AlwaysAisle

I think it is still viable solution in 2017, it may not be most common solution but I do think it is still viable solution. Is it still relevant? If the definition of relevant is majority, more than half of population, then may not be relevant. Under that definition vinyl records and 35 mm film photography may not be relevant but it is still around.

Actually I still have a lot (four US$ figures amount, I know I should cash it out and make use out of it) of American Express travelers cheques sitting around at my home. Yes, I no longer take it with me on my travel. Yes, it was purchased long, long, long, time ago… Some of you may not have born yet the time some of my American Express travelers cheques were purchased.

P.S.
Thinking about travelers checks are still viable solution… Thought about the Iran-contra affair in ‘80s. Even today in 2017 travelers checks can be viable solution if you want to transfer money internationally without having any trace…

mnbp

ATM to get JPY. Haven't used a travellers cheque in 20 years.

beep88

At airports, you can only cash them at Travlex at their obscene rates.

Elsewhere, you can still cash them at selected post offices with currency exchange service.

Many banks have stopped accepting them.

They still offer better rate than cash or ATM (unless your bank charges absolutely no fee).

nishimark

Don't know about the post office, but at banks that accept TCs (not all do), you will spend a lot of time filling out forms at a desk with a clerk and waiting. Also, banks are only open from 9-3 on weekdays. It's a big hassle to change them into yen, but not impossible.

MasterGeek

so, Traveler's Cheques are too much hassle in 2017 to be worth it.

mnbp

That's exactly what I remember from 20 years ago! I had forgotten about the forms and photocopying...

beep88

If I am cashing 500,000 yen, damn well it's worth it. ATM has daily/weekly limits, in addition to the fees.


Essentially same form used at bank, post office, OR airport currency exchange. Name, address, transaction amount, denomination for each cheque(which the clerk will do that for you)

Not all bank branches provide currency exchange service. Those that have it do not always accept T/C.

Also post office currency exchange hours are different from regular post office hours or Post Bank hours even though they may all be in the same place.

Total transaction time (have done all of these multiple times):

Airport ~5 minutes
Bank owned Currency Exchange windows in town ("World Currency Shop") : 5 - 10
Post Office: 10-15
Bank: 15-20

If you have a funny passport or large amounts, you may have to wait longer.

MasterGeek

What do you exchange ? JPY TCs or other currency TCs ? Is the currency exchange rate that you get on non-JPY TCs a competitive one ?

kzap

Is it normal to carry around large amounts of yen? or do most stores/restaurants take visa / mastercard? Is loading it into a Suica a good idea for shopping or not really?

AlwaysAisle

In Japan it is still common for people to carry large amount (large amount for the U.S. standard) of cash around. However, many stores do take credit cards. There are stores which accept SUICA but SUICA is not as widely accepted as credit cards. If you plan to pay using SUICA at a restaurant then you do want to check if that restaurant accept SUICA in advance.

It is usually at small mom and pop type stores and out at country side of Japan where credit cards may not be accepted and will be cash only. But small mom and pop type stores and country side of Japan are not typically visited places for tourist. Hence, typical tourists usually do not face a situation where credit cards are not accepted.

In Tokyo most common situation I can think of is if you decide to take local transport without use of SUICA or PASMO. Local commuter trains, subway, and local buses are cash only if you do not use SUICA or PASMO. Ticket machines only accept cash. Local buses accept cash only. For long distance trains and long distance buses credit cards are accepted.

mrploddy

In terms of shopping - load up your suica sparingly. It's good for small purchases eg combini's and other larger stores - KFC / Book Off are 2 examples that I use. Also of course have enough money for your travel costs.

Yes it is normal to carry large amounts of cash - I constantly keep on nagging my japanese wife to carry less cash on her as it weirds out my British sensibilities.

In terms of card acceptance - depends on where you go - large city centres with big name stories will accept your card - big department stores / electrical places etc.

I would split your bets and go 50/50 on card vs cash.

You can always get caught out by that one place that you think does but doesn't accept your card. This is especially true for mom and pop stores and tourist attractions like temples. In this instance cash is king.

You need to take a judgement call based on the type of places you'll be going and how often and it should give you an indication of how much cash to bring - if you're short on cash you can always get more from a 7/11 or a post office.

beep88

Don't think you can buy JPY T/C anywhere.

Best exchange rate in Japan: USD T/C

mrploddy

Yes you can - it was a few years ago but I brought JPY TC on my Study Abroad. You just need a decent bank who can get them.

But really JPY TC are only suitable when you are transporting large amounts of cash and even then if you are carrying more than 1 million yen it's not worth it as you would get held up at customs (you are obliged to declare holding more than 1 mil in any kind of cash / securities) - much easier at that point to arrange a direct bank transfer to the concerned party from your home country.

kzap

Would hotels give you a discount then for paying in cash or not really?
If I bring cash, is the airport the best place to do forex or are there better places in Tokyo?

Usually hotel forex is the worst

beep88

https://ja.wikipedia.org/wiki/%E3%83...83%83%E3%82%AF

AMEX: stopped in 2014

Others: stopped long time ago