exchanging Australian Dollars in Japan?

[Dprime 0]

Hi guys.

 

Last 2 times I've been to Japan the exchange rate has been really good, so I've always bought my Yen here in Australia before I left and never worried about it.

 

This year, we all know how terrible the Yen is so I've had to start looking around for the best deal... Major banks here always take their cut off things which make a terrible exchange rate even more terrible, so I've been doing a bit of an internet search and from what I've read its actually better to exchange my money once I get to Japan? Either at the Airport or Tokyo.

 

I've got about 1000 yen left over from last time, so I was thinking thats enough for me to manage with until I can change it over at either Narita Airport or somewhere in Toyko (we are staying at the Shinagawa Prince Hotel).

 

I've read that the post offices are the best place to exchange? If thats the case could I walk in and exchange say $1500 AUD in cash to Yen?

 

Thanks,

Brett

[foreversnow 5]

HI Brett

 

Don't exchange your money at the post office it is not a very good option. We go online and order through Travelex and they send it to your local Harvey World Travel. They used to offer the best rates, I am not looking yet as I am still hoping it is going to jump back up to 80yen before we go (I can dream)

[tactic 0]

Don't count on it exchange some money now to hedge your bets.. if you are lucky there will be a bounce for about a day or two in the next few days.. but after that is is all down hill.. and when the US announces it is in recession and a few other things happen.. well then game over and you will be wishing you exchanged now

[JA2340 16]

OR ... you get a better rate at AMEX (at least 5 points better), don't have to be an AMEX cardholder, pay a fixed AUD8 fee (Travelex use a 10% of AUD value as fee), can do it over the net and delivery to just about any Post Office.

 

linky

[Dprime 0]

Thanks guys,

 

Just compared that Amex site and the Travelex one, and for 91,000 yen the Travelex company was $15 dollars cheaper.

 

Think I might end up going with them.

 

Thanks for the help!

[foreversnow 5]

Oh and another thing D if you keep your receipt you can change your money back without a fee. Or you could early this year.

[JA2340 16]

One thing you have to remember is that the travelex site quotes the "average" of their buy and their sell rates. So, what you see in the quoted rate is nowhere near what you get when you want to actually buy the yen.

 

Good luck.

[TravelAgent 0]

The best option is to withdraw money from your ATM card. This will give you a good rate with the only fee being the $8 (or thereabouts) withdrawal fee.

 

Travelex Cash passports have lower one off withdrawal fees (~$3) but a small commission is taken when u deposit money onto the card. It's unfortunate you can't get the cash passports in Yen, only US/Euro/pound otherwise i would've exchanged when it was at 98 yen to the dollar. Ah those were the days...

 

Tactic i'm no economics guru but i think the exchange rate is dependent on many more factors than the US announcing a recession and "a few other things happening". It is already undervalued and It can't get much worse.

 

My advise brett is to wing it and hit up the atm at Narita. It's like gambling - you could win, you could lose - try and enjoy it.

[Tubby Beaver 209]

DON'T EXCHANGE AT THE AIRPORT

 

You never get a good rate at the airport, I'd either do it before you go or find out which bank you can walk into and do it when you get here. I reckon you'll need more than 1000 yen though, the Narita Express to Shinagawa will be just shy of 3000 yen. Although I haven't used one myself, but I wouldn't get a "Travelex passport" either as Japan is not credit card friendly never mind travel card friendly. I imagine the banks will look at you as if you have walked in from another planet if you try and use one...I could be wrong but to be on the safe side I'd bring cash

[TravelAgent 0]

Sorry I should have mentioned - anyone who has been to Japan knows that credit/bank/travelex cards aren't very widely accepted by ATMs as Tubby Beaver correctly pointed out.

 

HOWEVER - if you go to the post office all of the above cards will be accepted and work well, offering you better exchange rates than any other money exchange.

 

It's simple really - get out $1000 at a time (make sure you increase your daily withdrawal limit at the bank) and see how long it lasts. If you're going to Niseko note that you will need to take a bus to Kutchan to go to the post office to perform the abovemention transaction, so you should probably increase your daily withdrawal limit to the maximum (normally $2000-3000) and get out money from the ATM at the airport, which will also accept the above cards.

