Kyoto

๐Ÿ’ฑ

Currency Exchange

Sections

Currency in Japan

  • The official currency in Japan is the Japanese Yen (JPY).
  • Banknotes are available in denominations of ยฅ1,000, ยฅ2,000 (rare), ยฅ5,000, and ยฅ10,000.
  • Coins come in ยฅ1, ยฅ5, ยฅ10, ยฅ50, ยฅ100, and ยฅ500 denominations.

Recommended Places to Exchange Money in Kyoto

  1. Banks

    • Major Banks: Mitsubishi UFJ Bank, Mizuho Bank, Sumitomo Mitsui Banking Corporation (SMBC), and Japan Post Bank.
    • Services: Banks offer reliable currency exchange services with competitive rates.
    • Fees: Typically, banks charge a small handling fee, which is often included in the exchange rate.
    • Operating Hours: Most banks are open from 9:00 AM to 3:00 PM, Monday to Friday. They are closed on weekends and public holidays.
    • Procedure: Bring your passport, as it is required for currency exchange. Fill out a form, and the staff will assist you.

  2. Currency Exchange Counters

    • Travelex: A well-known international currency exchange service with locations in Kyoto, including Kyoto Station.
      • Operating Hours: Typically 8:00 AM to 8:00 PM, but hours may vary by location.
      • Fees: Travelex often has higher fees or less favorable rates compared to banks, but it is convenient for travelers.
    • World Currency Shop: Operated by major Japanese banks, this service offers competitive rates and is available in Kyoto.
      • Locations: Kyoto Station and other central areas.
      • Operating Hours: Usually 10:00 AM to 6:00 PM.

  3. ATMs

    • 7-Eleven ATMs: Found in convenience stores across Kyoto, these ATMs accept foreign cards (Visa, Mastercard, UnionPay, etc.) and allow you to withdraw yen directly.
      • Fees: Your home bank may charge a foreign transaction fee, and there may be a small ATM usage fee (ยฅ100โ€“ยฅ200).
      • Exchange Rate: ATMs often provide competitive exchange rates, close to the interbank rate.
      • Operating Hours: Many 7-Eleven ATMs operate 24/7.
    • Japan Post ATMs: Located in post offices, these ATMs also accept foreign cards and offer good rates.
      • Operating Hours: Typically 9:00 AM to 5:00 PM, though some locations may have extended hours.

  4. Kyoto Station

    • Kyoto Station is a hub for currency exchange services, with multiple counters and ATMs available.
    • Recommended Counters: Travelex, World Currency Shop, and bank-operated exchange counters.
    • Operating Hours: Most services are open from 8:00 AM to 8:00 PM.

  5. Hotels

    • Many high-end hotels in Kyoto offer currency exchange services at the front desk.
    • Fees: Rates are generally less favorable, and fees may be higher than banks or ATMs.
    • Convenience: Useful for emergencies or when other options are unavailable.

  6. Kansai International Airport (KIX)

    • If you are arriving via Kansai International Airport, you can exchange money at the airport before heading to Kyoto.
    • Operating Hours: Currency exchange counters at KIX are open from 6:00 AM to 11:00 PM.
    • Rates: Airport rates are typically less favorable than banks or ATMs in the city.

Costs and Fees

  • Exchange Rates: Banks and ATMs generally offer the best rates, while hotels and airport counters tend to have less favorable rates.
  • Handling Fees: Banks and exchange counters may charge a small handling fee (ยฅ500โ€“ยฅ1,000), while ATMs may charge a withdrawal fee (ยฅ100โ€“ยฅ200) plus any fees from your home bank.
  • Hidden Costs: Be cautious of dynamic currency conversion (DCC) at ATMs or card terminals, which may offer to charge you in your home currency. This often results in a worse exchange rate.

Procedures for Currency Exchange

  1. At Banks or Exchange Counters:

    • Bring your passport (required by Japanese law for currency exchange).
    • Fill out a currency exchange form (staff will assist if needed).
    • Hand over your foreign currency, and the staff will provide the equivalent amount in yen.
    • Keep the receipt for your records.

  2. At ATMs:

    • Insert your card and select your preferred language.
    • Choose "Withdraw" or "Cash Advance" and specify the amount in yen.
    • Confirm the transaction, and the ATM will dispense cash in yen.

Cultural and Practical Tips

  1. Cash is King:

    • While credit cards are increasingly accepted in Kyoto, many smaller shops, restaurants, and traditional establishments still operate on a cash-only basis. Always carry enough yen for daily expenses.

  2. Avoid Large Bills:

    • ยฅ10,000 notes are common, but smaller businesses may struggle to provide change. Try to carry smaller denominations (ยฅ1,000 or ยฅ5,000) for convenience.

  3. Check Exchange Rates:

    • Use online tools like XE or OANDA to check live exchange rates before exchanging money. This will help you identify fair rates.

  4. Plan Ahead:

    • Exchange money during business hours to avoid being caught without cash when banks and counters are closed.
    • If you plan to use ATMs, ensure your card is activated for international use and check for any daily withdrawal limits.

  5. Tipping Culture:

    • Tipping is not customary in Japan, so thereโ€™s no need to carry extra cash for tips. Exceptional service is appreciated with a polite "thank you" (arigatou gozaimasu).

  6. Keep Receipts:

    • If you plan to exchange leftover yen back to your home currency, some services may require the original exchange receipt.

Comparison of Options

| Option | Exchange Rate | Fees | Convenience | Best For | |--------------------------|-------------------|------------------|-----------------------|-----------------------------------| | Banks | Competitive | Low | Moderate | Large transactions | | Currency Exchange Counters | Moderate | Moderate | High | Tourists near Kyoto Station | | ATMs | Competitive | Low to Moderate | Very High (24/7) | Quick cash withdrawals | | Hotels | Less Favorable | High | High | Emergencies | | Airport Counters | Less Favorable | High | High | Immediate cash upon arrival |

By following this guide, youโ€™ll be well-prepared to handle currency exchange in Kyoto efficiently and cost-effectively. Enjoy your time in this beautiful city!