Yokohama

1. Exchange Rates

• Exchange Rate Overview: The Japanese yen (JPY) is the official currency of Japan. Exchange rates fluctuate daily based on global market conditions. It’s advisable to check the current rates before exchanging money. Websites like XE.com or OANDA, as well as apps like Google Currency Converter, can provide real-time rates.
• Bank Rates vs. Airport Rates: Banks and authorized money exchange services typically offer better rates than airports or hotels. Avoid exchanging large amounts at airports unless necessary, as their rates are often less favorable.

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2. Transaction Fees

• Service Fees: Most currency exchange services in Yokohama charge a small transaction fee or include it in the exchange rate spread. Banks and post offices tend to have lower fees compared to private exchange offices.
• ATM Withdrawal Fees: If you withdraw yen from an international ATM using a foreign debit or credit card, you may incur fees from both the ATM operator and your home bank. These fees can range from ¥200–¥500 per transaction, plus any foreign transaction fees from your bank.
• Credit Card Foreign Exchange Fees: If you use a credit card for purchases, check if your card charges foreign transaction fees (typically 1–3%).

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3. Recommended Exchange Locations

Here are the best places to exchange currency in Yokohama:

a. Banks

• Major Banks: Banks like MUFG Bank, Mizuho Bank, and SMBC (Sumitomo Mitsui Banking Corporation) offer currency exchange services. These banks are reliable and provide competitive rates.
• Operating Hours: Most banks are open from 9:00 AM to 3:00 PM on weekdays and are closed on weekends and public holidays.
• Procedure: Bring your passport, as it is required for identification. Fill out a currency exchange form, and the staff will assist you.

b. Currency Exchange Counters

• Travelex: Travelex has branches in Yokohama, including at major train stations like Yokohama Station. They offer convenient services but may charge slightly higher fees than banks.
• World Currency Shop: This is another reliable option, often located in department stores or near train stations. They provide competitive rates and are foreigner-friendly.
• Operating Hours: Typically open from 10:00 AM to 8:00 PM, depending on the location.

c. Post Offices

• Japan Post Bank: Many post offices in Yokohama offer currency exchange services. They are a good option for exchanging smaller amounts and are widely available.
• Operating Hours: Most post offices are open from 9:00 AM to 5:00 PM on weekdays, with limited hours on Saturdays. They are closed on Sundays and public holidays.

d. ATMs

• Seven Bank ATMs: Found in 7-Eleven convenience stores, these ATMs allow you to withdraw yen using international debit or credit cards. They are available 24/7 and support multiple languages.
• Japan Post ATMs: Located in post offices, these ATMs also accept foreign cards and are a convenient option during business hours.

e. Airports

• Narita and Haneda Airports: If you’re arriving in Japan via Narita or Haneda Airport, you can exchange a small amount of money there to cover immediate expenses. However, rates are less favorable than in the city.

f. Hotels

• Some high-end hotels in Yokohama offer currency exchange services, but their rates are usually less competitive. Use this option only for emergencies.

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4. Procedures for Exchanging Money

1. Prepare Identification: Bring your passport, as it is required for currency exchange in Japan.
2. Check Rates: Confirm the exchange rate and fees before proceeding with the transaction.
3. Fill Out Forms: At banks and exchange counters, you may need to fill out a form with details such as the amount you wish to exchange and your contact information.
4. Receive Receipt: Always request a receipt for your transaction in case of any discrepancies.

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5. Cultural Tips and Local Considerations

• Cash is King: While credit cards are increasingly accepted in Yokohama, cash is still widely used, especially in smaller shops, restaurants, and markets. It’s a good idea to carry some yen in smaller denominations (¥1,000 or ¥5,000 bills) for convenience.
• Clean and Organized Currency: Japanese people value cleanliness and order, even with money. Avoid handing over crumpled or damaged bills, as they may not be accepted.
• Language Barrier: While many exchange counters have English-speaking staff, smaller banks or post offices may not. Learning a few basic Japanese phrases or using a translation app can be helpful.
  • Example: "Ryōgae o onegaishimasu" (両替をお願いします) means "I’d like to exchange money, please."
• Avoid Black Market Exchanges: Japan is a highly regulated country, and black market currency exchange is virtually nonexistent. Always use authorized services.

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6. Safety and Security

• Secure Your Cash: Japan is one of the safest countries in the world, but it’s still wise to keep your cash secure. Use a money belt or a secure wallet, especially in crowded areas like train stations or tourist attractions.
• Beware of Scams: While rare in Japan, always double-check the amount you receive and ensure you’re using a legitimate exchange service.

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7. Additional Tips

• Exchange Small Amounts First: If you’re unsure about the rates or fees, exchange a small amount first and compare rates at different locations.
• Use International Debit Cards: If you have a card with no foreign transaction fees, withdrawing cash from ATMs can be a convenient and cost-effective option.
• Plan Ahead for Weekends and Holidays: Many banks and post offices are closed on weekends and public holidays, so plan your currency exchange accordingly.

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By following this guide, you’ll be well-prepared to handle currency exchange in Yokohama efficiently and confidently. Enjoy your time in this beautiful city!