Planning my first ever trip overseas, Japan being for a week… This was a huge help I screen recorded this video as well as took notes on it!😂 Thank you very much brother peace from Canada.
Thank you very much for the video, I wish I knew this before I did an exchange I did in SF, ALL the currency exchanges here are COMPLETE rip offs and try to trick you into thinking your getting a better deal than the other competitors.
Most of my US Credit card do not charge fees and use the middle (best) rate. My Chase debit card uses the middle rate and will even refund any charges by ATMs. Some ATMs will ask you if you want to use THEIR exchange rate which is always a scam rate.
Agreed my chase sapphire reserve credit card (visa) charges no fees nor foreign exchange rate but the 7-11 ATM exchange rate still beats my Chase credit card’s exchange rate by at least 0.5% to 1%.
For me, my bank (Bangor savings) charges a $25 fee plus a poor exchange rate to convert the money with them. So it is a better deal for me to exchange at the atm
Hey, great video. I had one question - say for example you withdraw 50,000 yen but only end up spending 40,000 during your stay. Are you able to deposit the left over 10,000 yen and have it converted back into USD to go into your American checking/savings account?
@S, I hear you. This is a good question. Honestly I haven’t tried. You probably could but if I were you I would just keep the 10K yen cash for your next Japan trip. What I did is exchange more Yen before I left Japan given the exchange rate is at a historic low level so I can lock in the exchange rate for the next Japan trip.
@@samuelleo3172 hold on a sec. This webpage says $5 flat fee for international ATM. It’s best to call your bank to double check the exact fee. www.nerdwallet.com/article/travel/international-atm-fees
Thanks for the video, really helpful! I would like to ask if anyone has used a revolut card for cash withdrawal, having converted the home currency to yen beforehand! 😊
thank you for the very informative video! I’m planning to go to Tokyo next month from the US. So i don’t have to worry about exchange any currency before I leave? Are there these same ATM machines at the airport that I can use right as I get into the airport?
@Bradley Joseph, you probably don’t need any cash if you add a suica card in your Apple wallet and use Amex to add fund to it before you go. Then you can buy train tickets or what not using suica on your phone. Unless you really need cash at the airport to buy a drink in vending machine. I would avoid getting money from airport ATM. I didn’t try but generally the exchange rate could be a bit worse. I didn’t try airport ATM in Japan so I don’t know for sure. There are tons of 7-11 in Tokyo. I bought skyliner ticket on Klook app and Tokyo metro pass on Klook app before I fly to Japan. So no need cash to buy tickets.
@@blueyonder1233 I don't think it's possible without a Japanese credit card. I've already tried it and gave up. You can still top up your physical Suica card at the machine the regular way. By the way, if you store your Suica card on your iphone wallet, it renders your physical card useless.
@@jsurfin1 No. That’s not 100% true. You can use a USA Amex credit card to add fund. That I have tried countless times. Visa or Mastercard might not work though. People say sometimes the Apple Credit card (Mastercard) works.
@piano etudes, family Mart’s JP bank charges the same fee but their exchange rate is worse. 7-11 charges 110 for 10k yen. Anything 20k yen or above they charge the same 220 yen. Exchange rate has a much bigger impact than the 220yen.
@Ray S, it accepts credit card but I haven’t tried. I believe if you use credit card it’s probably like cash advance rather than a debit. Should be the same as using a credit or debit card in US to withdraw from an ATM.
Use a debit card, if you use a credit card it will be a credit charge and you will be charged interest from the time you withdrew the money using your credit card.
Simply not true. The postoffice gives you much better rates. I have been coming to Jpn for more than 10 years. Nowadays I actually buy the Yen at home at a very good rate at no commission. Only thing true is that you should never use your credit card for cash withdrawals.
@thedragon4u, thanks for your comment. I literally withdrew cash from JP bank ATM at different family marts multiple times and the exchange rate is always worse than 7-11 7bank’s. The most recent I tried is July 2023. Same story. Have you tried 7 bank ATM lately?
Great Video. Do you know off the top of your head if a Visa debit card from the U.S that has a chip will work? I know some ATMS or card readers don't always allow a card with a chip on it.
