currency exchange
Jun 30, 2013, 10:50 am
#32
Join Date: Aug 2002
Location: SUV
Programs: UA *G MM
Posts: 7,017
Yeah, that's a tough one. The machines are different depending on the train line. I have seen some that have a slot for a credit card. I tried once or twice (with a Japanese CC) and it rejected it after I entered my pin. Maybe it doesn't allow it for this specific transaction (re charging Suica/Pasmo).
).
Jun 30, 2013, 11:36 am
#33
Join Date: Jun 2005
Location: TYO
Programs: Tokyo Monorail Diamond-Encrusted-Platinum
Posts: 9,623
Jun 30, 2013, 12:13 pm
#34
Moderator: Luxury Hotels and FlyerTalk Evangelist
Join Date: Sep 2002
Location: Palo Alto, California,USA
Posts: 17,846
Jul 1, 2013, 12:11 am
#35
Join Date: Aug 2008
Programs: HHonors Gold, Marriott Lifetime Gold, IHG Gold, OZ*G, AA Gold, AS MVP
Posts: 1,874
IF you can get Japanese CCs, then you can get a View card to load from with no additional annual fee. Since I can't, I just pay the fee and keep racking up Avios/UA miles/etc at places I otherwise couldn't.
Jul 2, 2013, 5:47 pm
#36
Join Date: May 2013
Location: Boston, Massachusetts
Posts: 63
If true, that that would be a deal. I find it hard to believe, however. Please provide the name of your bank and a link to the information that supports what you say - I'm sure many would be interested.
In most cases, you'll find that the exchange rate used by banks or other institutions in the US is very different from the actual rate that day. For example, the Travelex booths in many US airports use an exchange rate that's about 14% different from the actual exchange rate, even though they say "No Commission". Whatever they want to call it, they're making 14% on each exchange. Banks do this too. Be careful to know what you're really getting. Get an actual quote for an actual date, and compare with the actual rate - don't believe anything they tell you about "no commissions!"
In most cases, you'll find that the exchange rate used by banks or other institutions in the US is very different from the actual rate that day. For example, the Travelex booths in many US airports use an exchange rate that's about 14% different from the actual exchange rate, even though they say "No Commission". Whatever they want to call it, they're making 14% on each exchange. Banks do this too. Be careful to know what you're really getting. Get an actual quote for an actual date, and compare with the actual rate - don't believe anything they tell you about "no commissions!"
I'm thinking of getting some TCs and maybe a couple of Visa gift cards. Any thoughts on the gift cards, instead of CCs?
Last edited by JDiver; Oct 26, 2014 at 8:39 am Reason: close quote
Jul 2, 2013, 6:13 pm
#37
Join Date: Mar 2007
Location: TYO / WAS / NYC
Programs: American Express got a hit man lookin' for me
Posts: 4,595
I think you will do better getting a US bank account with a Visa/Mastercard debit card, and simply using Japanese ATMs with that.
Traveler's checks get a better rate in Japan but you will probably have to pay a substantial fee to have them issued in the US. Gift cards also have extra fees IIRC.
Traveler's checks get a better rate in Japan but you will probably have to pay a substantial fee to have them issued in the US. Gift cards also have extra fees IIRC.
Jul 2, 2013, 6:59 pm
#38
Join Date: May 2013
Location: Boston, Massachusetts
Posts: 63
I think you will do better getting a US bank account with a Visa/Mastercard debit card, and simply using Japanese ATMs with that.
Traveler's checks get a better rate in Japan but you will probably have to pay a substantial fee to have them issued in the US. Gift cards also have extra fees IIRC.
Traveler's checks get a better rate in Japan but you will probably have to pay a substantial fee to have them issued in the US. Gift cards also have extra fees IIRC.
Thanks
Jul 3, 2013, 1:54 am
#39
Join Date: Aug 2008
Programs: HHonors Gold, Marriott Lifetime Gold, IHG Gold, OZ*G, AA Gold, AS MVP
Posts: 1,874
Well, the places you exchange your cash at will be happy campers, that's for sure. Personally I'm not fond of letting middlemen needlessly take a cut (and in some cases, a pretty big one, like I saw with the bill exchanger at the Aeon Mall).
