Nagoya

๐Ÿ’ฑ

Currency Exchange

Locations and services for exchanging foreign currency into Japanese yen, including banks, currency exchange counters, and ATMs.

Sections

1. Overview of Currency in Japan

  • The official currency of Japan is the Japanese Yen (JPY), represented by the symbol "ยฅ" and the currency code "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.
  • Japan is still a cash-heavy society, though credit cards are increasingly accepted in urban areas like Nagoya. Having cash on hand is essential for smaller establishments, public transportation, and rural areas.

2. Recommended Locations for Currency Exchange in Nagoya

Currency exchange in Nagoya can be done at various locations, including banks, exchange counters, ATMs, and hotels. Below are the most reliable and cost-effective options:

A. Banks

  • Major Banks: Banks like MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation (SMBC) offer currency exchange services.
  • Pros: Reliable, secure, and transparent exchange rates.
  • Cons: Limited operating hours (typically 9:00 AM to 3:00 PM on weekdays) and longer wait times.
  • Procedure: Bring your passport, as it is required for identification. Fill out a currency exchange form and present your foreign currency.

B. Currency Exchange Counters

  • Nagoya Chubu Centrair International Airport (NGO):
    • Multiple exchange counters are available in both the arrival and departure areas.
    • Operating hours: Typically 6:30 AM to 10:00 PM (varies by counter).
    • Rates: Slightly higher than banks but convenient for travelers.
  • Travelex:
    • Locations: Found in major areas like Nagoya Station and the airport.
    • Pros: Convenient and tourist-friendly.
    • Cons: Higher fees and less favorable rates compared to banks.
  • World Currency Shop:
    • Locations: Near Nagoya Station and other central areas.
    • Pros: Competitive rates and transparent fees.
    • Operating hours: Typically 10:00 AM to 7:00 PM.

C. ATMs

  • 7-Eleven ATMs:
    • Found in convenience stores across Nagoya.
    • Accepts international cards (Visa, Mastercard, UnionPay, etc.).
    • Exchange rates are based on your home bank's rate, with a small ATM fee (ยฅ100โ€“ยฅ200 per transaction).
  • Japan Post Bank ATMs:
    • Located in post offices and some convenience stores.
    • Similar functionality to 7-Eleven ATMs.
  • Pros: Accessible 24/7, no need to carry large amounts of foreign currency.
  • Cons: Exchange rates depend on your home bank, and fees may apply.

D. Hotels

  • Some high-end hotels in Nagoya offer currency exchange services at the front desk.
  • Pros: Convenient for guests.
  • Cons: Rates are often less favorable, and fees may be higher.

3. Typical Procedures for Currency Exchange

  1. At Banks or Counters:
    • Bring your passport (mandatory for foreigners).
    • Fill out a currency exchange form (provided at the counter).
    • Hand over your foreign currency and receive Japanese Yen in return.
    • Keep the receipt for record-keeping or potential refunds.
  2. At ATMs:
    • Insert your international debit/credit card.
    • Select "Foreign Currency Withdrawal" or a similar option.
    • Enter the amount you wish to withdraw in Japanese Yen.
    • Confirm the transaction and collect your cash and receipt.

4. Associated Fees

  • Banks: Typically charge a small handling fee (ยฅ500โ€“ยฅ1,000) or include it in the exchange rate.
  • Exchange Counters: Fees are often built into the exchange rate, making it slightly less favorable.
  • ATMs: Fees vary depending on your home bank and the ATM provider. Expect ยฅ100โ€“ยฅ300 per transaction, plus any fees from your bank.
  • Hotels: Higher fees and less favorable rates compared to other options.

5. Exchange Rates Compared to International Rates

  • Exchange rates in Japan are generally competitive but may differ slightly from international rates due to service fees.
  • Banks and ATMs often offer better rates than airport counters or hotels.
  • To check real-time rates, use online currency converters or apps like XE or OANDA before exchanging.

6. Operating Hours of Exchange Locations

  • Banks: 9:00 AM to 3:00 PM (weekdays only).
  • Airport Counters: 6:30 AM to 10:00 PM (varies by location).
  • Currency Shops: 10:00 AM to 7:00 PM (varies by shop).
  • ATMs: 24/7 (in most convenience stores and major locations).

7. Cultural Considerations

  • Politeness: Staff at banks and exchange counters are highly professional and polite. Bowing and thanking them is customary.
  • Language: English may not be widely spoken, especially at smaller banks or counters. Carrying a translation app or writing down your request in Japanese can be helpful.
  • Cash Handling: Japanese people handle cash with care. Use the provided tray to place your money instead of handing it directly to the cashier.

8. Tips for Securing the Best Rates

  1. Avoid Airport Exchanges for Large Amounts: While convenient, airport exchange counters often have less favorable rates. Use them only for small amounts to cover immediate expenses.
  2. Compare Rates: Check rates at multiple locations (banks, counters, ATMs) before exchanging.
  3. Use ATMs for Small Withdrawals: If your home bank offers competitive rates, withdrawing cash from ATMs can be cost-effective.
  4. Avoid Dynamic Currency Conversion (DCC): When using ATMs or paying by card, always choose to be charged in Japanese Yen rather than your home currency to avoid unfavorable conversion rates.
  5. Plan Ahead: Exchange a small amount of Yen before arriving in Japan to cover initial expenses like transportation and meals.

9. Common Issues and How to Avoid Them

  • Counterfeit Currency: Rare in Japan, but always exchange money at reputable locations.
  • Limited Operating Hours: Banks and currency shops close early. Plan your exchanges during the day.
  • High Fees: Avoid hotel exchanges and compare rates to minimize fees.
  • Language Barriers: Use translation apps or write down your request in Japanese to avoid miscommunication.

10. Emergency Options

  • If you run out of cash and cannot find an exchange counter, use international ATMs at 7-Eleven or FamilyMart convenience stores, which are open 24/7 and widely available in Nagoya.

By following this guide, you can efficiently manage your currency exchange needs in Nagoya, Japan, while minimizing costs and avoiding common pitfalls. Enjoy your time in this vibrant city!