Thanks for the very informational video! For non-US bank debit cards, in my case Canadian bank, does the ATM still display Yen/USD exchange rates or Yen/CAD rates? If it is the former, I am think I will have to pay CAD-USD exchange fees. FWIW, I look up the exchange rate at my local bank and it was terrible :(
@jixubi, if you withdraw 10,000 yen it charges you 110 yen access fee. 20,000 yen or higher they charge you 220 yen access fee. The foreign exchange depends on your debit card. If your debit card is Visa, it uses the Visa’s network exchange rate. If you choose to withdraw money using your home country currency, it charges you 3.5% exchange rate on top of the access fee.
@@INeedToTravel Cool, only time I exchanged cash in Japan was at the counter in the airport and I'm sure I got a horrible exchange rate. I'll just use the ATM going forward
This video was soooo helpful as I'm visiting Japan in a week, and I also have a Charles Schwab debit card! Do you know if the Exchange rate that was picked on the video(7 11 ATM) was exactly same as what current market (what you would find on news or internet for exchange rate) at the time? For example, in the video 1USD=128.9YEN but was the market rate that day, same as ATM? Or could it have been slightly higher? (If it was higher, then ATM is hiding small fee behind it) If you happen to know the date of this transaction, I was going to look up the exchange rate of that day and compare it. Please let me know and this video was exactly what I was looking for🎉
@ISA, I used xe.com as a comparison for exchange rate. It’s about the same as xe.com. Sometimes it even beats the market rate which I don’t understand. The exchange rate is definitely better than using a visa credit card to purchase stuff which is at 0.5% hidden fee. This is the case with my Charles Schwab debit card using a 7-11 ATM machine.
@@INeedToTravel That is such a great rate! It's basically the same rate as the market then. I will be using 7 11 ATM with Charles Schwab. Thanks for the reply!
@Franziska, I do checking because my bank doesn’t offer savings account. Most banks give you ATM access for checking. When in doubt, checking is better but there is probably no difference if your bank lets you use debit card and ATM for both accounts.
I believe if you use a credit card to withdraw cash that would be cash advance. Depends in your card charges interest and/or fees if you do cash advance. Debit card is a lot easier to be sure of low to no fees.
Hi love the information! Question, I will be using a visa credit card (not debit) with no foreign transactions fees which account type should I select?
I believe if you use credit card it will be cash advance and your bank will charge interest like 24%? If you use a credit card just pay merchant with credit card. This ATM method is really for debit card.
@@dianazeng5554so vthe ATM machine itself doesn’t charge you foreign exchange fee if you choose JPY. It’s really your bank (like in US, Canada etc) that charges foreign exchange fee. I use Charles Schwab and they charged no foreign exchange fee at all.
What if I have US dollars in cash, where would I get the best rate to convert to yen? Someone told me there are machines in the airport that take cash for conversion. True? thx
@Edna Salinas, that’s a good question. I brought some usd cash with me to Japan but ended up never used the USD cash because the ATM’s exchange rate is so good. If usd cash to yen cash is your only choice, the rate is probably better at Japan. I’m not sure but at USA the conversion rate is 5% at Bank of America. ATM is close to 0%.
At Haneda Airport, there is a foreign cash to JPY exchange machine (Mizuho Bank) on 3rd floor departure lobby airside direction(but outside security check) of the check in counters. It is to the left of central security check (as you face airside). It is next to the Mizuho Bank currency exchange window (to the left). The exchange rate for both machine and currency window is about 3 yen below the market rate which isn’t bad. There are no other fees and their profit is built into exchange rate. You are limited to 300,000 JPY at window, less at machine. They ask your name and flight number. Be sure your USD are new and not torn. They reject if bills are partially torn. There is also a “Travelex” currency exchange which has much worse rates (about 10 below market). I’m not sure if they have a Mizuho currency exchange in Narita.
So the 220¥ fee at 7-11 is the cheapest? Because the exchange rate is the same everywhere, if you are smart and select the local currency so your own bank does the converting.
@Adrian Centra, yes 220 yen is the cheapest I can find. The exchange rate is based on the network you use, visa or Mastercard etc. At family mart ATM somehow the exchange rate is not as good even though it uses visa. So 7-11 (7 bank) is still the best.
