Originally Posted by
Steve M
Absolutely untrue. Every MasterCard/Visa (at least those issued in the US) charges at least 1% in forex fees, as that's what's tacked on by the MasterCard/Visa network itself. In addition, the issuing bank adds 0-2%, bringing the total to 1-3%. Amex charges 2.7%
TCs exchanged at the NRT bank exchange booths charge 0.5% forex commission and no transaction fee. Cash exchanged at those booths get charged 2.5%.
I agree that other than the exchange booth at the airport, TCs don't make sense, especially for Japan. If you exchange them at the hotel or use them to pay your hotel bill, you're likely to pay 6%.
Actually what I say above is absolutely true. You cannot frame everything based on your experience unless you have experienced everything. I do not pay fees but rather the TTM rate. i.e. I get the best available rate that day if it is better than the day I left for travel. If the day I make a purchase the TTM rate is higher, I use the cash I bought at the better rate. Come with sufficient funds to play the spread if you wish, but in Credit Cards will generally give you access to better rates.
Just went over my CC statements again to confirm before hitting send and it turns out I am right.
TCs are really not your best friend in Japan. Get some cash, bring your cards and see what the rates look like daily of you feel your holiday expenditures are going to make the difference add up to much more than a meal at McDonalds. I prefer to enjoy the holiday and know that gaining or losing up top $20 in fees is not worth feeling one way or the other about my holiday YMMV.