My wife and I will be flying to Osaka next April for 30 days and I�m trying to figure out the best way to exchange currency.

As of this posting the exchange rate at (USA) Bank of America is �141 to $1. No fees.

KIX airport exchange rates are roughly �150 to 1$. Seems like a better deal, but from what I�ve researched the fees can be 10-20% which will eat up a lot of money.

I do have to check with my bank to see what the fees will be using my CC at an ATM for � withdrawal, as an alternative.

Any advice?

Hi,

I would probably convert some money now/before travel and then use the Seven & I ( Seven-eleven) ATMs for cash during your trip as these atms accept foreign bank cards ( at least my UK bank card ). Also for major expenses ( ie hotels, trains ) ,credit cards are useful.
You can bring into Japan Y1m without declaring it to customs .
Airport Bureau de change should generally be avoided for the poor exchange rate and/or high fees ime ( not 100% sure about Japanese bureau de change)

Regards

TBS

BofA rates are an insult. I once had to wire money from my US BofA account to a foreign HSBC account. The "preferential" BofA rates were 15% worse than spot. I just had the money wired as USD to the foreign account. HSBC received it as USD and then I converted them to the foreign currency at a rate closer to spot. The exchange booths at Japanese airports are better than BofA but they are still pretty lousy compared to spot rates. The 7-11 recommendation is a good one. Maybe take a few JPY just in case, and withdraw from the 7-11 ATM at a much better rate.

If you need some cash in your pocket on arrival for peace of mind, change some cash in the US or bring dollars and change them at the airport. As others have mentioned, you'll get a better rate at the airport than you will get from BoA ... but if this is about peace of mind, then do what you need to do.

For your cash needs during the trip, you can rely on ATMs at 7-11 convenience stores, but make sure that you're withdrawing from an account that doesn't screw you with fees. Open an account with a bank that waives foreign ATM fees and offers decent exchange rates.
https://www.nerdwallet.com/article/t...ional-atm-fees

One option is Revolut. You might find that someone here has a referral code with some benefits. This is just a link to the website:
https://www.revolut.com/en-US/cards/

Finally, as more and more businesses take cards, you should carry a credit card with minimal foreign transaction fees and use it where possible.

>> As of this posting the exchange rate at (USA) Bank of America is �141 to $1. No fees.
I had a BA account like that. It is good for some walking around money.

Better MIGHT be to use an ATM depending on fees imposed by your bank or credit union. It could be five bucks plus 3% exchange fee! A credit union card can likely beat that. Not all Japanese ATMs accept cards from foreign banks. Totally expect to find one at KIX but am not sure about ITM. I think it is Citi Bank that has ATMs at international airports. The Japanese banks charge a buck or less.

Best is to use an ATM/debit card that rebates the bank fees, e.g. one associated with a brokerage/401K account.

There is a 1% charge by Visa for processing but, after whatever ATM fees you are charged, they process the exchange at the interbank rate

Japanese ATMs (7 Bank, at least) have, unfortunately, started offering a "dynamic currency conversion" DCC option. This is where they give the options to 1) charge your bank the amount of yen you chose or 2) charge your bank an amount in dollars. The second option, showing you the USD amount, is just a kick in the nuts. I advise not to do it.

Make sure your credit cards have "no foreign transaction fees".

Checked at BofA website and see that the 141 rate (0.00707 dollars per yen) is just their usual offer. Thought it might be this:
If you’re a Bank of America Preferred Rewards� member, 5 you’ll receive up to a 2% discount off the available exchange rate on foreign currency as well as no fee on standard shipping ($7.50 value) for mobile and online orders depending on your tier level.

So 100,000 JPY would normally be $707. A preferred customer would get a %2 discount. That would make the rate 144.

The question not asked is: could the $ drop below 141 yen by the time of your trip in April? The answer is: yes, it could. The dpllar dropped from 160 yen in early July to about 140 in mid-Sept. It is 149 today.

You might look into Wise as well.

ETrade/MorganStanley debit card works in Japan. Beware the dynamic currency option, though.

Larger banks in the city itself should offer exchange services, I've done so at a Hokuyo Bank in Sapporo before.
I've found some posts saying Nanba currency exchange in Osaka is good as well.. current rate is 147jpy/USD, spot rate is 150jpy/USD today so it's not that bad.
Avoid anything run by Travelex tho.. I found them to be the worst rates.

Wise Visa debit card is a good option, however a family member had a lot of trouble using the card in a recent trip to Japan. In our experience many businesses could not process the card, even though they do accept Visa. It was very frustrating. We ended up using the card to withdraw cash instead.

Good to know. I haven't used one yet but plan to in the future when travelling outside Japan.

That has been the opposite of my current experience in my month long trip in Hokkaido and Tohoku, my Wise card has been accepted everywhere I've tried to use it, from the large hotels, multiple car rentals, small eating establishments and right down to the tiny souvenir shops. I have Amex and Visa as backup but haven't had to use them, so the foreign exchange savings and ease of use have been very good.

The one question I always am asking myself is whether to use a debit card or credit card when traveling overseas. Until now my Japanese cards weren't options since they have bad FX rates. Wise may alter that equation, though the weak yen will make me hold off using it abroad for now.
American credit cards that earn decent points are tempting, but then again MorganStanley seems to give decent rates and usually refunds ATM transactions (a bit inconsisten though).

I prefer credit over debit for additional consumer protection. I have decent FX rates on both and try to go cashless more and more. There's some countries which are notoriously cash based (JP historically, Germany) or cashless (China) but I find decently implemented cashless less hassle than keeping tally of bills and small coins. There's other ways merchants try to "gotcha" on card transactions fees, skim, or otherwise cheat you with card but a credit card allows me to dispute those transactions, assuming I have kept the receipt.

I�ve not heard of any Apply pay transactions being skimmed so if you�re able to use that then debit cards are perfectly safe. It�s just a shame that Apple Pay isn�t widely used in Japan.

For whatever reasons, people do not go to my bookmark page(s) (in the signature beneath).
It links to two Japanese W-WW threads where the USD-JPY exchange rate is annotated.
Go there. The cheaper rate seems to be from the World currency exchange shop link from there.
The alternate W-WW site is to Daikokuya.

[Why didn't I directly link to those W-WW sites? Because people should become aware of my entire regular bookmark page, and not just two URLs from it.]