on using the CC for meals and big ticket items anyway. It has no foreign transaction fees so it would just go to the exchange rate for my CC that day?

Thank you for the helpful replies.
Am I on track now?

Before leaving for Japan this spring our (Chase) bank explained that when using our debit card in the ATM machine we would be charged $5 per transaction.
We used our AmEx card instead, no transaction fee on either end. Our daughter used a CC from her Credit Union, no transaction fees either. We always used the ATM at 7-11 and got great exchange rates. We did bring some $$ for emergencies, but never needed them. As on all airports I would expect the exchange rate on Narita not to be the best.... We paid for our transportation from Narita to the apartment we rented by CC and after settling in went to 7-11 for some cash. Google map can show you where the nearest 7-11 or post office to your hotel is.

As on all airports I would expect the exchange rate on Narita not to be the best.....
However, Narita actually has proper banks as well as the Travelex places. The bank branches give good exchange rates (as posted on their web site and available across Japan).

Also, when I pulled some cash from the 7-11 on Monday I noticed the wording says "there may be a fee" rather than there will be a fee.

1. Post office or 7-11 would be a good place to use a debit card from AmericA. I will be charged my banks ATM fee (5.00) plus 3-5 % exchanged fee, plus a possible ATM fee from Japanese side?

At postal or 7-11 atms you should expect to be charged your bank atm fee, around 2-3% exchange fee, and possibly a 3% foreign transaction fee.

2. Is there any reason to bring cash and exchange that? I would only save the ATM fee correct? I will want to get some Yen at a Narita correct?

I'd bring at least a little bit of cash (few hundred) for safety. Electronic methods are great, but stuff happens and you may find yourself locked out of your account. Having cash immediately should at least tide you over in case of a mishap.

Btw, be sure to inform your bank and credit card company that you will be travelling. That *should prevent them from locking your account.

3. . I only plan on using the CC for meals and big ticket items anyway. It has no foreign transaction fees so it would just go to the exchange rate for my CC that day?

It's pretty close to the bank rate, maybe 1-2% off. I'd use the CC as much as possible and save your cash for those times when it isn't possible to pay by CC.

Am I on track now?

Yup, looks like you're good to go.

As on all airports I would expect the exchange rate on Narita not to be the best...

Narita is surprisingly competitive for buying USD and Euro. Other currencies not so much.

We paid for our transportation from Narita to the apartment we rented by CC and after settling in went to 7-11 for some cash. Google map can show you where the nearest 7-11 or post office to your hotel is.

Good idea, and in Tokyo you should be able to find a 7-11 without much trouble at all.

Btw, be sure to inform your bank and credit card company that you will be travelling. That *should prevent them from locking your account.

We did notify Chase of our trip to Japan, yet we were unable to withdraw money from the ATM using our Chase CC. That's were the AmEx card came in handy. I would recommend taking at least two CC's along on your trip. If one doesn't work then hopefully the other one will.

Our plan:

Bring about 750 in USD

Use post office and 7-11 for ATM withdrawals . Wells Fargo charges 5 dollars per transacTion , no exchange fees. So as long as I it draws a good amount the fee is minimal.

Charge everything I can on Capital One Venture cars or my AA Barclay card.

Let's just hope the Yen stays weak against the dollar till November ..selfish I know but it's really keeping out budget under control , and allows us to do a few extra things!

Sounds like a good plan, Will Lazarus.
Speaking of 7-11..... they have delicious sandwiches. We've enjoyed those on our roadtrips as there is always a 7-11 to be found where ever you are ;-) the sandwiches are always super fresh and yummy. When we visited Nagano earlier this year it was very busy, restaurants had waiting times for lunch and we were kind if in a hurry as we still had to take the train back to Tokyo. 7-11 to the rescue.... sandwiches and a cool drink outside on a bench on a sunny day, not bad at all.

Grew up on 7-11 in NYC, but I am sure they are nicer in Japan. Would love to get Bento boxes and do the same!