 

I wouldn't be too worried walking around with this much money in Japan, just don't drop it or be tempted to go gambling

[torihada 2]

I bought some Yen today. I wish I'd bought 10 days ago/4 weeks etc etc. I couldn't face watching it slide further (there was a small rebound this week). I'll buy more this & next week. I'm assuming the pound will not recover anytime soon and some think it could go lower, I don't know what the general feeling is about the AUS dollar, but I think being pessimistic is the best option. When I first visited Japan in 95 I got 130Y to the pound, and the UK was just post recession, so I'm assuming the pound could drop lower this time. So buying Yen in Japan? Its a risk, just depends if you can swallow it, if it goes the wrong way.

[JA2340 16]

[quote=TravelAgent

HOWEVER - if you go to the post office all of the above cards will be accepted and work well, offering you better exchange rates than any other money exchange.

 

Shuld point out that the above comment ONLY applies to cards that are "regulation rectangular" in shape. That is, the Virgin cards with the rounded corner were NOT accepted at the PO in Kutchan January 2007. I know that for a FACT. Lucky I had a MC with me otherwise I'd have been scrubbing dishes for a meal!

[big-will 7]

The lowest I remember it being at is 145 back a in 92.

[TravelAgent 0]

Thanks for pointing that out JA - I still can't believe they ever produced credit cards with a rounded corner...

Does it look cool? no. Is it functional? Apparently not in Japan.

 

Are rectangles that bad?

[hools 0]

Hey all,

 

Just wondering if anyone can tell me whether my savings account Commonwealth Bank card will work at most ATMs in Japan. It has the Maestro logo on the front and the cirrus logo on the back??

 

Any info appreciated.

[Rafael0007 0]

Yes, your commonwealth bank card will work but ONLY at the post offices. they will not work at bank ATMs. So make sure you have some money to get to tokyo city from the airport (about 4000yen will be good)

 

Post office has good rates too, much better than banks.

 

withdrawing from your ATM card directly will give the best exchange/charge rates.

[s3phis 0]

A few rules to go by:

 

- Don't buy Yen with AUD (or USD) in Japan. They don't want it so they'll give you terrible rates. Buy them here (UAE usually has decent rates but look around. AMEX and the major banks try to rip you off too).

- Exchange the bulk of your JPY into AUD/USD before you leave the country. They're trying to get rid of their AUD/USD so they'll give you better rates than back at home.

 

Post offices are *not* good to go with . Look for the independant exchange services, you'll generally get the best rates there.

 

Please keep in mind that the above is subject to change. I'd recommend doing your research before investing.

[nippontiger 8]

Ive always found that withdrawing cash from the cash machines got me the best exchange rate - not far off the actual exchange rate and there is only a small charge for the service - couple of quid or something. Going to the banks/exchange office - the rate they give you is ripping you off a good 10% or more, plus they add a service charge. If you keep the receipt, they might knock off the service charge for changing back unspent currnecy, but I believe they still rip you off on the exchange rate - a good 10% the other way! If you have a friend you trust in Japan, you could do a bank transfer to their Japanese bank account and get them to give you the money when you get here - the exchange rates are much better than cash exchanges.

Ive been keeping my eye on the exchange rate cos I want to send some money back to England - it was down to 139 yen a pound only last week (up to 250 yen a pound just over a year ago)! Seems to have pretty much bottomed out though. I might even make the tranfer tomorrow....

[JA2340 16]

Originally Posted By: Ryoma

A few rules to go by:

- Don't buy Yen with AUD (or USD) in Japan. They don't want it so they'll give you terrible rates. Buy them here (UAE usually has decent rates but look around. AMEX and the major banks try to rip you off too).

This isn't helpful at all! Who/what/where is UAE?? google only flips up United Arab Emirates stuff, nothing in the first 100 listed have anything to do with forex. Need more detail, ryoma. And, being aware that this forum is inhabited by people from around the globe, use of the word "here" is meaningless. Better to say exactly where. By your location, I assume you mean in Oz, but that may not necessarily be correct.

As for Amex/banks - they are, businesses, you cannot expect them to give you the current spot rate. At least Amex have a fixed fee (AUD8) per transaction rather than the percentage fees of places like Travelex, and their rate is usually closer to the spot than travex.

Originally Posted By: Ryoma

- Exchange the bulk of your JPY into AUD/USD before you leave the country. They're (who??) trying to get rid of their AUD/USD so they'll give you better rates than back at home.

Post offices are *not* good to go with . Look for the independant exchange services, you'll generally get the best rates there.

