Cash Question
 

Hi Everyone..

Heading off to Japan in 3 wks..my first time too...very excited. Just wondered about currency exchange. Should i pick up some yen here in uk..or wait till i get there. Was going to exchange 2K into yen and take it over..or will i likely get a better exchange in Japan. Rate over here is around 168jpy to 1gbp.

Thxs

I withdraw cash from the ATM at the airport and at 7 Eleven. I never exchange yen before going because the exchange rate and fees suck. I do bring a few hundred USD just in case I can't withdraw cash and need to exchange yen. Withdrawing from ATM gives you the best rates.

That is definitely true for the US where there are also ATM cards from banks like Capital One that give you the interbank rate without a fee for foreign cash withdrawal. You won't get that from a European bank. But European banks can offer quite good exchange rates. I use a bank that only charges 0.1% off the interbank rate if I buy more than around EUR 3,000, and a slightly worse exchange rate (but still very good for a smaller amount).

The exchange booths at airports in Japan have a commission of about 2.5% built into the exchange rate for cash. Compare this with your other options.

In the case of a European (can I call a Scotsman European? :) ) who has no access to low or no-fee ATM, I'd compare your bank's rate with the rate at the exchange counter with the aforementioned 2.5%. You may find the difference is such that simply buying cash at your bank is most convenient and almost as cheap. I often purchase at least some cash prior to leaving home, just to have it upon arrival and avoid the lines for cash exchange so I can get to the train station ahead of the crowd. We have had raging arguments here about how stupid that is. I don't think it is stupid at all as the few dollars I lose in the exchange are worth it for the convenience. YMMV.

Japan is very safe and I have no qualms about carrying hundreds of dollars in cash on my person. I think much more about possible theft while passing through train stations and airports here at home than in Japan.

You can check the exchange rate at the Narita Airport here:
http://www.narita-airport.or.jp/exchange_e/index.html

looks like i'll get a better rate if I exchange in UK. Rate over here is around 168ish..so slightly better. Thxs everyone