How to Keep Your Money Safe in Japan: Avoid Fees, Pay & Exchange Money
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- เผยแพร่เมื่อ 9 มิ.ย. 2024
- Here's how to avoid costly ATM & transaction fees in Japan; exchange money to Japanese currency (Yen) and; keep your money safe while traveling. This video is part of a series with tips for traveling in Japan. Time stamps and links below. ⬇️ 🏝 Subscribe for more Japan travel tips and inspiration: / kenshoquest
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00:00 Mastering money in Japan
00:52 Should I notify my bank?
01:12 What is the currency exchange rate for Japan?
02:25 What types of fees might you encounter in Japan?
02:36 What fees do ATMs charge?
04:22 What are foreign transaction fees?
05:09 How do we avoid ATM fees?
05:57 How do we avoid foreign transaction fees?
07:40 Is it common to pay in cash in Japan?
08:09 Should I bring Yen to Japan?
09:28 What about traveler's checks?
09:38 What is the best way to get Yen in Japan?
10:43 What are some tips for using the ATM?
12:04 Why do we avoid money exchanges?
12:24 Is there ever a reason to use a currency exchange service?
13:26 What risks are there when using a debit card?
14:18 What is Card-not-Present fraud?
15:10 Should I use credit or debit card?
16:46 Should I use online banking while traveling?
17:14 How to stay safe online while traveling
18:34 Summary
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🌺 ABOUT US
Aloha! We are a worldschooling family with three young kids. Our home base is the beautiful island of Oahu, Hawaii. We've been living a nomadic lifestyle for the past 15 years. We hope to inspire you to begin your own quest!
Amazing info! Thanks!
Good video. Thank you
Thank you! This is timely because I’m planning a trip to Japan for the first time. I feel like there’s so much to learn and plan
Thank you for the great tips!
You're welcome! We've been thinking about visiting Japan again...
Thanks for a great info .
Glad it was helpful!
Thank you! This definitely eased my worries and curiosities with my upcoming Japan trip :)
You’re welcome! Have a wonderful trip.
Always love your thorough contents
Thanks!
Thanks!
Sound advice. Always call your bank, even if they say there is no need to let them know.. Don't be tricked, Call them and talk to a human to note the account properly. As for international fee i have paid from .08 to 1.94, each vendor will charge you differently, unfortunately, you wont know these fees until you go back to the USA. It's the price of doing business.
Thanks for sharing!
What a fantastic video - thanks so much, Heidi and George! I'm planning a trip to Japan with my wife in Nov, and your videos have been insanely helpful.
Question: What is your best advice for going from Kawaguchiko Station to Kyoto Station? Is it the bus to Mishima to get on the Tokaido line?
Cheers from Vancouver!
Hi, thanks for the compliment, we greatly appreciate it :)
Yes, the bus to Mishima station is a good option as long as you don't get motion sickness since it is a windy road. Otherwise, we explain how you can take trains in this video: th-cam.com/video/4828J9OtNiY/w-d-xo.html
If early November the autumn foiliage should be amazing. Have a great trip!
@@KenshoQuest thank you! I watch that video.
I have to say some of these advice in regards to ATM and currency exchange shop are only valid for people from US.
For the rest like UK or EU country, in no situation, your home country bank would have a better rate than a bank or exchange shop in the country of your destination. And I mean in no situation like none.
ATM for non americans is probably the worst and most costly way of exchanging money.
Was in S.Korea last April, banks do exchange foreign currency almost if not at 1:1 to the official rate, all of the employees that served me were speaking English and was super smooth and easy in light of the fact that there is bank branches almost at every corner.
For reference, exchanged money in EU country before flying in to S.Korea and the rate was abismal losing almost 20% compared to official rate, also used ATM several times, do not have any fees as bank employee myself and the rate of my own bank was abismal as well.
So I'm interested if someone has tried to exchange money in Japanese bank and what the experience was like?
Great info! Thanks! I assume that Thai Baht is not possible to use at a Japan exchange counter?
The exchange might accept Baht. As a general rule, I always exchange a currency before leaving that country. Because even if another country accepts it, it’s likely to be at a terrible conversion rate. So if I had a ton of extra Thai Baht, I would exchange it before leaving Thailand. But more likely I would just keep it for the next time we visit Thailand.
Thank you for this awesome video! another question : Can I use Wise debit card in Japan?
Hi, it should work fine :)
Thailand is a robber when it comes to atm fees. I heard back in the day that it was possible to withdraw money from the card inside a bank with no fees. Not sure it is still relevant, so long-term travelers better check all the options.
Can you guide for Australia ATMs?
Sorry, we’ve never been to Australia. In general, choose to withdraw money in the local currency, rather than accepting a conversion.
The problem with ATM for european account that we have limit to withdrawal per week and per month.Wont enough for our journey. If we change our euro to yen in our country also the rate is so low. . So which money changer which a good rates in Tokyo then ?
Thank you so much for the info!! I have been wondering how to get cash in Japan without paying all the extra fees. One side question, I heard only American Express works on Apple Pay for the Suica card on iPhone. Do u know anything about this?
