Finding Money in Tokyo
Written: Aug 21 '00 (Updated Aug 21 '00)
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Product Rating:
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Pros: You Can Convert Dollar to Yen in Many Ways
Cons: Easier to Convert Dollar in France & Germany than Japan
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| cchan006's Full Review: Tokyo |
I try to visit Japan at least once a year, and recently (mid-August), I went there again. I'm writing this Epinion to help you get cash, especially if you are an American tourist. This is very important as only major establishments accept credit cards, and some of the best deals in Japan are negotiable in cash only, especially those hole-in-the-wall restaurants and used camera stores.
Traveler's Checks
All banks in Japan, including the money changers at Narita Airport, will give you better exchange rates if you use traveler's checks to convert dollars to yen. Most banks in Tokyo will have a separate foreign exchange teller, usually upstairs away from the regular tellers, making you avoid long waits and giving you more personal service. It's customary for the teller (usually a woman) to ask you to sit at benches away from her desk while she processes your transaction, so don't be alarmed and don't be offended :-)
Japanese banks have very short hours, usually from 9:00am to 3:00pm, and they are open on weekdays only. This means that traveler's checks are suited for people who plan well. However, this is probably the best way to get the most yen out of your dollar.
ATM Machines
If you need cash in a pinch, especially when the banks are closed, you'll have to find specific ATM machines that accept American ATM cards. Most Japanese banks do not accept American ATM cards, although some will accept ones on the Cirrus network. For those on the Star or Plus ATM network, you'll have to find specific ATM machines that accept your card.
You should contact Citibank, preferably before you arrive in Japan to ask them for locations of their branches and ATM machines in Tokyo. Citibank has branches in most major locations in Tokyo, including Shinjuku, Akihabara, Akasaka (hotel district), Otemachi (financial district), Ginza, Shibuya, among others. Some of the branches are even open on Saturdays, and almost all of the branches provide 24 hour ATM machines which should accept most American ATM cards.
Few of the "プロミス" ATM machines (you'll need Japanese fonts to read between the quotes - it's pronounced 'pu-ro-mi-su' or Japanese version of 'promise') which have yellow signs will accept American ATM cards on the Plus network. I've only found two such machines, one in Shinjuku and another in Shibuya. Other "プロミス" machines I found did not accept my ATM card.
Beware that most ATM machines in Japan spit out only 10,000 yen bills (equivalent to $100 bills) which shouldn't be too much of a problem as change is pretty easy to get from train ticket machines and merchants. However, buses and drink vending machines can only give you change for 1,000 yen bills, so tough luck if you aren't near a train station or if you are thirsty :-)
Credit Cards
This is probably the least preferred method of getting cash, as you'll be assessed interest rate by your credit card company for cash advances. However, majority of ATM machines in Tokyo accept Visa/Mastercard, and some will accept American Express as well. If the merchant accepts your credit card, then by all means purchase by credit, and don't do cash advance.
Good Ol' American Dollar
Unless you have access to U.S. military bases, you shouldn't carry around American dollars while in Japan. Banks (and money changers) will give you less favorable exchange rate compared to traveler's checks, and most merchants will not accept American dollars.
Summary
Whenever I travel to Japan, I always try to carry appropriate amount of traveler's checks based on how much money I plan to spend, and carry credit cards. I rarely use my ATM card in Japan but on this visit, I decided to use it to see what it was like, so that if I had an emergency, I would know what to do. My hope is that this Epinion will help you worry less about how to get your money while in Tokyo.
My assumption is that my Epinion should apply in other major cities like Osaka and Nagoya, but I'm not 100% sure - be sure to call Citibank
Recommended:
Yes
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Epinions.com ID:
cchan006
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Location: Los Altos, CA
Reviews written: 54
Trusted by: 30 members
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