Yokohama

๐Ÿ’ฑ

Money Exchange

Guidance on currency exchange options and locations for local and international currencies in Yokohama.

Sections

1. Currency Basics in Japan

  • Currency Used: The Japanese Yen (JPY, ยฅ).
  • Denominations:
    • Coins: ยฅ1, ยฅ5, ยฅ10, ยฅ50, ยฅ100, ยฅ500.
    • Banknotes: ยฅ1,000, ยฅ2,000 (rare), ยฅ5,000, ยฅ10,000.
  • Cash Culture: Japan is still a predominantly cash-based society, though credit cards and digital payments are becoming more common. Always carry some cash, especially for smaller establishments or transportation.

2. Where to Exchange Money in Yokohama

Yokohama offers several reliable options for currency exchange. Here are the most common and trustworthy places:

A. Banks

  • Major Banks: Mizuho Bank, MUFG Bank, SMBC (Sumitomo Mitsui Banking Corporation), and Resona Bank.
    • Services: Most major banks in Yokohama offer currency exchange services. Look for branches in central areas like Yokohama Station, Minato Mirai, or Kannai.
    • Fees: Banks typically charge a small service fee, and their exchange rates are competitive but slightly less favorable than specialized exchange services.
    • Procedure:
      1. Bring your passport (required for identification).
      2. Fill out a currency exchange form (staff can assist if needed).
      3. Hand over your foreign currency and receive Japanese Yen.
    • Hours: Banks are usually open from 9:00 AM to 3:00 PM on weekdays. They are closed on weekends and public holidays.

B. Currency Exchange Counters

  • Travelex: A well-known international currency exchange service with locations in Yokohama, including near Yokohama Station and in shopping malls like Landmark Plaza in Minato Mirai.

    • Advantages: Convenient locations, extended hours, and multilingual staff.
    • Fees: Travelex charges a service fee, and their exchange rates may include a slight markup compared to banks.
    • Hours: Typically open from 10:00 AM to 8:00 PM, depending on the location.

  • World Currency Shop: Operated by MUFG Bank, this service specializes in currency exchange and offers competitive rates. There is a branch near Yokohama Station.

    • Advantages: Transparent rates and reliable service.
    • Fees: Minimal service fees compared to other options.

C. ATMs

  • International ATMs: Found in convenience stores (7-Eleven, Lawson, FamilyMart) and post offices.
    • Supported Cards: Visa, Mastercard, American Express, UnionPay, and others.
    • Fees: ATM withdrawal fees vary depending on your home bank and the ATM operator. Expect a fee of ยฅ100โ€“ยฅ300 per transaction, plus any foreign transaction fees from your bank.
    • Exchange Rate: ATMs typically use the mid-market rate with a small markup, making them a cost-effective option.
    • Tips: Ensure your card is activated for international use and check daily withdrawal limits.

D. Hotels

  • Many high-end hotels in Yokohama, such as the InterContinental Yokohama Grand or Yokohama Bay Sheraton, offer currency exchange services at their front desks.
    • Advantages: Convenient for guests.
    • Disadvantages: Exchange rates are often less favorable, and fees may be higher.

E. Airports

  • If youโ€™re arriving at Narita or Haneda Airport, you can exchange money there before heading to Yokohama. Airport exchange counters are convenient but often have higher fees and less favorable rates.

3. Fees and Costs

  • Exchange Rate Markup: Most services include a small markup on the exchange rate. Banks and specialized exchange counters usually offer better rates than hotels or airports.
  • Service Fees: These vary by provider. Banks and currency exchange shops charge a flat fee or a percentage of the amount exchanged.
  • ATM Fees: ยฅ100โ€“ยฅ300 per transaction, plus any fees from your home bank.

4. Procedures for Currency Exchange

  1. Prepare Your Documents: Bring your passport, as it is required for identification when exchanging money in Japan.
  2. Check Rates: Compare rates at different locations to find the best deal. Use online tools or apps to monitor exchange rates.
  3. Fill Out Forms: At banks or exchange counters, you may need to fill out a form with your personal details and the amount you wish to exchange.
  4. Count Your Money: Double-check the amount you receive before leaving the counter.

5. Cultural Considerations

  • Politeness: Staff at banks and exchange counters are highly professional and polite. Bowing and saying โ€œarigatou gozaimasuโ€ (thank you) is appreciated.
  • Handling Money: In Japan, money is treated with respect. Use the provided trays to hand over and receive cash, rather than passing it directly by hand.
  • Language Barrier: While many staff at major exchange counters speak English, itโ€™s helpful to know basic Japanese phrases like โ€œryougae o onegaishimasuโ€ (Iโ€™d like to exchange money).

6. Tips for Safe and Efficient Currency Exchange

  • Avoid Street Vendors: Never exchange money with unauthorized street vendors or individuals offering โ€œbetter rates.โ€ Stick to official services.
  • Use ATMs for Small Amounts: If you need a small amount of cash, international ATMs are convenient and safe.
  • Plan Ahead: Exchange money during business hours to avoid being caught without cash when banks and counters are closed.
  • Keep Receipts: Retain your exchange receipts in case you need to exchange leftover Yen back to your home currency.
  • Monitor Exchange Rates: Use apps like XE Currency or OANDA to track real-time rates and decide the best time to exchange.

7. Recommended Locations in Yokohama

  • Yokohama Station Area:
    • Travelex (inside Yokohama Station or nearby malls).
    • World Currency Shop (near Yokohama Station West Exit).
  • Minato Mirai Area:
    • Travelex (Landmark Plaza, Queenโ€™s Square).
    • InterContinental Yokohama Grand (hotel front desk).
  • Kannai Area:
    • Mizuho Bank and SMBC branches near Kannai Station.

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