Best Place to Exchange Currency in Japan

When traveling to Japan, finding the best place to exchange currency can significantly impact your experience. The country offers various options for currency exchange, from banks and currency exchange kiosks to hotels and airports. Each has its own advantages and disadvantages. This comprehensive guide will help you understand where to get the best rates and services for your currency exchange needs in Japan.

1. Airports

Airports are often the first place travelers turn to for currency exchange. Major airports in Japan, such as Narita International Airport, Haneda Airport, and Kansai International Airport, have multiple currency exchange counters. These counters are convenient, but they tend to offer less favorable exchange rates compared to other options. Additionally, airport exchange services might charge higher fees.

Pros:

• Convenience: Available 24/7, allowing you to exchange money upon arrival or before departure.
• Accessibility: Multiple locations within the airport terminals.

Cons:

• Higher Fees: Generally higher service fees and less favorable exchange rates.
• Limited Currency Options: Exchange options may be limited to major currencies.

2. Banks

Exchanging currency at banks is a reliable option in Japan. Major banks like Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho offer currency exchange services. Banks generally provide competitive exchange rates, though they might not be as favorable as some dedicated currency exchange services.

Pros:

• Competitive Rates: Typically offer better rates than airports.
• Security: Banks are secure and reliable institutions.

Cons:

• Limited Hours: Many banks have limited operating hours, typically closing in the late afternoon or early evening.
• Fees: Some banks may charge a fee or offer a less favorable rate for exchanging small amounts.

3. Currency Exchange Offices

Currency exchange offices, including those operated by Travelex and other specialized services, are widespread in Japan. These offices often offer competitive rates and can be found in major cities and tourist areas.

Pros:

• Competitive Rates: Often provide better rates than airports and some banks.
• Convenience: Located in central areas, shopping districts, and near popular tourist spots.

Cons:

• Varied Fees: Fees can vary, and some locations might have higher service charges.
• Availability: Availability may be limited in smaller towns or rural areas.

4. Hotels

Many hotels in Japan offer currency exchange services, particularly those that cater to international tourists. While this can be convenient, hotel exchange rates are usually less favorable compared to banks or currency exchange offices.

Pros:

• Convenience: Easy to exchange money without leaving the hotel.
• Service: Can be convenient if you are staying at a hotel and need cash quickly.

Cons:

• Higher Rates: Typically offer less favorable rates and higher fees.
• Limited Hours: Hotel exchange services might not be available at all times.

5. ATMs

Using ATMs to withdraw cash in Japan can be a convenient option if your bank card supports international transactions. Many ATMs in Japan accept foreign cards and provide competitive exchange rates. However, be aware of any international transaction fees charged by your home bank.

Pros:

• Convenience: Available 24/7 at various locations.
• Competitive Rates: Often provide competitive exchange rates.

Cons:

• Fees: Potential for international withdrawal fees and transaction fees.
• Bank Card Requirements: Not all foreign bank cards are accepted, and some ATMs may have withdrawal limits.

6. Online Currency Exchange Services

Some travelers opt to use online currency exchange services and have their cash delivered to their accommodation in Japan. This can be convenient but might involve additional service fees and delivery charges.

Pros:

• Convenience: Allows you to plan ahead and have cash delivered to your location.
• Competitive Rates: Can offer good rates depending on the service.

Cons:

• Service Fees: Additional fees for delivery and service.
• Pre-arrangement Required: Must be planned ahead of time, and not suitable for last-minute needs.

Tips for Currency Exchange in Japan

• Compare Rates: Always compare exchange rates and fees before making a transaction. Small differences in rates can add up.
• Avoid Airport Exchanges: Unless absolutely necessary, avoid exchanging currency at airports due to higher fees and poorer rates.
• Use ATMs Wisely: If using ATMs, check with your bank about fees and exchange rates to ensure you’re getting a good deal.
• Carry Cash: While Japan is technologically advanced, many smaller businesses still prefer cash, so having yen on hand is beneficial.

By considering these options and tips, you can make informed decisions about where to exchange your currency in Japan, ensuring you get the best value for your money during your visit.