Credit Cards or Cash in Japan
Jul 22, 2017, 9:35 am
#136
Join Date: Dec 2010
Location: YYZ
Programs: AMEX AC CX UA AA DL
Posts: 3,008
Exchange rates are more or less the same everywhere with banks, BANK-OWNED currency exchange counters at airports and in town, selected post offices.
Travelex offers the worst rates but accepts the widest selection of currencies and T/C. For example you can no longer cash T/C at KIX except at Travelex.
Pre-owned luxury goods "brand shops", Donki (discount chain store) also give pretty good rates.
Last edited by beep88; Jul 22, 2017 at 9:40 am
Jul 26, 2017, 1:24 am
#137
Join Date: Feb 2013
Location: Hilton, Hyatt House, Del Taco
Posts: 5,378
Just got back from Jpn where I didn't have any issues with my US-issued credit card anywhere, except it was not accepted at toll booths on Hokkaido expressways. It was fine when driving last summer in Hokkaido, and the card worked consistently fine elsewhere on this trip. No idea what the deal was.
Jul 26, 2017, 7:38 am
#138
Suspended
Join Date: Oct 2009
Location: Kan@da
Programs: Anything with sweet spots
Posts: 1,790
Just got back from Jpn where I didn't have any issues with my US-issued credit card anywhere, except it was not accepted at toll booths on Hokkaido expressways. It was fine when driving last summer in Hokkaido, and the card worked consistently fine elsewhere on this trip. No idea what the deal was.
Jul 26, 2017, 8:25 am
#139
Original Member
Join Date: May 1998
Location: Tokyo, Japan (or Vienna whenever possible)
Posts: 6,379
Coming to Tokyo?
I will offer this to you (collectively) ...
Bring US$ and I will swap for yen at a rate you and I agree in advance that is better for you than a bank here and better for me than a US Bank. I always need US$ so this is fine and the travel budgets of a few thousand should be doable. I suggest messaging me and we can make it happen by agreeing rates that way and then I will meet you after arrival in Tokyo in your hotel lobby for example.
I will offer this to you (collectively) ...
Bring US$ and I will swap for yen at a rate you and I agree in advance that is better for you than a bank here and better for me than a US Bank. I always need US$ so this is fine and the travel budgets of a few thousand should be doable. I suggest messaging me and we can make it happen by agreeing rates that way and then I will meet you after arrival in Tokyo in your hotel lobby for example.
Jul 26, 2017, 7:50 pm
#141
Join Date: Feb 2013
Location: Hilton, Hyatt House, Del Taco
Posts: 5,378
As of July 21st, I got 108.44yen to USD on Visa.
Today the interbank rate is 111. I don't know how to look up rate from 21/7, but it seems I got ~2.5% tacked on the rate, consistent with beep's info. There's no foreign transaction fee on my Visa btw.
Jul 31, 2017, 11:03 pm
#142
Join Date: Feb 2013
Location: Hilton, Hyatt House, Del Taco
Posts: 5,378
Shouldn't you be able to assume that every merchant will charge your card in local currency by default (unless they expressly give you a choice)?
Aug 1, 2017, 12:44 am
#143
Join Date: Jan 2006
Programs: SAS Eurobonus - Blue / Emirates Skywards - Blue
Posts: 618
Going through my credit card transactions and noticed that, on July 25th, I got 111yen to USD on another transaction with that same Visa card. I found a website with record of daily rates, and the rates are not substantially different between those two dates. The difference between 7/25 high and 7/21 low is only 1.0 yen/USD. The only thing I can think of to explain this is that the July 21st merchant charged me in USD without asking. Could there be any other reason?
Shouldn't you be able to assume that every merchant will charge your card in local currency by default (unless they expressly give you a choice)?
Shouldn't you be able to assume that every merchant will charge your card in local currency by default (unless they expressly give you a choice)?
When your card is swiped they are only obtaining an authorisation for the amount.
As has been discussed countless times on this forums Japan's credit card charging system is somewhat archaic and some merchants might charge you within 2 to 3 days whilst others might take 2 - 3 months. It's purely at their whim and their banking arrangements. I do a lot of shopping on Rakuten for example and most transactions will take anywhere from 1 - 2 months to appear. A lot of it has to do with the time of month too - I always find a lot of charges turn up at the start of the month so I think Rakuten has a billing cycle around then.
The rate you get will be determined by the day on which it's processed hence why you will find that even though your card was swiped on the same day you might get different rates.
