Best way to purchase yen?

RichyX

I'm heading to Japan for 2 weeks in December and was wondering if any fellow Irish have noticed an especially good way to buy currency.

Could do the usual ordering of currency from a bank here, or would it be cheaper to use international or postal ATMs with my visa credit card when I get there?

Any views?

Konata

Buying from the bank is the best bet. Your credit card will most likely incur extra charges plus it can be a pain sometimes to find an ATM that will take the card.

I just personally think it's miles easier to have some cash in your hand when you arrive. Just make sure the teller in the bank definitely understands the amount you want - when I was heading over one time I ordered 100,000yen (had to pay rent etc. on arrival) and only 10,000 came in to the bank! So yea, just double check they've got the right amount of zeros!

Links234

I ordered mine at my local credit union.

shindig-jp

I can not influence a decision on currency exchange rates at home or Japan but i do shop for the best deal.

Before landing at Narita ? Keep your eye on this http://www.narita-airport.or.jp/exchange_e/ ....Haneda do not have a daily update on the web but the same banks operate F/EX at both airports and each take on average 3￠spot on the Euro = a Euro is worth .97cent on the Japanese buying market as i write.

So at today's Bank ex rate of €1 = ¥139...... Airport bank will sell at ¥135 with €1000 looking like this ¥135,600 in your hand as you walk away from the counter. Basically it will cost €30 on the transaction of €1000 on the Japanese side .

If a bank in Ireland can beat the airport exchange you'll be onto a winner. If you feel you have been robbed on the Japan side as you leave the airport ... slow down and get revenge by taking the limousine bus into Tokyo instead of the train it only costs ¥250 and do the same on your return exit ... Chin chin.

PS this year I'm going to try my debit card in a 7-11 for ¥30,000 , and will report back on what it has cost me .

TJJP

shindig-jp wrote: »

Chin chin.

eh... careful now.

I usually just withdraw cash from post office ATM's (main banks are a bit weird in Japan, opening hours, charges, general strangeness). Post office ATM's are usually open 8 am to 8.00 pm and will allow you to withdraw on visa debit cards. So with your bank cash card (so long as it's visa debit able) it will look something like this (note Dec/Jan 2013/4 rate):

24DEC13 , JAPANPOST , BANK(**) , YA****TA JP , JPY 100000.00, RATE 142.0454, CHARGE 12.00, ERTF 10.56 = €726.56

02JAN14 , JAPANPOST , BANK(**) , YA****TA JP , JPY 50000.00, RATE 144.4460, CHARGE 6.92, ERTF 5.19 = €358.26

So 100,000 yen cost me €726.56 on 24 DEC at close to interbank rate with €22.56 charges added in.

As far as charges are concerned I believe JapanPost is the best.
Actually I'm going back to Ireland soon and I'll probably exchange my cash there

dimcoin

Get your yen from a bank if you can or a local currency exchange. there are some atms over there(i recomend the ones inside conveniwnce stores) that are international atms and can withdraw money from your urish bank.

RichyX

Thanks for all the info!

Think I'll get some here with whoever offers the best rate at the time.
After that it looks like credit card in post offices.

As safe as people say Japan is I still don't fancy traveling around there with several hundred euros worth of cash at all times.

As the mother quite rightly suggested I'll be calling my bank to let them know I'll be using my card over there!

RichyX

After getting my credit card bill I realised by far the best method is to get a load of yen here or possibly bring € to Japan and exchange in the airport.

Withdrawing money from ATMs incurred some ridiculous charges.

Konata

RichyX wrote: »

After getting my credit card bill I realised by far the best method is to get a load of yen here or possibly bring € to Japan and exchange in the airport.

Withdrawing money from ATMs incurred some ridiculous charges.

That is indeed why I recommended not using your card :P

Did you have a good time anyway? I'm insanely jealous of anyone I encounter who has been over recently, I miss my Tokyo life a lot!

TJJP

RichyX wrote: »

After getting my credit card bill.

That's where you went wrong. Visa debit is the way to go.

23 Oct 2014 ATM, JAPANPOST BANK, JPY 50000.00, RATE 135.4646, CHARGE 7.38, ERTF 5.54 - 382.02

So Y50,000 cost €382.02, don't think that's too bad?

shindig-jp

Landed in Haneda 24 November /14 and I'll let the picture tell it's own story.

Watching the ¥en gain in strength against the €uro I needed to make another move before I lost out so ... Yesterday I had a stab at taking out 100,000 yen at 7~11 (seven bank) and found I could not make a withdrawal with the machine telling me my visa debit was invalid . Went to the Ulster Bank "chat room" online to find out what was going on and was given a number to phone, eventually after a number of questions regarding my account the fraud squad in the UK took the block off the card. Back to the machine and was only given the choice to withdraw 50,000 , I tried again and was allowed to make another withdrawal of 50,000 , I was charged for two transactions .

tampopo

RichyX wrote: »

Thanks for all the info!

Think I'll get some here with whoever offers the best rate at the time.
After that it looks like credit card in post offices.

As safe as people say Japan is I still don't fancy traveling around there with several hundred euros worth of cash at all times.
!

that's what I always do. It's very safe....and it's a cash society afaik, you'd be grand...

shindig-jp

If the Greeks can sort out their monetary problems, we might see a better €uro exchange rate against the yen towards the end of August this year. Fingers XX's