Please keep in mind that the above is subject to change. I'd recommend doing your research before investing.

I apologise if this sounds like a put-down, but I must ask what your expertise is. If anyone is to take your advice, it would be good to know whose advice they are taking. I've travelled to Japan several times, never had a problem with PO services there. The cards (Oz issued) worked except for the wierd shaped Virgin one.

[Sciclone 2]

I found it cheaper to use my NAB atm card in 7-11's. I got a good rate and didn't get badly raped by fees. As long as your card has Cirrus or Plus on the back, then you should be able to use them.

[thursday 1]

Post office ATMs your friend, friend

[s3phis 0]

Originally Posted By: JA

This isn't helpful at all! Who/what/where is UAE?? google only flips up United Arab Emirates stuff, nothing in the first 100 listed have anything to do with forex. Need more detail, ryoma. And, being aware that this forum is inhabited by people from around the globe, use of the word "here" is meaningless. Better to say exactly where. By your location, I assume you mean in Oz, but that may not necessarily be correct.

As for Amex/banks - they are, businesses, you cannot expect them to give you the current spot rate. At least Amex have a fixed fee (AUD8) per transaction rather than the percentage fees of places like Travelex, and their rate is usually closer to the spot than travex.

I apologise if this sounds like a put-down, but I must ask what your expertise is. If anyone is to take your advice, it would be good to know whose advice they are taking. I've travelled to Japan several times, never had a problem with PO services there. The cards (Oz issued) worked except for the wierd shaped Virgin one.

With the current economic climate, the usual methods of exchange has become vastly inefficient with rates etc. I worked in a business situated in Australia that looked after Japanese investors' interests in this country. Essentially, these things included the paperwork, advice, legal representation and tourism (for when they came over) for Japanese VIPs. So when it came down to exchange rates, a few cents would snow ball into being tens of thousands of dollars. One of my responsibilities was to manage their transactions and bank accounts.

The notion of exchanging to Yen before entering in Japan I would have thought was a fairly sound financial advice. The Australian dollar is falling and we've been told predictions that it'll keep falling until at least Feb (against the Japanese Yen). The financial implications of using cards is that most of the time, they will use the current company rate. The social implications of using a card is that, in Japan, due to the cost of the cards, it is often inconsiderate to use it in most places (not quite "rude" but it is a lot more polite to use cash). A lot of facilities and shops at ski resorts also don't have support for even the major credit cards. However, the main reason why is that the AUD is currently practically worthless and is not a reliable investment. All exchanges are done in the investment interests of the bank or trade company. From Japan's perspective, with the prediction that the AUD will fall further, most companies do not want to buy AUD and charge worse rates. Where as in Australia, the JPY is a lot more stable and will be a stable investment so they will generally give better rates. If it's only a few hundred dollars, you might not notice a big difference but if you're interested in saving just a little, then being critical about how to exchange your money and doing research is the best way to go.

In the past, you practically got the same deal where ever you went but with the current situation, I'd recommend doing research first. Also, places that have the best AUD->JPY rates won't often have the best JPY->AUD rates.

[JA2340 16]

OK, thanks, I did not mean to appear condescending. You have some experience - far beyond anything i have had in the forex field, granted.

 

sumimassen!

 

Now - for the other part of my post - the UAE thing. Who/what are they? as mentioned before, any search for UAE only kicks up United Arab Emirates links.

[supermario 0]

Originally Posted By: JA

any search for UAE only kicks up United Arab Emirates links.

http://www.google.com.au/search?q=UAE+exchange

First thing I searched, first link. l2google =P

[s3phis 0]

Generally speaking, UAE give the best AUD->JPY rates (but bad JPY->AUD rates) if you're looking at relatively small figures. I think there's also a credit/debit system that JTB (Japan Travel Beureau) was advertising... essentially, it's like a traveller's cheque but it works with ATMs etc and it gives you the cash at the rate you paid when you first got the card. Traveller's Cheques aren't that great (due to the fluctuations in rates) but that debit system might work pretty well. I've never used it myself so I can't advise for or against it but it's definitely something you might want to look into.

 

And no offense was taken, I've had solicitors cancelling their travel plans to Japan due to the economy; normally these things are straight forward but it just so happens that the AUD is usually the first to go down while the JPY is usually the last. These usually complicate things and I personally prefer people travelling to Japan to get the most they can from the country (particularly since I work there during the ski season nowadays )