Money. It makes the world go round. But, do you need to exchange money abroad? In Japan, it’s very much a cash society. So what’s the best way to exchange money in Japan? I’ve had a few, let’s say fun, experiences to exchange money around the world and I can say that Japan is much easier!
My first time abroad was in 2000 for World Youth Day. It was also my first time really traveling without the parental units. 10 of my close friends from Youth Group, our youth leaders, and 2.5 million other Catholic youth (youth being subjective). A few days in Assisi (an adorable Italian town) and then off to Rome (both of which I need to get back to). What’s that have to do with money abroad, you ask? Back then, it was “thou shalt have traveler’s checks”. The world’s come along since then but there are definitely still nuances.
[Editor’s Note: This post was originally published in August of 2018 and has been updated for freshness, accuracy, and comprehensiveness.]
Disclosure: Kristenabroad.com is a participant in the Amazon Services LLC Associates Program and other affiliate programs. For some links to products or services in this article, I may earn a small commission from you using my link. The price for you is not affected.
Should I exchange money in Japan? Or ahead of time?
While you are doing your due diligence researching your trip to Japan, you may be wondering when you should exchange money in Japan. From what I’ve experienced, you are going to get your best rate in the country you are visiting. However, it’s important to have a bit of cash on hand in case you need it immediately upon arrival. It doesn’t hurt to exchange a little, to begin with as a reserve in case you are rushed on the far side.
That said, once you arrive in Japan, there is a currency exchange in the airports that usually have much better rates than what I’ve seen at the International airports in America. You will also find that your hotel may offer to exchange money in Japan, but the rates are generally not as good as you will find at the currency exchange or banks.
To get your trip started off right, I would suggest exchanging some money when you first get to Japan. Or you can go with my favorite method for getting cash, read on!
Getting Japanese Yen from ATMs
Generally speaking, I like to use local ATMs to retrieve currency. My bank picks up the ATM fees and the exchange rate is usually on par, if not better than I can find at a money exchange. Any 7-11 in Japan will take American debit cards for retrieving Japanese yen. You can also keep a lookout for Japanese post offices, their machines also take foreign cards. While it wasn’t always the case, other Japanese convenience stores are accepting foreign debit cards now as well. I still tend to stick to the tried and true 7-11 though.
That being said, make sure you have an idea of what the currency exchange rate is! You don’t want to accidentally put a few too many zeros or a few too little depending on where you are.
I completely made that rooky mistake trying to use an ATM in Korea. Eventually, I found an exchange at the Palace entry of all places! I was so happy, you have no idea, I was on scraps till that point!
You also want to check beforehand what the cost of things is. In some places, you may need to figure on $20 USD for a meal, where others it might cost you $2. Best to not have to pay a fee to switch that money back to your currency.
In Japan, while it shifts back and forth, you can usually use the rough estimate that 100 yen = 1 dollar. The prices for goods are also similar. You can find ramen for around 1000 yen, or $10 USD. There are many chain sushi-go-round or kaitenzushi that are 100 yen a plate! If you are looking for a nice kaiseki meal though or a nice wagyu dinner of Kobe beef, you’ll need around 10,000 yen if not more.
Exchanging American Money to Yen in Yokosuka
In my local town of Yokosuka, home of American’s largest Navy base outside of American, there is definitely a need to exchange money in Japan for Japanese yen. For instance, to initiate a lease, you often need to have 1-month rent, 1-month agent fee, 1-month “key fee”, and 1-month for your deposit. IN CASH. Just a little bit higher than limits on ATMs.
While one of the banks on base can take care to exchange money in Japan, there are better rates out in town. My top pics (for American dollars to Japanese yen) to exchange money in Japan are:
Fun fact about Yokosuka, there are actually many restaurants in town that accept American bills!
Not everyone is good at their job
I have never had this issue in Japan, but I still like to keep this anecdote in the back of my head when I’m traveling. Make it a game to keep on your toes. I couldn’t find an ATM at first my last time I landed in France so I went to the currency exchange.
The problem was, I only had yen on me. The teller working apparently was very unfamiliar with yen (or was just surprised an American was using that to get Euros?). What they should have exchange money for a few hundred euros, they tried to give me twenty. Um, no.
I took my money back (the look on her face!) and eventually found an ATM. So be aware of not only your exchange rate but whatever money you are switching exchange rate, especially when you are jumping countries. The “big name” currency exchange rates will be displayed for you. Use your time in line to double-check what you should be getting back.
You don’t always need money abroad but you do in Japan
Japan is very much still a cash society. Don’t risk thinking you can use a card and getting frantic at an amazing restaurant. New Zealand on the other hand I pulled out the equivalent of a few hundred USD and didn’t need cash at all. Ask friends or check the internet so you know what to expect.
Japan is a very safe country and it’s not uncommon for people to carry a large amount of cash around on them. I usually get the full allotted amount from my bank when I use the ATM to exchange money in Japan. That being said, it’s always good to be cautious. Men – that means keeping your wallet in your front pocket (and in Japan, there are lots of coins so you definitely would benefit from a coin wallet). Ladies – I like a good cross-body purse (my new favorite is this one from Vera Bradley) or keeping my wallet tucked in an inside pocket of my Osprey day pack.
As ATMs are prevalent- there are over 20,000 Seven Bank (the 7-11 ATMs) and similarly, for Japan Post – this is really the best option to exchange money in Japan. So you don’t need to get traveler’s checks. There is a slightly better rate for them at hotels I’ve seen, but hotels are usually my last resort. You can find better rates elsewhere!
Special Bills in Japan
That being said, if you are interested in collecting different money, sometimes your best bet IS in your home country. At least for the bill side of the house. Coins, like my dad always brought us from his travels, you can get in-country.
The 2000 yen note is like a $2 bill back in the States. They are hard to find (unless you are in Okinawa I hear) and people collect them. If you exchange money for yen in the States, at least from my friends that have done it, they are chockablock full of them.
Do you have other tips to exchange money in Japan?