Can you help me with my hypothetical? So if I order foreign currency with my Bank (BOFA) before leaving to Japan, they don't charge me anything but offers a rate of 148 yen to USD. If I went to Japan, pulled cash out of ATM, BOFA will charge me a 3% flat rate of the amount I pull out, and a $5 foreign ATM fee. My question is, what rate would the ATM give me IN Japan? Will it be the same Rate as what my bank would offer at home? Or would it be the rate of the VISA network like you mentioned when selecting the Yen button at the end?
Paying a transaction fee makes no sense. In the UK i can exchange my GBP for YEN with no fees. Plus the minute amount extra you’d get from an ATM after paying a transaction fee is financial suicide. It’s easier to change up in your own country before because currency fluctuates. It’s always going to be a game of chance either way with exchange rates. In conclusion…do not pay a transaction fee,bring your cash or use a fee free credit card.
@Michael Lipman, thanks for sharing the story for the UK. In US, currency exchange easily charges 5% which is why it’s better for US folks to get cash in Japan when we travel over there.
@@yastube27 most of the ramen and udon stores still only take cash or maybe Pasmo. Other than that, convenient store, restaurants, museums mostly take credit cards.
I have a Korean credit card since I live in Korea. Is the seven bank good for that as well? I'm trying to not carry cash since I don't want to convert it one time and then come back to Korea and then convert the rest of it back to Korean won.
@2Abdullah, you could but I won’t recommend using a credit card to withdraw cash from an ATM as I believe it’s a cash advance which probably charges crazy interest rate. That’s my only concern. It’s best to use a debit card that doesn’t charge you foreign exchange nor foreign ATM transaction fee.
I just did the 100,000 yen withdrawal yesterday and normally my bank only allows me to withdrawal $500 per transaction in the states but it was over $700 on the statement. Not sure if you can do more than that per day or not but hope that helps.
@Evan Wang, yes because your bank’s debit card foreign transaction fee is separate from the ATM fee in Japan. That said if you use a debit card that has no foreign transaction fee like Charles Schwab, you are all good.
Is it possible to buy SUICA card at Haneda airport…. Like at a booth with an attendant or customer service representative using my U.S Visa credit card? I heard vending machines won’t accept Visa credit cards to buy SUICA card
That I am not sure. I got my suica card on my iPhone before I went to Japan. You can get a suica card on your Apple wallet, and then use a US credit card to add fund to your suica card. It’s very convenient.
@@INeedToTravel did you add your Visa credit card to Apple wallet or Mastercard? I thought foreign Visa credit cards don’t work online in Japan? I read they said it works in person only. I use android phone(Pixel) but will bring a spare iPhone with no SIM card there just to use SUICA digital app if possible. I just need to know if a Chase Visa credit card works on Apple Pay to load SUICA card with $ before going to Japan.
@@inquisitvem6723that’s a good question. I’ve tried many cards and only Amex gold and BILT (Mastercard) credit card work for me. Chase Sapphire Reserve didn’t work. I researched online it had to do with some security feature stuff.
@@INeedToTravel ok. I will get a Mastercard(Capital One Quicksilver)with no foreign transaction fees so I can add it to my Apple wallet knowing it will be accepted. I will open a Schwab checking account and it comes with a no fees atm card.
I like how the video is exactly 7:11 😂
Haha that was actually by luck
?
thank you for the clear explanation with photos. it helps so much! I love that the video is also 7min and 11sec lol.
@karuroo, 🤣 glad you pointed it out. It wasn’t intentional to be honest lol. You are very meticulous 👍🏻
Thanks for the explanation, especially the selection of JPY vs USD to avoid the 3.50% conversion fee!
You are welcome
The most helpful person on UA-cam platforms with photos and arrows.
Planning my first ever trip overseas, Japan being for a week… This was a huge help I screen recorded this video as well as took notes on it!😂 Thank you very much brother peace from Canada.
Glad you like it and thanks
Thanks for the foolproof explanation. Specially for showing all the screens, that helps a lot.
Glad it was helpful!
Thanks for this reminder, I'll be in japan next week just for lay over. I will make sure to get charge in yen and not in dollars.
A very clear, detailed explanation. Thank you! Subscribed.
@kevin brown, thank you so much!
SUPER HELPFUL!!!! Thank you for sharing! ❤❤❤
You are so welcome!
Thank you very much for the video, I wish I knew this before I did an exchange I did in SF, ALL the currency exchanges here are COMPLETE rip offs and try to trick you into thinking your getting a better deal than the other competitors.
