Airport Exchange vs ATM Withdrawl

Heading to Japan in September for my 5th trip. I used to get a good deal on the CAD - JPY here in Canada, but not anymore, and I'm trying to confirm which method isn't going to completely obliterate my budget. Traveling with my partner and he suggested just changing at Haneda when we arrive, but overwhelmingly the suggestion is to use ATM for frequent withdraws. I know our bank will charge us $5 per withdrawal, and (currently) we will only gain an extra \800 from every $1000.00 by doing so.

Are airport rates really THAT bad coming into the country? We will need some cash for arrival regardless, so I know I'm going to exchange it in Canada before we leave, or at Haneda on arrival. Just curious if anyone has seen in the last couple of months how the rates at the airport actually are.

Thanks!

I have always exchanged at the airport, but I use the banks and not the Travelex service. I always get about 3 yen less per USD than the official rate.

For me paying the five bucks was better than loosing 20 bucks extra in tranfer fees.

My Oz bank changes 5 also per withdrawl. But their rate was 6 yen per dollar better. Adds up over 10s of 1000s of yen.

@JohnB, I'll have to check our arrival time and confirm we'll be there before the banks close. Thanks for the tip!

@hakata I was thinking that too. The CAD is trash now against the yen anyway, but you're right. Those few yen here and there do add up. Thanks!

In my experience, although I use USD, ATM withdrawal is always better. In fact Haneda airport has multiple ATMs maybe even a 7 eleven ATM as well. I think per 10,000 yen I was charged about $2 USD for the transaction, I got 10,000 yen for about $96USD (that includes the $2 transaction fee). For an example, Haneda airport currency exchange might give me 10,000 yen for $102 USD. ATMs really just make everything easier, but you also need to remember that most ATMs require you to withdraw a minimum of 10,000 yen.

I'm hopeful someone can confirm - is there a Seven bank ATM in Haneda international terminal? I want to use my Capital one 360 debit card to withdraw money on arrival - no fee :)

Yes, there is definitely a 7 bank in Haneda Airport ( although I double checked to make sure)
http://www.haneda-airport.jp/inter/mo/en/premises/service/bank_atm.htm...
I think I actually used it upon arrival not too long ago.

It really depends on the currency and your bank fees. For my currency, US dollars, it's about the same. For some others the difference can be night and day. For example, today, it would cost 1736 Mexican Pesos per 10000 yen via Visa ATM but 2604 per 10000 for cash at airport. That's a full 50% more expensive to do cash conversion!

I would compare the two for your specific currency and bank fees see what makes sense. Most ATM card networks have currency calculators online. Here's VISA: https://usa.visa.com/support/consumer/travel-support/exchange-rate-cal...

Here's GPA currency exchange at Narita airport: https://www.gpa-net.co.jp/en/passenger-service/rate/

Thank you!

When it comes to paper money, the US Dollar is king. The Mexican Peso or the Thai Baht are not attractive currencies because they�fll physically have to send them back and that�fll cost the bank money, thus the lower exchange rates.

The CAD too. I'm shocked at how much it's fallen since my first trip. It's made this year's vacation that much more expensive as well, but it will be worth it once we're there and enjoying some downtime for a change.

It is not the CAD, but the JPY is trading strongly the past few months.

Fellow Canadian here! I been to Japan during the good times for CAD-JPY and when it was more expensive.

Yes the airport rates are bad usually. I found ATM as the best as long as you take out a lot, it will then offset the fees from banks.

During very good exchanges: Exchange in Canada
During not so good exchange rates: Exchange in Japan with ATM

So due to the current rates, I would use the ATM in Japan.

Hope this helps!

@Koohii2wii, it really does! I was starting to think ATM was the way for us to go. Thanks for the confirmation. Unless there's a big change in the exchange between now and September, I'll change some here and withdraw the rest when we arrive.