Hi, you're welcome!
I don't see how only Amex would work since you would be loading up apple pay which accepts a variety of options. Suica or pasmo would be after the fact. We'll test it when we are back in Japan next month. But let us know how it goes if you try it first.
Mastercard but not Visa travel credit card loaded in Apple Pay usually works for me to top up my mobile SUICA. I heard there is a workaround to use Visa but haven’t bothered since I have both on Apple Pay.
Do you use Wise? I'm satisfied with my Chase Sapphire Reserve credit card for purchases but heard it might be good to use Wise rather than a debit card to get cash at ATM's. I've seen the product video and would appreciate any insight you might have as long-term travelers. Thanks!
Hi! We haven't tried Wise, but I'm planning to look into it. I've also been curious about Revolut. Most of the time we don't need anything more than the accounts we have. Sometimes it is tricky when we need to withdraw a large amount, to pay rent. That's when it might be nice to have another option. 🌺 Heidi
I used Wise in Japan before Covid to withdraw money from ATM's and I worked fine, just be aware that they have a monthly withdraw limit in ATM's (£200 in the UK), after that they charge a low fee. I will still use it in my next trip to Japan with just the money for the trip, to keep my main bank account safe.
I used wise during my trip last march-april. It works really well. Transferring money to it is fast and easy (at least with my bank) and they only charge a small exchange fee. The atm fee also wasn't too high after going over the limit. The card also works fine when using it to pay for stuff directly like in restaurants or shops.
Thanks for the tips. I need a VPN. If you stay 3 to 6 months in JP, where do you stay? Airbnb, guest house, ?
We mostly rent through Airbnb. We were able to rent a nice house in Osaka (tour: th-cam.com/video/7S0yAKXLwoY/w-d-xo.html). When we spent just a few nights in Tokyo we stayed in a hotel. 🌺 Heidi
@@KenshoQuest Wow that house is big, cost a fortune to stay there. I am looking to stay for 3 months for now in JP then see if it works out.
Hi - do the ATM in Japan accept debit cards using a Google wallet on your phone? That is how I access Wells Fargo ATMs so I don't have to carry a physical card. Thanks!
HI, this is a great question but we haven't tried it yet so don't have an answer for you. However, we will test this at different places next month and make an updated video. Let us know if you have other questions.
We would like to know if there is an atm 7/11 inside the tokyo haneda airport. Thank You
There is a 7 Bank ATM (same company) in the arrival hall of Haneda Airport. Please see this video showing the lay out of the airport:
th-cam.com/video/YImX1rMFRrk/w-d-xo.htmlsi=JnN3-gH7jnEC5UG6
145 was currency wells fargo gave me 138 it was bad rate
great advice but not sure why noone mentions charles schwab investment checking. will you get charged atm fees? yes. will charles schwab reimburse? yes.
We mentioned Charles Schwab Investor Checking Account in this video, as that's what we use.
My Samsung S23 ultra have a physical Sim in it but it can also accept Esim, wonder if I can get the Esim at the airport with this phone?
Hi, I did not see any eSim kiosks during our most recent trip. However, that does not mean they don't exist.
Have you checked out www.ubigi.com/ ?
Is it okay to exchange our money in the bank or post office instead of withrawing in our atm?
Yes, you could exchange at a bank and some post office locations also have currency exchange counters. Hours are limited to business hours.
Did you have to swipe the debit card at that place to have the details stolen?? also as you say "tap", is contactless payments common now in Japan??
My debit card that had the info stolen was swiped. Probably by the person handling the transaction rather than by me. My credit card allows for contactless payment, and that's almost exclusively what I did this time in Japan. It seems that since Covid, most places except people to use a form of contactless payment. 🌺 Heidi
@@KenshoQuest Thank you for your reply. Last time I visited Japan was before Covid and I had to use mostly cash since contactless was non-existent back then for cards, other than transport ones like Suica.
I tried to use a 7-Bank ATM at Tokyo station and it tried to charge a percentage of the withdrawal so I declined the transaction and only used ATM's in Lawson's or major bank ATM's like MUFG. Not sure it asked about conversion as it did ask if I'd pay the ATM fee, but bank/Lawson ATMs never tried or asked to do any conversion and just had ATM fee.
All you need to do is decline the conversion mark up fee (percentage) and proceed in Japanese Yen. Then the 7-Bank ATMs only charge the 220 Yen transaction fee. The other ATMs are fine too. 🌸 Heidi
I tried 7bank to withdraw cash today because rate was so good 158yen =$1.00 however 7bank showed me 149yen =$1.00 so I stopped withdrawing cash. Hopefully next week they gave me a better rate .
What’s the best credit card to use in Japan? I have a 2 week trip later this year and only have a debit card.
We use the Chase Sapphire Preferred. Both Visa and Mastercard are widely accepted.