Great job explaining things so clearly and thank you for taking the time to post this!
@Lizb2023, thanks so much! Glad you like it!
Terrific tutorial. The best on the topic I've seen. Such a big help. Thank you.
Glad it was helpful! 🙏
Thank you for spending time to explain so clearly. And you are funny too at the end. Great work!
@sophialeong, thanks! 🙏
wow, great advice, Arigatu Gozaymasu!!
@xerez xerez, haha you are welcome!
Wow thanks! I always exchanged at the airport and have been to Japan so many times. Never thought twice!
aairport is always the worst rate, just like everything that is sold -heavy markup.
Thank you so much! It is great that you had pictures. I am taking a group to Japan next month and will share this info with them.
@Larry Dubill, you are welcome! Have a nice trip in Japan!
Great job of explaining the conversion process!
@etherdog, thanks!
Thank you so much!! Best exchange tutorial out there❤
Wow, thank you!
Most of my US Credit card do not charge fees and use the middle (best) rate. My Chase debit card uses the middle rate and will even refund any charges by ATMs. Some ATMs will ask you if you want to use THEIR exchange rate which is always a scam rate.
Agreed my chase sapphire reserve credit card (visa) charges no fees nor foreign exchange rate but the 7-11 ATM exchange rate still beats my Chase credit card’s exchange rate by at least 0.5% to 1%.
you can withdraw from credit card? cash advance?@@INeedToTravel
Thank you for this video! Super thorough and helpful!
@aksalaf4732, you are very welcome!
Love the clear expiations with demonstrations!
Thanks so much
Awesome video! Keep up the great work!
@betamax1091, thanks for the encouragement!
Thank you
You're welcome
Thanks for the video and detailed explanations! Much appreciated. :)
You are welcome! Glad you like it!
Thank you, factoring in the 110 yen plus 3.5% conversion rate, it's actually better for me to convert some $ through my bank.
For me, my bank (Bangor savings) charges a $25 fee plus a poor exchange rate to convert the money with them. So it is a better deal for me to exchange at the atm
Appreciate you took the time to explain this, and great tip on NOT selecting the USD option !. Have a great day
Thanks legend. Great tip. Well explained.
No problem 👍
Great video with very clear information!
Glad you enjoyed it!
Thanks for the video, very helpful!
Thank you so much! Very clear explanations.
You are welcome
Thank you very much for the video
You are welcome
Best video about it so far. thnks!
@Yuri Zimer Neiva, thanks so much
So all in all, if you withdrew with Yen they just charge you 220 Yen for the whole transaction preocess! ❤️
Yup so withdrawing more amount but less frequently saves a bit of $ compared to withdraw many times but a smaller amount
Thank you for the great tips! Also I love how this video is 7:11 long😂
Glad you liked it!!
Thank you for this video!
If you have any questions, feel free to leave your questions in the comment section. Happy to help. 👍
Thank you for this.
@EVANDALIST GAMING, you are welcome!
Thanks, just what i needed!
You are welcome!
Thanks for the information 👍
You are welcome!
Thanks for the information, not sure if anyone noticed, but the video is 7:11 long 😂
Thankyou you have saved me alot of stress.
@Brenda Stratton, you are welcome!
This is really good. Thank you
@mhxprs, thanks for your support!
Thank you 🤍
You’re welcome 😊
thanks
You're welcome!
Thank you for your advice!
@Maggie-mu1jt, you are welcome!
Very nice video. So when I go to Japan, instead of using the money exchange, just use the 7-11 atm.
Yup. 100%. Especially if you like ramen, udon, etc.
Thank you so much!!!
Thank you!
Lol, wish this popped up in my feed before I went to Japan. From looking at my bank record after my trip, 711 indeed has lower rate.
O man! Really wish it showed up earlier before your trip!!! Thanks for confirming 7-11 still has a lower rate. 👍
thanks for sharing
My pleasure
(For AUD) In Namba, Namba Currency Exchange had a good rate, and in Akihabara there is a place with a good rate, I think the station is near it.
@patto2k, thanks for sharing
Super helpful.
Super thanks ❤
Gang, thank you
Any time!
thank you so much!
@VTEC, you are welcome! Glad you like it!
