Originally Posted by
Steve M
As to how to get money converted to Yen, I think many of the suggestions in this thread are over-complicating things. There's talk of setting up accounts with Wise or others and getting a card that can be used at ATMs. Or even further, getting a Schwab brokerage account that you otherwise wouldn't have just to get the zero-fee ATM card that comes with it. I think that it's a given that any international traveler should have a 0% forex fee credit card of some sort, and these days that will cover most expenses in Japan. As to the things you need cash for, how much money are you going to need? A $1000 would go a long way these days for things that require cash. If your regular bank ATM card charges a 3% forex fee (which is on the high end), that's $30. If your cash budget is $500, then it's $15. Is it really worth it to set up an account, order a card, fund the account, etc. that you otherwise wouldn't have in order to save $15 or $30? IMHO, just use your 0% forex credit card where possible, your regular ATM card to withdraw some cash in Yen when you get there for pocket money, and be done with it. It doesn't need to be more complicated than that.
I mean, it is FT
Once you're already halfway to being complicated, you might as well see what you can optimize?
I like that if I just need a bit (more) cash like $20, I don't need to worry that the ATM fee will add several dollars. It's a behavioral frugality thing. An unnecessary $5 won't break the bank but it doesn't sit well and I let it bug me for longer than it should for $5 on a $$$ trip. A travel friendly debit account is easier solve than changing that behavioral response (though yeah, I've also worked on that).
Some of my friends don't use much cash domestically and travel internationally every year or two. I let them know about the existence of travel friendly checking/forex accounts but also would advise them to not over complicate things with their current travel patterns. It's one more thing to tend and possibly lose track of.