When to Yen…
One of the first things to know about Japan is YOU NEED YEN TO GET IN! It’s illegal for vendors of goods and services (public transportation, stores, restaurants, etc) to accept payment in foreign currency so it’s always a good idea to have a at least a little Japanese yen on you when you arrive. Besides that, Japan’s tourist industry is a hard cash industry and is highly centered around the country‘s own currency, so for foreigners visiting (especially for the first time) it’s important to understand WHEN to YEN. Questions concerning cash that should be rising to the forefront of your mind as you prepare for your trip should include:
- WHAT does Japanese yen look like?
- WHO’s going to help me convert my home country’s currency to Japanese yen?
- HOW should I convert my home country’s currency to Japanese yen?
- WHEN should I convert my home country’s currency to Japanese yen?
- WHERE should I convert my home country’s currency to Japanese yen?
WHAT…
Japanese money is called yen, often pronounced “en” when stated in conjunction with a particular spoken amount as in go-hyaku-en (500 yen), or ni-sen-hyaku-en (2,100 yen). It is often marked by these symbols: ¥ and 円.
Japanese paper money, called bank notes, come in denominations of ¥1000, ¥2000, ¥5000, ¥10000.
Japanese coins come in denominations of ¥1, ¥5, ¥10, ¥50, ¥100, ¥500.
WHO…
If you’re absolutely unsure about Japanese currency, feel free to consult your personal bank. Tell them you’re planning a trip to Japan and need to exchange or convert U.S. currency before you leave. They can either provide the service or at the least, point you in the right direction. Otherwise, there are several alternatives online.
HOW…
Last year, I used ezForex.com and was very pleased with the service as well as the simplicity by which I was able to procure the foreign currency. With ezForex you have the option of paying for your oder by credit/debit card or by e-check (electronic bank draft). E-check transactions receive the best conversion rates. Once your order is placed, it is shipped overnight by FedEx and should arrive to your doorstep within 2-3 days depending on when you order - weekday or weekend. The flat rate for shipping was $14.50 last year and a check of the site today shows it is still the prevailing flat rate. One bit of caution with ezForex — there is a $200.00 minimum purchase so be ready to buy at least that much and always keep an eye on conversion rates.
Recently I purchased $200.oo worth of Japanese yen through Wells Fargo and was pleased with their service as well. As with ezForex, Wells Fargo uses a simple, self-explanatory web page to make your purchase. Their minimum purchase amount is also $200.00 but their flat shipping rate was $8.00 versus ezForex’s $14.50. Conversion rates were the same.
WHEN …
As we stated before, at least a little Japanese currency is required as soon as you land in Japan. You’ll need to pay for transportation from the airport, perhaps pick up a little something to eat or pay for your accommodations upon check-in. As a result, please make sure you have converted an appropriate amount of currency before you leave your home country.
WHERE …
You can convert currency before you leave home by purchasing online as we discussed above or you have other available options. Check with your personal or any local bank to see if foreign currency services are available. You can also exchange currency at many major U.S. airports. Check Currency Exchange Reviews to see if your departure airport offers this service. If not, have no fear. Both the Narita International Airport (NRT) and Haneda Airport have foreign currency exchange booths or banks.
Locations in Japan where you can also exchange currency include: local Japanese banks, some Japanese hotels, main post offices and some department stores. There are also ATM’s throughout Japan that are normally clearly marked that accept foreign cards. I had the opportunity to use one such machine around the corner from the Tokyo Metropolitan Government building in Shinjuku. Luckily I was with a friend, MayRose, a native of Japan, who made quick work of withdrawing funds from my American bank account. When I was faced again with such an adventure -a few days later in Akihabara- it took me a few minutes to get through the menus but in the end, I was successful at making yet another withdrawal from an ATM.
And those are the basic who’s, what’s, and where’s of WHEN TO YEN. Things to remember:
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International credit cards are accepted in some places, such as larger restaurants and department stores but cash is ususally best.
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With crime rates lower than many countries, it is relatively safe to carry cash on your person but still take care to be safe at all times.
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Americans generally despise coins, tossing them aside in a non-chalant manner. Remember, however, the 100- and 500-yen coins are equivalent to a little under $1.00 and $5.00 respectively. Be careful not to count these coins as useless!
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Foreign transactions through your bank account or credit card might incur foreign transaction fees. Consult your bank or credit card company to see what these fees might be. (Side note: my credit card company charged me $1.23 for the 200-yen purchase from Wells Fargo and $0.46 for booking a Japanese hostel online).
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If purchasing foreign currency online, work out your budget to determine how much to buy. Once you have this figure, try to make one purchase so that you cut down on shipping fees. Last year I made the mistake of purchasing twice, paying $14.50 each time.
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Keep an eye on the conversion rates and purchase when the rates are best. Good sites for this include: Yahoo Finance, XE-dot-com and CNN Money-dot-com.
So, go get that yen and I’ll see you in Japan.