Jul 13, 2013, 8:23 pm
#40
Join Date: Dec 2009
Location: Singapore, Warsaw, Surfers Paradise
Programs: KrisFlyer Gold>>>Silver>>>Blue, Finnair Silver, Royal Caribbean Diamond
Posts: 5,158
So basically exchanging cash is a bad idea in general, or are there places where the spreads are decent and comparable to doing an ATM withdrawal to pick up some Yen?
Jul 15, 2013, 9:10 am
#41
Join Date: Mar 2004
Location: Minneapolis, Minnesota,USA
Programs: UA, NW
Posts: 3,752
Except for exchanging a little cash at the airport, I simply use the ATMs and withdraw as much as I can each time to minimize transaction fees.
I have a daily limit of $500, so it was tough when the yen was at 79 to the dollar on my last trip in October 2012. It meant that withdrawing even „40,000 would put me over the limit, so I survived on „30,000 withdrawals, which meant having to withdraw more frequently. (I paid for hotels with a Capital One credit card--no foreign transaction fee--so the „30,000 was for meals, transportation, and other incidentals. I didn't get a JR Pass, because I never left the Tokyo area on that trip.)
I have a daily limit of $500, so it was tough when the yen was at 79 to the dollar on my last trip in October 2012. It meant that withdrawing even „40,000 would put me over the limit, so I survived on „30,000 withdrawals, which meant having to withdraw more frequently. (I paid for hotels with a Capital One credit card--no foreign transaction fee--so the „30,000 was for meals, transportation, and other incidentals. I didn't get a JR Pass, because I never left the Tokyo area on that trip.)
Jul 15, 2013, 6:30 pm
#42
Join Date: May 2013
Location: Boston, Massachusetts
Posts: 63
Except for exchanging a little cash at the airport, I simply use the ATMs and withdraw as much as I can each time to minimize transaction fees.
I have a daily limit of $500, so it was tough when the yen was at 79 to the dollar on my last trip in October 2012. It meant that withdrawing even „40,000 would put me over the limit, so I survived on „30,000 withdrawals, which meant having to withdraw more frequently. (I paid for hotels with a Capital One credit card--no foreign transaction fee--so the „30,000 was for meals, transportation, and other incidentals. I didn't get a JR Pass, because I never left the Tokyo area on that trip.)
I have a daily limit of $500, so it was tough when the yen was at 79 to the dollar on my last trip in October 2012. It meant that withdrawing even „40,000 would put me over the limit, so I survived on „30,000 withdrawals, which meant having to withdraw more frequently. (I paid for hotels with a Capital One credit card--no foreign transaction fee--so the „30,000 was for meals, transportation, and other incidentals. I didn't get a JR Pass, because I never left the Tokyo area on that trip.)
The bank I'm using, I can get free travelers checks, so that's how I'm bringing my money.
Aster; Bringing cash to exchange isn't bad, you just get a better rate with TC's. Using a CC or Debit card is more convenient(since more places take them now). Just talk to your bank to see what the fees are, so you can decide what is better.
I have reasons I can't use anything but cash, so that's the way I have to go. :-)
Jul 15, 2013, 8:20 pm
#43
Join Date: Mar 2004
Location: Minneapolis, Minnesota,USA
Programs: UA, NW
Posts: 3,752
Three to four days of meals (including going out drinking and eating with others in my line of work), incidental purchases (newspapers, umbrellas, local crafts), and debits from the Suica for transportation. I eat cheaply when I'm by myself, which is how I can afford those group outings.
Jul 16, 2013, 4:56 pm
#44
Join Date: May 2013
Location: Boston, Massachusetts
Posts: 63
Three to four days of meals (including going out drinking and eating with others in my line of work), incidental purchases (newspapers, umbrellas, local crafts), and debits from the Suica for transportation. I eat cheaply when I'm by myself, which is how I can afford those group outings.
^
Jul 16, 2013, 7:17 pm
#45
Join Date: Aug 2002
Location: SUV
Programs: UA *G MM
Posts: 7,017
The only place that I have seen really good cash rates has been in Turkey. Of course when things go really down hill like in Argentina right now there is a black (or blue) market for USD and EUR.
http://dolarblue.net/