RetireJapan

Does anyone know the cheapest option for withdrawing money abroad?

I've used Money Partners before. Their rates were great and there weren't any commissions for charging your debit card with foreign currency. However, as of yesterday they've introduced a commission, so it now costs 2.5 yen per dollar you change.

Sony Bank are pretty cheap for shopping with their debit card (almost the mid-market rate if you charge your card first), but there's a 1.78% charge for cash withdrawals.

Are there any other options out there?

Isn’t Sny Bank free if you withdraw from your foreign currency account?

I used to use Shinsei, but that is no longer an option. They have that Gaica thing now, but I am not sure of the details.

Thanks everyone. Here's what I've found so far:

ATM fees are free with Gaica, but there's a 3.5% fee to charge your card in a foreign currency. If you only have yen in your account they charge 4% for foreign currency transactions!

With Sony, there's no fee for charging your card and there are no fees for debit transactions if you have foreign currency in your account (1.76% if you only have yen). Cash withdrawals cost 1.76% plus local ATM fees even if you've charged your card with foreign currency.

Manepa (Money Partners) used to be the best deal. There were no charging fees and a flat rate for ATM withdrawals. However, they now charge 2.5yen per dollar charged (or 4yen per UKP) in addition to the ATM fees. However, the commission goes down to 1% if you go through the hassle of converting money using their FX platform and transferring it back to your card.

So it looks like Manepa is still the cheapest for withdrawing cash abroad, but only if you go through the rigmarole of transferring to and from their FX platform to exchange your money. Otherwise Sony seems to be the best bet, especially if you'll mainly be making debit transactions. I'd love to hear if there are any cheaper options out there

Thanks for the summary fools_gold! I am seriously PO'd with Shinsei for removing the PLUS functionality from their accounts. That said, i rarely take out cash anymore when I am abroad as most every transaction can be done with a credit card or with my Apple Wallet.

To those who are still looking for new ways, with the start of Revolut in Japan, there is now an option which allows for withdrawing limited amounts abroad. The better option is probably to use the Revolut Visa-Debitcard abroad for actual payments as there is no conversion fee and the conversion rate is market (save for an add on during weekend days when F/X markets are closed).

You can load your Revolut account with bank transfers in Japan, via debit card or credit card. Please be aware that funds loaded onto Revolut by credit card can't be used for onward (or backward) transfers, but this doesn't affect the payment option.

Prestia did have one card for yen, and another one for USD, but recently has introduced a single card that works with multiple currencies. There are fees, some of which may be waved. I have yet to use it overseas, so I can't be sure whether it is really a good deal or not. Below I posted some details. My hunch is that it won't end up being the best choice.

I use ETrade's debit card to get cash around the world. They generally refund the ATM fee, and the exchange rates are too bad.

To me, I think the best method is a credit card with "no FX fee" that uses the interbank rate (JP Morgan Chase has many). Chance to earn points/miles as well.


"Transaction Currency and Amount" : The number will be shown with "-" (minus) in case of refund by canceling your transaction.
When you use a local currency debiting from your Yen Savings Account (withdrawal or shopping including Gaika Full Back), the designated rate (the foreign
exchange rate set by Visa + 3% of overseas service fee) will be used to convert into yen. Transaction Fee (ATM owner's fee) is not included.

"Transaction Fee (ATM owner's fee)" : The fee that ATM owner charges when you withdraw a local currency at an overseas ATM.

"ATM Fee" : ATM fee that we charge when you withdraw a local currency at an overseas ATM.

"Local Currency and Amount" : The local transaction when you use overseas including withdrawal of local currency.

"FX Commission" : Exchange fee when use overseas including withdrawal of local currency.

"Applicable Rate" : the designated rate which was used to convert into yen. The rate includes the FX Commission"

The owners of ATMs may charge an additional fee.(Such fees will be reimbursed for PRESTIA Gold customers and PRESTIA Gold Premium customers using GLOBAL PASS.)*）