Thank you. Answered my question concerning choice of account for withdrawal. Some ATM's don't have that option. (Savings versus checking.)
@Helen T, you are welcome. Have fun in Japan!
Hey, great video. I had one question - say for example you withdraw 50,000 yen but only end up spending 40,000 during your stay. Are you able to deposit the left over 10,000 yen and have it converted back into USD to go into your American checking/savings account?
@S, I hear you. This is a good question. Honestly I haven’t tried. You probably could but if I were you I would just keep the 10K yen cash for your next Japan trip. What I did is exchange more Yen before I left Japan given the exchange rate is at a historic low level so I can lock in the exchange rate for the next Japan trip.
7-11 has high service fee with BOA. about $35 per transaction
Wow expensive. Get a Schwab account and no fees at all
@@samuelleo3172 hold on a sec. This webpage says $5 flat fee for international ATM. It’s best to call your bank to double check the exact fee.
www.nerdwallet.com/article/travel/international-atm-fees
Thanks for the video, really helpful! I would like to ask if anyone has used a revolut card for cash withdrawal, having converted the home currency to yen beforehand! 😊
thank you for the very informative video! I’m planning to go to Tokyo next month from the US. So i don’t have to worry about exchange any currency before I leave? Are there these same ATM machines at the airport that I can use right as I get into the airport?
@Bradley Joseph, you probably don’t need any cash if you add a suica card in your Apple wallet and use Amex to add fund to it before you go. Then you can buy train tickets or what not using suica on your phone. Unless you really need cash at the airport to buy a drink in vending machine. I would avoid getting money from airport ATM. I didn’t try but generally the exchange rate could be a bit worse. I didn’t try airport ATM in Japan so I don’t know for sure. There are tons of 7-11 in Tokyo. I bought skyliner ticket on Klook app and Tokyo metro pass on Klook app before I fly to Japan. So no need cash to buy tickets.
@@INeedToTravel Adding value to the Suica card with a foreign credit card doesn't work. You can only do so with a Japanese credit card.
@@jsurfin1 What are the options to recharge a Suica stored in the iPhone wallet?
@@blueyonder1233 I don't think it's possible without a Japanese credit card. I've already tried it and gave up. You can still top up your physical Suica card at the machine the regular way. By the way, if you store your Suica card on your iphone wallet, it renders your physical card useless.
@@jsurfin1 No. That’s not 100% true. You can use a USA Amex credit card to add fund. That I have tried countless times. Visa or Mastercard might not work though. People say sometimes the Apple Credit card (Mastercard) works.
What is max amount you can withdraw from these atms? Awesome video btw!
Honestly not sure but I have withdrawn 100,000 yen in a day from a ATM. Also depends on your debit card daily withdrawal limit
Awesome
Thanks for great video. I learn something new! Question for you: Is 220 JPY the lowest fee? Is any other bank charging lower fee? Thanks.
@piano etudes, family Mart’s JP bank charges the same fee but their exchange rate is worse. 7-11 charges 110 for 10k yen. Anything 20k yen or above they charge the same 220 yen. Exchange rate has a much bigger impact than the 220yen.
Very helpful video! Did you have to contact your bank to be reimbursed the 220 yen ATM fee or was it done automatically into your account ? Thanks!!
@lovelink0317, it depends on the bank. For Charles Schwab they automatically reimbursed the 220 yen at the end of the monthly cycle.
Good informative video! Can you use a credit card instead of a debit card? What is the difference and downside between using debit vs credit? Thanks!
@Ray S, it accepts credit card but I haven’t tried. I believe if you use credit card it’s probably like cash advance rather than a debit. Should be the same as using a credit or debit card in US to withdraw from an ATM.
Use a debit card, if you use a credit card it will be a credit charge and you will be charged interest from the time you withdrew the money using your credit card.
@@JoeB1946 wow thanks for sharing! Good to know.
Thank you so much I was thinking which is the best place to withdraw money and 7-11 seems to be the best :)
@K E A L Y, you are welcome! Help smash the like button to help more people if you like the video. 👍🏻
I know charles schwab lets you withdraw international with their debit card. I can't believe they let you withdraw 100,000 yen =$600 usd thats crazy
Ya good deal for us
Ευχαριστώ, arigatou.
Great video. THANK YOU. Quick Question. Do these ATMs got any limit on what maximum amount we can withdraw in one transaction in Japanese currency?