Aug 1, 2017, 1:10 am
#144
Join Date: Feb 2013
Location: Hilton, Hyatt House, Del Taco
Posts: 5,378
Even if it was processed at some other point that's neither the transaction date nor posted date, the fact remains they were both processed during the period of 7/21-27, when the exchange rate ranged 110.6-112.09 yen/USD. Still doesn't explain the 108.4 rate I got on my first transaction, because the 111 rate I got on the other proves that my card almost certainly does not tack on any fees.
I could be wrong, but I still suspect the first place charged in USD without asking me.
Aug 1, 2017, 6:11 am
#145
Join Date: Jan 2006
Programs: SAS Eurobonus - Blue / Emirates Skywards - Blue
Posts: 618
My 7/21 and 7/25 transactions posted on 7/24 and 7/27, respectively. Interbank rates were essentially identical on those two dates.
Even if it was processed at some other point that's neither the transaction date nor posted date, the fact remains they were both processed during the period of 7/21-27, when the exchange rate ranged 110.6-112.09 yen/USD. Still doesn't explain the 108.4 rate I got on my first transaction, because the 111 rate I got on the other proves that my card almost certainly does not tack on any fees.
I could be wrong, but I still suspect the first place charged in USD without asking me.
Even if it was processed at some other point that's neither the transaction date nor posted date, the fact remains they were both processed during the period of 7/21-27, when the exchange rate ranged 110.6-112.09 yen/USD. Still doesn't explain the 108.4 rate I got on my first transaction, because the 111 rate I got on the other proves that my card almost certainly does not tack on any fees.
I could be wrong, but I still suspect the first place charged in USD without asking me.
Take for example AMEX UK - heres what they have to say
https://www.americanexpress.com/uk/content/travel.html
What exchange rate will be used?
If you make a transaction in a foreign currency, we will convert it into Pound Sterling on the date we process it. Unless a particular rate is required by law, we will use conversion rates based on interbank rates we select from customary industry sources on the business day prior to the processing date (called the "American Express Exchange Rate"). This rate may differ from rates that are in effect on the date of your transaction. Fluctuations may be significant. If the transaction is in U.S. Dollars, it will be converted directly into Pound Sterling. In all other cases, it will first be converted into U.S. Dollars and then into Pound Sterling.
If you make a transaction in a foreign currency, we will convert it into Pound Sterling on the date we process it. Unless a particular rate is required by law, we will use conversion rates based on interbank rates we select from customary industry sources on the business day prior to the processing date (called the "American Express Exchange Rate"). This rate may differ from rates that are in effect on the date of your transaction. Fluctuations may be significant. If the transaction is in U.S. Dollars, it will be converted directly into Pound Sterling. In all other cases, it will first be converted into U.S. Dollars and then into Pound Sterling.
Aug 3, 2017, 11:34 am
#147
Suspended
Join Date: Oct 2009
Location: Kan@da
Programs: Anything with sweet spots
Posts: 1,790
Card companies don't use the published XE .com rate.
Take for example AMEX UK - heres what they have to say
https://www.americanexpress.com/uk/content/travel.html
In other words they will pick a rate - whatever rate they feel like and that doesn't necessarily mean it's the true interbank rate you see on FX sites. It is "based" on but may not exactly be the pubished interbank rate.
Take for example AMEX UK - heres what they have to say
https://www.americanexpress.com/uk/content/travel.html
In other words they will pick a rate - whatever rate they feel like and that doesn't necessarily mean it's the true interbank rate you see on FX sites. It is "based" on but may not exactly be the pubished interbank rate.
Aug 3, 2017, 1:05 pm
#148
Join Date: Dec 2010
Location: YYZ
Programs: AMEX AC CX UA AA DL
Posts: 3,008
AMEX Canada consistently have marginally better rates (~.5%) than any Visa or Mastercard (and Diners Club) issued by the big banks I've used over the decades.
Unless you have a no-exchange-fee card.
Unless you have a no-exchange-fee card.
Sep 18, 2017, 1:46 am
#150
Join Date: Jan 2006
Programs: SAS Eurobonus - Blue / Emirates Skywards - Blue
Posts: 618
It TOTALLY depends on your card issuers. Some card issuers don't charge foreign exchange fees for withdrawig cash so they would be a best bet.
You would need to research your own personal circumstances and compare. There is no one set rate it varies from bank to bank and their own preferences on rates.