currency exchange
Aug 24, 2013 | 2:53 pm
#61
In memoriam
Join Date: Aug 2005
Location: Near Jacksonville FL
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I was planning on exchanging dollars for yen for my trip, but when I went to the AAA store, the exchange rate was $1=93 yens plus $10.50 service fee.I decide to hold off for now. I came across this thread and decided I should probably exchange dollars for yen either at the departing airport or at Narita before boarding the Nex Trains. I am worried I won't find an ATM in the airport in time to catch my NEX train to Tokyo Station. I probably should have some cash with me before I leave Narita airport. 
That AAA rate is bad - but not awful. Why don't you see what the exchange rate is at your bank (or perhaps another local bank)? Robyn
Aug 24, 2013 | 3:00 pm
#62
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Join Date: Aug 2005
Location: Near Jacksonville FL
Posts: 3,987
AMEX is accepted at many places (although perhaps not smaller "mom and pop" ones - just like in the US). But the FOREX fee IIRC is 2.75%. We use our Chase Sapphire (VISA) cards when we're outside the US. Not only is there no FOREX fee - the exchange rate seems pretty good (within 1% of spot rates give or take based on our last 2 trips - one involving the Canadian $ and the other involving the Swedish Krona). Plus you get double points on all travel and travel related spending. Robyn
Aug 24, 2013 | 3:18 pm
#63
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Join Date: Aug 2005
Location: Near Jacksonville FL
Posts: 3,987
It also boils down to how much you plan on spending ahead of time. Why bother carrying around all that cash unless you need it? You're going to end up with spare change likely, and then will have to find a way to spend it or keep it around (which may not be a bad thing if you want to keep it as a souvenir).
Most places these days will let you swipe your CC, and if it's one of Chase's $95+ tier cards, an AMEX Platinum, or even one of BofA's cash rewards card, you won't incur transaction fees, and the rate is very close to the closing spot price.
e.g. with AMEX Plat, had a transaction posted 2/23 this year for 2980 JPY, effective rate was 93.125 ($32). Closing spot rate on 2/22 was 93.4.
Note: Citigold waives the foreign transaction fee, but still charges a non-Citibank ATM fee for withdrawing at...you guessed it, Citibank ATMs in Japan.
Most places these days will let you swipe your CC, and if it's one of Chase's $95+ tier cards, an AMEX Platinum, or even one of BofA's cash rewards card, you won't incur transaction fees, and the rate is very close to the closing spot price.
e.g. with AMEX Plat, had a transaction posted 2/23 this year for 2980 JPY, effective rate was 93.125 ($32). Closing spot rate on 2/22 was 93.4.
Note: Citigold waives the foreign transaction fee, but still charges a non-Citibank ATM fee for withdrawing at...you guessed it, Citibank ATMs in Japan.
FWIW - we usually take $1000 in cash for a week abroad - and that is always more than enough. We use whatever we have left to pay part of our hotel bill. We're taking more on this trip to Japan - because there's one pretty expensive restaurant we're going to that only takes cash.
We get the cash at home - because there is nothing worse than spending vacation time trying to change money (and chasing down good rates when all you seem to find is bad ones). If I pay $50 more per thousand - so be it. Note that I am an infrequent traveler. Obviously - if I traveled to a place on a regular basis - I would do something more cost-efficient.
BTW - if anyone has a trip far in advance - and wants to hedge currency risk - there are foreign currency ETFs - like the FXY. I trade this stuff on a regular and technical basis - but I guess it could work for a non-trader who wants to lock in a particular exchange rate on a particular day without resorting to the futures markets or similar. Robyn
Aug 25, 2013 | 12:06 am
#64
Join Date: Aug 2008
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AMEX is accepted at many places (although perhaps not smaller "mom and pop" ones - just like in the US). But the FOREX fee IIRC is 2.75%. We use our Chase Sapphire (VISA) cards when we're outside the US. Not only is there no FOREX fee - the exchange rate seems pretty good (within 1% of spot rates give or take based on our last 2 trips - one involving the Canadian $ and the other involving the Swedish Krona). Plus you get double points on all travel and travel related spending. Robyn
Oct 26, 2014 | 12:25 am
#65
Join Date: Aug 2011
Location: Makati City, Philippines
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Posts: 1,363
Doing the same thing, flying into NRT, then staying at the Hilton. Can anyone suggest a good place to exchange currency? I know they always say Airports and Hotels are the worst places to exchange, but I've heard finding money changers in Tokyo is difficult. Thank you for any and all suggestions.
Oct 26, 2014 | 2:16 am
#66
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Join Date: Jun 2005
Location: NRT
Programs: Tokyo Monorail Diamond-Encrusted-Platinum
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Doing the same thing, flying into NRT, then staying at the Hilton. Can anyone suggest a good place to exchange currency? I know they always say Airports and Hotels are the worst places to exchange, but I've heard finding money changers in Tokyo is difficult. Thank you for any and all suggestions.
You might find the answers you need in one of the following threads (and I suggest posting the specifics of your request in a thread that's focused on currency exchange / money / cash in Japan):
http://www.flyertalk.com/forum/japan...-exchange.html
http://www.flyertalk.com/forum/japan...edit-card.html
http://www.flyertalk.com/forum/japan...touchdown.html
Oct 26, 2014 | 9:34 am
#67
Join Date: Jun 2004
Location: Central California
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Oct 26, 2014 | 4:45 pm
#68
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Location: NRT
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