It must have some kind of limits but I’ve tried withdrawing 100,000 yen in a day no problem.
@@INeedToTravel thank you 🙏 great help
Simply not true. The postoffice gives you much better rates. I have been coming to Jpn for more than 10 years. Nowadays I actually buy the Yen at home at a very good rate at no commission. Only thing true is that you should never use your credit card for cash withdrawals.
@thedragon4u, thanks for your comment. I literally withdrew cash from JP bank ATM at different family marts multiple times and the exchange rate is always worse than 7-11 7bank’s. The most recent I tried is July 2023. Same story. Have you tried 7 bank ATM lately?
❤❤❤. Is it better to use a US debit card or a US credit card to withdraw 🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻
Better to use debit card as I believe credit card to withdraw from ATM counts as cash advance which might charge are interest
@@INeedToTravel 🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻
Is there seven eleven at the airport? How can I exchange it there? Thank you!
That I’m not sure.
Great Video. Do you know off the top of your head if a Visa debit card from the U.S that has a chip will work? I know some ATMS or card readers don't always allow a card with a chip on it.
@SeanP500, mine is a Schwab US debit card and it worked. It has a chip on it.
@@INeedToTravel thank you for the video and tips.
Arigato!
ATM Fee 220yen 6:35 you mean it will be given back by our bank? So it's like free of charge (without any fee)?
Depends on the bank you use. For Charles Schwab they reimburse. Not every bank reimburse.
Thanks for the very informational video! For non-US bank debit cards, in my case Canadian bank, does the ATM still display Yen/USD exchange rates or Yen/CAD rates? If it is the former, I am think I will have to pay CAD-USD exchange fees.
FWIW, I look up the exchange rate at my local bank and it was terrible :(
@Haobin Li, I believe it should display Yen/CAD
Do HSBC HK card work in these 7/11 ATMs? I'm asking because HSBC HK cards have 6 digit pin...whereas Japan ATMs accept cards with 4 digit pins only.
I have used a hsbc debit card but didn’t try with a 6 digit pin. Best to check with your local hsbc rep.
Is us bank debit card works in Japan?
Yes it does work
Is there a limit on how much yen to can withdraw on one of these ATM’s?
There must be a limit but I don’t know how much. I was able to withdraw 100,000 yen in a day
Just wondering what is the conversion exchange fee that is seen.
Does this mean it uses the ATM conversion not the card conversion ?
@jixubi, if you withdraw 10,000 yen it charges you 110 yen access fee. 20,000 yen or higher they charge you 220 yen access fee. The foreign exchange depends on your debit card. If your debit card is Visa, it uses the Visa’s network exchange rate. If you choose to withdraw money using your home country currency, it charges you 3.5% exchange rate on top of the access fee.
Thanks so much for the detailed video sharing it to my friends who are going to Japan !
@@jixubi thanks so much!!! More videos coming up
Is there 7 Bank ATM in Haneda Airport? Great video. Thanks.
@Roy Chan, yes there are 5. Looked up for you. tokyo-haneda.com/en/service/facilities/bank.html
@@INeedToTravel Very good of you to provide this link. On behalf of “Roy Chan” and myself, thank you. :-)
I use Charles Schwab as well. What if I want to convert USD (Cash) into Yen? What is the best exchange places to go for that?
Maybe deposit the cash to your schwab account in a US ATM and then withdraw yen in Japan?
@@INeedToTravel Yes I have money in the account I was wondering how to exchange USD. I guess you don’t know?
@@jaymeez ya I don’t know the cash method coz I only used ATM route
@@INeedToTravel Cool, only time I exchanged cash in Japan was at the counter in the airport and I'm sure I got a horrible exchange rate. I'll just use the ATM going forward
This video was soooo helpful as I'm visiting Japan in a week, and I also have a Charles Schwab debit card!
Do you know if the Exchange rate that was picked on the video(7 11 ATM) was exactly same as what current market (what you would find on news or internet for exchange rate) at the time?
For example, in the video 1USD=128.9YEN but was the market rate that day, same as ATM? Or could it have been slightly higher? (If it was higher, then ATM is hiding small fee behind it)
If you happen to know the date of this transaction, I was going to look up the exchange rate of that day and compare it.