No Capital One cards charge foreign transaction fees.
hi there, thanks for your great video!!! Just a question, Why would you not suggest to use a card like Revolut or Chase to make payments in shops in Japan, instead you recommend using a credit card? From what I know they do not charge. Also the credit card you recommended charges £90 per year
Hi. A card such as Revolut or Wise is certainly an option. There are many different fees to compare: monthly or annual fee, ATM withdrawal fee, conversion fees. We do plan to try using Wise next time we are in Japan. Which Chase card are you referring to? The credit cards we currently use are Chase cards.
In the Philippines some places I made purchases at asked if i wanted it charged in USD instead of PHP, I got no FTF from my CC for those and the exchange rate was the current rate.
Thanks for sharing your experience in the Philippines!
I also have Wells Fargo, since I don’t consider open another bank account soon with Charles Swabs, would you recommend getting umm my yen in advance at local WF or with draw from JP ATM like 7/11?
Depending on how long you will be in Japan, you might want to do both. You could bring Yen with you, and when you run out, withdraw from an ATM (knowing you will be charged a fee).
@@KenshoQuestthanks for the advice, i only plan to stay for a week, mainly in Kyoto and Tokyo. Based on your past experiences, is bring cash is advised? I have all my accommodations and point of interest prepaid.
@@MinPDLandlord In that case, you could probably just bring enough Yen with you for your trip. For small restaurants, souvenirs, local transportation, etc.
@@KenshoQuestthank you. 😊 I recently discovered your channel and loving your videos so far, very informative and detailed oriented. 👍
I don't have a credit card, what do you recommend for people who don't have theses
We haven't personally tried it yet, but you might want to look into something like Wise. wise.com/us/card/
Thanks for the video!
I'm currently in Japan and whenever I make a withdrawal from a SevenBanks ATM they charge me a flat rate of $5 and then 3% of my withdrawal amount. I'm certain that I am choosing yen (local currency) instead of my home currency when it comes to asking how I'd like it converted. However, when looking at my bank statement the 3% is being made by SevenBanks, not my home bank.
I'm very confused by this and have grown weary of paying this high 3% fee. Are you saying that when it gives me the choice between being converting to yen or USD I should just choose "skip"? It's possible I didn't even realize "skip" was an option. By choosing the local currency option am I subjecting myself to a 3% fee from Seven Banks? Any help would be great as I have searched high and low for the answer! Thanks in advance!
PS I'm off to South Korea next so I'm thinking an answer to this will solve potential problems in advance of heading over there too!
Hmm… Have you contacted your bank to ask about the $5 fee and 3%? Are you seeing a 3% fee on your statement, or are you noticing it from calculating the conversion? I will have to pay more attention to the wording next time I use the ATM here in Japan. I think if you've been choosing Yen you're doing it correctly.
7 11 ATMs are free, just withdrew 10,000 yen. Using a revolut debit card.
If ATM is not an option, what about changing dollars or euros to yen at a regular national bank in Japan?
I’m sure you could do that, we just haven’t personally tried to.
Hi. Do you know if Apple Card can be used in Japan?
Hi, yes, it shouldn't be a problem.
Awesome! Thanks for the reply.
You didn’t mention anything about Suica card. Is it worth it to get one instead of getting a lot of Yen?
Hi. We have SUICA cards, but we use them just to pay for transportation (occasionally a drink from the vending machine). We use cash to recharge the SUICA, so it takes away from our Yen. I also have a digital PASMO on my phone, but we also use cash to re-charge that. With our particular credit card if we top up using Apple Pay, it will be counted as a cash advance and we would be hit with charges. 🌺 Heidi
Thank you for your reply.
Can I walk into a Japanese bank with my U.S dollars and exchange it for Yen? If so, is it a higher fee than going to ATM?
You should be able to. We have no personal experience with this, so we don’t know what the rate would be. 🌸 Heidi
cant you pre exchange some money at your banks physical location before you travel?
Hi, yes, absolutely, that is one of our recommendations but please check with your bank ahead of time as they may need to order yen.
I my experience (usa,) this give you one of the lowest conversion rate aka less money for you.
@@Bob-yh2xe ah so japan should be better then. Thanks for your advice!
If you do live in the States, i would go with what the channel said and open a Charles Schwab account. Transfer some money over 1st before your trip and bring some blank checks from your main account with you. You can then write your self a check and mobile deposited to your Schwab account (take a picture of your check for deposit using the app.) Withdrawing cash from ATM does give you the best rates as i have been testing it out. Always choose the local currency conversion wherever you are at if that option is prompt. Check deposit using app generally takes about 4 days so plan accordingly.
Should I just bring cash instead?
You could. We prefer taking money out of the ATM, as needed.
As the theam parks now like to to book tickets online how and not by tickets at the park. What is best way to pay for theses without getting charged alot?
Do they do a card in Japan that you can top up and pay for things like thi?
Our favorite way to buy tickets for amusement parks is online from Klook. They accept many credit cards and forms of payment. And you can save 5% on some attractions like Tokyo Disney with our coupon KENSHOQUEST kenshoquest.com/recommends/tokyo-disney/
And here's my video on how to buy tickets for Universal Studios Japan on Klook: th-cam.com/video/-qHAxopkBkY/w-d-xo.html
What about forex card?
Haven’t looked into that one.
7 11 ATMs are free