Currency Exchange

[MBK]

I wanted to change Euro into JPY to take advantage of this rate, though local exchange place (I live in Shizuoka City) accepts only up to 50 EUR notes. For 100 EUR notes, they offer only 90% of the rate, which is ridiculous.

I tried a few banks but they did not offer change of EUR in JPY, only the other way around.

I want to check what would be the best place to exchange currencies? Where can I get the best rate?

Any suggestions much appreciated.

[TokyoBoglehead]

I wanted to change Euro into JPY to take advantage of this rate, though local exchange place (I live in Shizuoka City) accepts only up to 50 EUR notes. For 100 EUR notes, they offer only 90% of the rate, which is ridiculous.

I tried a few banks but they did not offer change of EUR in JPY, only the other way around.

I want to check what would be the best place to exchange currencies? Where can I get the best rate?

Any suggestions much appreciated.

Tokyo based exchanges like Ninja currency in Shinjuku.

Time for a weekend trip.

[MBK]

Thank you for suggestions, a trip to Tokyo it will be, it seems.

[Tkydon]

Look for banks that have a sign that says they are a Foreign Exchange Bank outside the bank.
Banks with the Foreign Exchange Sign should exchange Foreign Notes into JPY. They will not take coins.
Alternatively, you can go to any large Hotel with a Foreign Exchange Sign or a Foreign Exchange Machine.

The Spread for exchanging Cash will always be wider than the spread for currency conversion in a bank or brokerage account, due to the handling required.
In most cases the Rate is set on a daily basis, with the Mid Rate and Buy Rate quoted. The Buy is the rate the institution is willing to pay to Buy the foreign currency from you, and is lower than the Mid Rate by the Spread, which is the commission to the institution providing the exchange service.
If it is a large amount of money, then a narrower spread may be significant, but if it is not so large, then the time spent looking for a better price may not be justified by the saving, especially if the exchange rate moves against you in that time.

Some services provide foreign currency exchange services by post.

[mikele3]

I suggest withdrawing cash from an ATM upon arrival using your credit card. Repay it promptly to avoid interest. Credit card exchange rates typically range between 0.01% - 0.025%.
Confirm with your card issuer and ensure international withdrawals are permitted.

[TokyoBoglehead]

I suggest withdrawing cash from an ATM upon arrival using your credit card. Repay it promptly to avoid interest. Credit card exchange rates typically range between 0.01% - 0.025%.
Confirm with your card issuer and ensure international withdrawals are permitted.

Japanese cards have significantly higher rates than the ones you stated.

[Nancy]

Before you spend the money to come to Tokyo, it might be better to look for something local. (is there an airport or an outlet mall near by?). The reason is that there may be restrictions on the amount that you can exchange per day. Not sure, but I am buying US dollars for a trip this summer, and can only exchange up to 100,000 yen a day, per the bank restrictions. Not sure how much you want to exchange but..

[captainspoke]

Googling, there are apparently two western unions there in shizuoka--have you tried them? Where I'm at (ishikawa) their rates--at a window in the local shinkansen station--beat the local banks (my old bank actually directed me there after I looked shocked at the rate they quoted me, for a trip a few months ago).

If they won't take the big notes, then I guess tokyo is the next step.

[mikele3]

I suggest withdrawing cash from an ATM upon arrival using your credit card. Repay it promptly to avoid interest. Credit card exchange rates typically range between 0.01% - 0.025%.
Confirm with your card issuer and ensure international withdrawals are permitted.

Japanese cards have significantly higher rates than the ones you stated.

correct... I used the math operators... I meant 1% and 2.5%
the MASTERCARD I use adds 1.62% on top of the exchange rate, while my VISA adds 2.16%

[Tkydon]

correct... I used the math operators... I meant 1% and 2.5%
the MASTERCARD I use adds 1.62% on top of the exchange rate, while my VISA adds 2.16%

Is that added to the mid price, or on a TTS exchange rate?

Current Mid Price for EURJPY 156.54

156.54 x 1.0162 = 159.075948

so 2 Euro Spread

156.54 x 1.0216 = 159.921264

so, 2.5 Euro Spread