Please let me know and this video was exactly what I was looking for🎉
@ISA, I used xe.com as a comparison for exchange rate. It’s about the same as xe.com. Sometimes it even beats the market rate which I don’t understand. The exchange rate is definitely better than using a visa credit card to purchase stuff which is at 0.5% hidden fee. This is the case with my Charles Schwab debit card using a 7-11 ATM machine.
@ISA, glad you find this video helpful. 👍🏻
@@INeedToTravel That is such a great rate! It's basically the same rate as the market then. I will be using 7 11 ATM with Charles Schwab.
Thanks for the reply!
Hi thanks for the video
If i have a debit card should i click on checking or saving ? Which one is better ?
@Franziska, I do checking because my bank doesn’t offer savings account. Most banks give you ATM access for checking. When in doubt, checking is better but there is probably no difference if your bank lets you use debit card and ATM for both accounts.
@@INeedToTravel okay thanks for the quick answer
Can we use forex card to avoid markup fees?
Sorry not sure what a forex card is. Debit card might be easier?
Can I walk into a Japanese bank with my U.S dollars and exchange it for Yen? If so, is it higher fee than going to ATM?
Not sure. Haven’t tried. Why not just use ATM at a 7-11? No need to line up and much easier
@@INeedToTravel I see what you mean…it’s just I have lots of cash…U.S dollars on me. Also my bank charges a high ATM fee on their side.
are there any fees for using a credit card (with no foreign transaction fees) rather than a debit card?
I believe if you use a credit card to withdraw cash that would be cash advance. Depends in your card charges interest and/or fees if you do cash advance. Debit card is a lot easier to be sure of low to no fees.
Credit cards’ cash advance also charges interest without grace period so it’s 100% not recommended and should be avoided at all cost.
Hi love the information! Question, I will be using a visa credit card (not debit) with no foreign transactions fees which account type should I select?
I believe if you use credit card it will be cash advance and your bank will charge interest like 24%? If you use a credit card just pay merchant with credit card. This ATM method is really for debit card.
@@INeedToTravel That make sense! One more question, if I use debit card and select Japanese yen when converting will it charge foreign fees?
@@dianazeng5554so vthe ATM machine itself doesn’t charge you foreign exchange fee if you choose JPY. It’s really your bank (like in US, Canada etc) that charges foreign exchange fee. I use Charles Schwab and they charged no foreign exchange fee at all.
@@INeedToTravelThank you!! Very helpful!!
@@dianazeng5554you are very welcome
What if I have US dollars in cash, where would I get the best rate to convert to yen? Someone told me there are machines in the airport that take cash for conversion. True? thx
@Edna Salinas, that’s a good question. I brought some usd cash with me to Japan but ended up never used the USD cash because the ATM’s exchange rate is so good. If usd cash to yen cash is your only choice, the rate is probably better at Japan. I’m not sure but at USA the conversion rate is 5% at Bank of America. ATM is close to 0%.
At Haneda Airport, there is a foreign cash to JPY exchange machine (Mizuho Bank) on 3rd floor departure lobby airside direction(but outside security check) of the check in counters. It is to the left of central security check (as you face airside).
It is next to the Mizuho Bank currency exchange window (to the left). The exchange rate for both machine and currency window is about 3 yen below the market rate which isn’t bad. There are no other fees and their profit is built into exchange rate. You are limited to 300,000 JPY at window, less at machine. They ask your name and flight number. Be sure your USD are new and not torn. They reject if bills are partially torn.
There is also a “Travelex” currency exchange which has much worse rates (about 10 below market). I’m not sure if they have a Mizuho currency exchange in Narita.
So the 220¥ fee at 7-11 is the cheapest? Because the exchange rate is the same everywhere, if you are smart and select the local currency so your own bank does the converting.
@Adrian Centra, yes 220 yen is the cheapest I can find. The exchange rate is based on the network you use, visa or Mastercard etc. At family mart ATM somehow the exchange rate is not as good even though it uses visa. So 7-11 (7 bank) is still the best.
Can you help me with my hypothetical?
So if I order foreign currency with my Bank (BOFA) before leaving to Japan, they don't charge me anything but offers a rate of 148 yen to USD.
