Tokyo

๐Ÿฆ

Currency Exchange

Where and how to exchange foreign currencies into Japanese Yen, including banks and currency exchange centers.

Sections

1. Overview of Currency in Japan

  • Currency Name: Japanese Yen (JPY, ยฅ)
  • Denominations:
    • Coins: ยฅ1, ยฅ5, ยฅ10, ยฅ50, ยฅ100, ยฅ500
    • Banknotes: ยฅ1,000, ยฅ2,000 (rare), ยฅ5,000, ยฅ10,000
  • Exchange Rate: Exchange rates fluctuate daily. As of October 2023, 1 USD is approximately 150 JPY, but always check the current rate before exchanging.

2. Best Places to Exchange Currency in Tokyo

Tokyo offers a variety of options for currency exchange, each with its own pros and cons. Here are the most reliable and cost-effective options:

a. Banks

  • Examples: MUFG Bank, Mizuho Bank, SMBC (Sumitomo Mitsui Banking Corporation), Japan Post Bank.
  • Pros:
    • Reliable and secure.
    • Transparent exchange rates.
    • No risk of counterfeit money.
  • Cons:
    • Limited business hours (typically 9:00 AM to 3:00 PM on weekdays).
    • Longer wait times due to paperwork and procedures.
  • Procedure:
    1. Visit the bank during business hours.
    2. Bring your passport (mandatory for foreigners).
    3. Fill out a currency exchange form.
    4. Hand over your foreign currency and receive Japanese yen.
  • Fees: Banks may charge a small handling fee (ยฅ500โ€“ยฅ1,000) or offer slightly less favorable rates compared to specialized exchange services.

b. Currency Exchange Counters

  • Examples: Travelex, Sakura Exchange, World Currency Shop.
  • Locations: Found in airports, major train stations (e.g., Tokyo Station, Shinjuku Station), and shopping districts.
  • Pros:
    • Convenient locations.
    • Faster service compared to banks.
    • Some counters offer competitive rates.
  • Cons:
    • Rates may vary significantly between counters.
    • Higher fees compared to banks.
  • Procedure:
    1. Visit the counter with your passport.
    2. Check the displayed exchange rate.
    3. Hand over your foreign currency and receive yen.
  • Fees: Handling fees vary but are often included in the exchange rate.

c. Airports

  • Examples: Narita Airport, Haneda Airport.
  • Pros:
    • Convenient for immediate cash needs upon arrival.
    • Open longer hours than banks (some counters operate 24/7).
  • Cons:
    • Exchange rates are generally less favorable.
    • Higher fees compared to city locations.
  • Tip: Exchange only a small amount at the airport for immediate expenses, and use other options for larger amounts.

d. ATMs

  • Examples: Seven Bank (7-Eleven), Japan Post Bank, Lawson ATMs.
  • Pros:
    • Widely available (7-Eleven ATMs are open 24/7).
    • Competitive exchange rates.
    • Convenient for withdrawing yen directly from your foreign bank account.
  • Cons:
    • ATM fees (ยฅ100โ€“ยฅ300 per transaction) and possible foreign bank fees.
    • Daily withdrawal limits may apply.
  • Procedure:
    1. Insert your foreign debit/credit card.
    2. Select "English" for instructions.
    3. Choose "Withdraw" and enter the amount in yen.
    4. Confirm the exchange rate and fees before completing the transaction.

e. Hotels

  • Pros:
    • Convenient for tourists staying in major hotels.
  • Cons:
    • Exchange rates are often the least favorable.
    • Limited to small amounts.
  • Tip: Use hotel exchange services only as a last resort.

3. Exchange Rates and Fees

  • Exchange Rates: Always compare rates at different locations. Banks and ATMs typically offer better rates than airport counters or hotels.
  • Fees:
    • Banks: ยฅ500โ€“ยฅ1,000 handling fee.
    • ATMs: ยฅ100โ€“ยฅ300 per transaction (plus foreign bank fees).
    • Exchange Counters: Fees are often built into the exchange rate, so check carefully.

4. Important Considerations

a. Business Hours

  • Banks: 9:00 AMโ€“3:00 PM (weekdays only).
  • Currency Exchange Counters: Vary, but many are open until 6:00 PM or later.
  • ATMs: Many are 24/7 (e.g., 7-Eleven ATMs).

b. Identification Requirements

  • Passport: Required for all currency exchanges at banks and counters.
  • Tip: Carry your passport with you when planning to exchange money.

c. Safety Tips

  • Avoid exchanging money with unauthorized street vendors or individuals offering "better rates."
  • Count your money immediately after the transaction to ensure accuracy.
  • Use ATMs in well-lit, secure locations (e.g., inside convenience stores).

d. Cultural Advice

  • Japanese people value politeness and efficiency. Be patient and follow instructions carefully during the exchange process.
  • Avoid handling large amounts of cash in public, as it may attract unwanted attention.

5. Practical Tips for Visitors and New Residents

  • Plan Ahead: Exchange a small amount of yen before arriving in Japan for immediate expenses like transportation and meals.
  • Use Credit Cards: While Japan is still a cash-heavy society, credit cards are increasingly accepted in urban areas, especially at hotels, department stores, and restaurants.
  • Monitor Exchange Rates: Use apps or websites like XE or OANDA to track real-time rates and decide the best time to exchange.
  • Keep Small Denominations: Many small businesses and vending machines do not accept large bills (e.g., ยฅ10,000 notes).
  • Avoid Last-Minute Exchanges: Exchange money during regular business hours to access better rates and avoid high fees.

6. Summary of Recommendations

  • For large amounts, use banks or specialized exchange counters in the city for better rates and lower fees.
  • For convenience, use 7-Eleven or Japan Post ATMs to withdraw yen directly from your foreign account.
  • For immediate needs, exchange a small amount at the airport upon arrival.
  • Always carry your passport and check the exchange rate before proceeding with any transaction.

By following these guidelines, you can handle currency exchange in Tokyo smoothly and cost-effectively. Let me know if you need further assistance!