After arriving in Japan, one of the first things you might consider is exchanging money into Japanese yen.
You probably want to know where to exchange money with the best fees.
However, ultimately, there is no single best option.
This is because exchange rates and currency values fluctuate daily.
So, we will give you the best advice we can right now.
Exchange at the airport
First, exchange about 10,000 yen at the airport currency exchange.
The fees for the airport currency exchange are not cheap, but you don’t usually need much cash in Japan.
Most places accept credit cards.
If you have 10,000 yen, you won’t have any problems even if you happen to go to a store that only accepts cash.
If there are multiple exchange offices next to each other, make sure to compare rates.
Currency exchange at specialty stores
Next time you need Japanese yen, the recommended place to exchange money is a specialized currency exchange store or a gift certificate shop.
“Travelex” is one of the largest currency exchange specialists.
You can check the current exchange rate in advance on their website.
Travelex has over 70 stores across Japan, so there’s sure to be one near where you’re staying.
When it comes to gift certificate shops, “Daikokuya” has the most stores.
This is also a store that buys brand-name goods and is well known for its orange sign.
There are many other gift certificate shops besides Daikokuya, so you may want to check out the rates at the stores.
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ATM currency exchange
Furthermore, if your card supports overseas cash withdrawals, you can withdraw Japanese yen at ATMs in Japan.
ATMs are installed all over Japan and operate 24 hours a day, so you can withdraw money at any time.
“Seven Bank ATMs”, “Japan Post Bank ATMs”, and “Aeon Bank ATMs” accept international cards.
Look for ATMs with marks such as “PLUS” or “Cirrus”.
However, it is best to check the card limit and fees with your card company in advance.
Another option is exchanging money at a bank, though it is generally not recommended.
Banks are only open from 9am to 3pm on weekdays, and most importantly, the fees are not that cheap.
Points to note
Finally, we would like to give you three points of advice.
① Many exchanges advertise no fees, but in reality, they add a difference called a “spread” to the transaction rate to display the exchange rate.
This is the actual fee, so don’t be fooled by the claim that there are no fees.
② When exchanging large amounts of currency, you may be required to show identification （such as a passport） to prevent money laundering.
You may also be asked to sign a transaction record, which can take some time.
③ If the total amount of cash exceeds 1 million yen （or the equivalent amount in foreign currency）, you are required to declare it to Japanese customs.
By the way, if you need to break a large bill, use it to make a small purchase at a convenience store.
Of course, the store clerk might not appreciate it, but in that case, just say “I’m sorry” and hand over the bill.
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