If I went to Japan, pulled cash out of ATM, BOFA will charge me a 3% flat rate of the amount I pull out, and a $5 foreign ATM fee. My question is, what rate would the ATM give me IN Japan? Will it be the same Rate as what my bank would offer at home? Or would it be the rate of the VISA network like you mentioned when selecting the Yen button at the end?
Visa network. Basically slightly better than the rate you see on xe.com
@@INeedToTravel Thank you!
Do they hve exchange machine
Not sure. I wonder if the exchange rate is better than the ATM’s
Paying a transaction fee makes no sense. In the UK i can exchange my GBP for YEN with no fees. Plus the minute amount extra you’d get from an ATM after paying a transaction fee is financial suicide. It’s easier to change up in your own country before because currency fluctuates. It’s always going to be a game of chance either way with exchange rates. In conclusion…do not pay a transaction fee,bring your cash or use a fee free credit card.
@Michael Lipman, thanks for sharing the story for the UK. In US, currency exchange easily charges 5% which is why it’s better for US folks to get cash in Japan when we travel over there.
@@INeedToTravel I didn’t know that. It makes sense then for US citizens to use your method if they can’t get zero commission at their end.
Yeah I'd rather pay that $2 fee than $50 in bank commission for exchanging $1,000. Which is what I did years ago 😆
Michael, is it best to exchange GBP for Yen in England ? Also does Japan mainly use cash ? Thanks
@@yastube27 most of the ramen and udon stores still only take cash or maybe Pasmo. Other than that, convenient store, restaurants, museums mostly take credit cards.
I have a Korean credit card since I live in Korea. Is the seven bank good for that as well? I'm trying to not carry cash since I don't want to convert it one time and then come back to Korea and then convert the rest of it back to Korean won.
@2Abdullah, you could but I won’t recommend using a credit card to withdraw cash from an ATM as I believe it’s a cash advance which probably charges crazy interest rate. That’s my only concern. It’s best to use a debit card that doesn’t charge you foreign exchange nor foreign ATM transaction fee.
Hello, great video! Question, I am curious if you happen to know what the the maximum withdrawal is per transaction at the 7/11 atms? Thank you !
@Dsauce, that I don’t know but your debit card has its own daily withdrawal limit. I’ve tried 50,000 yen in one transaction.
I just did the 100,000 yen withdrawal yesterday and normally my bank only allows me to withdrawal $500 per transaction in the states but it was over $700 on the statement. Not sure if you can do more than that per day or not but hope that helps.
@@Nighteye88 wow thanks! Good to know! I wonder if there’s a separate international debit limit
@@Nighteye88 thanks for the info as well
Does it matter if my debit card has foreign transaction fees or not?
@Evan Wang, yes because your bank’s debit card foreign transaction fee is separate from the ATM fee in Japan. That said if you use a debit card that has no foreign transaction fee like Charles Schwab, you are all good.
Big G
Do i need to infrom my bank before travel and is there an max withdrawel each time?
@juleelee732, yes there’s is a limit. Inform the bank online for travel notification or give them a call.
Is it possible to buy SUICA card at Haneda airport…. Like at a booth with an attendant or customer service representative using my U.S Visa credit card? I heard vending machines won’t accept Visa credit cards to buy SUICA card
That I am not sure. I got my suica card on my iPhone before I went to Japan. You can get a suica card on your Apple wallet, and then use a US credit card to add fund to your suica card. It’s very convenient.
@@INeedToTravel did you add your Visa credit card to Apple wallet or Mastercard? I thought foreign Visa credit cards don’t work online in Japan? I read they said it works in person only. I use android phone(Pixel) but will bring a spare iPhone with no SIM card there just to use SUICA digital app if possible. I just need to know if a Chase Visa credit card works on Apple Pay to load SUICA card with $ before going to Japan.
@@inquisitvem6723that’s a good question. I’ve tried many cards and only Amex gold and BILT (Mastercard) credit card work for me. Chase Sapphire Reserve didn’t work. I researched online it had to do with some security feature stuff.
@@INeedToTravel ok. I will get a Mastercard(Capital One Quicksilver)with no foreign transaction fees so I can add it to my Apple wallet knowing it will be accepted. I will open a Schwab checking account and it comes with a no fees atm card.
@@inquisitvem6723have a nice trip!
Is there a way to check online the conversion rate of the atm in japan?
@OreoReese, no but it will be similar to what you see on xe.com