Cheapest way to exchange US Dollars for Japanese Yen in the UK
I'm planning a trip to Japan and will need a fairly large amount of Yen banknotes to pay things like hotel bills, since Japan is a cash-heavy economy.
I have some US dollars sitting in an American bank account and I'd like to use these to buy the Yen I need. However I'm in the UK, and (as far as I know) all currency exchanges here only exchange to/from GBP.
The only options I can think of are:
Move the money to my UK account (in GBP) and buy the Yen cash in the UK. Doing two currency conversions is likely to be expensive though.
Use my US debit card to withdraw Yen from an ATM on arrival in Japan. My US bank charges 3% for foreign ATM withdrawals so this might be expensive too.
Is there a cheaper option?
Best Answer
The worst you can do is getting out the dollars and using them in the UK to buy yen. You pay for getting your dollars changed to pounds and then you pay again to get your pounds changed to yen.
The slightly better option is to bring your dollar notes, gotten in the UK from your USA bank, to Japan, so you only have one set of exchange rates and costs.
Better still, use the US account to get yen out of the ATM in Japan. Check with the US bank if there is a best brand of ATM/bank in Japan for the lowest fees.
Why not use your card to pay direct in Japan?
Yes, they do still use cash more than in other countries. But most main hotels and many small ones do accept payment by card as do many of the restaurants.
You will want to have some cash, say enough for a couple of nights in a hotel and a couple of meals, and if you do not need it before, use that money for your last days in Japan.
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Where can I exchange dollars for yen?
Your bank or credit union is almost always the best place to exchange currency.- Before your trip, exchange money at your bank or credit union.
- Once you're abroad, use your financial institution's ATMs, if possible.
- After you're home, see if your bank or credit union will buy back the foreign currency.
Is it better to exchange money in US or Japan?
For instance, you will get a better exchange rate for yen in Southeast Asian countries than in Japan. But if you are traveling from the United States, definitely wait to exchange your money. You will get a much better rate in Japan for your dollars than in the US.What is the cheapest way to convert currency?
5 Cheap Ways to Exchange Currency- Stop by Your Local Bank. Many banks and credit unions offer a foreign currency exchange service for a fee. ...
- Visit an ATM. ...
- Consider Getting Traveler's Checks. ...
- Buy Currency at Your Foreign Bank Branch. ...
- Order Currency Online.
Where is the best place to buy Japanese yen?
The Best Places to Buy Japanese Yen in the USA- Bank. You can buy Japanese yen with dollars at major banks like Wells Fargo and Bank of America. ...
- Foreign Currency Exchange. Money changers can be the cheapest way to buy yen . ...
- Airport. Yes, you can buy currency at the airport.
How to exchange dollars to Japanese yen | $ to ¥ Exchange money dollars to yen Money exchange in Jpn
More answers regarding cheapest way to exchange US Dollars for Japanese Yen in the UK
Answer 2
You could open a bank account in yens (or add a subaccount in yens to your existing account) and get a forex company offering international wires to exchange your USD and deposit the yens into it. This is very likely to be too big a hassle for a single vacation as the KYC regulations will make establishing a relationship with a forex company a bit of a process. But, if you are planning on spending many thousands, ten thousand and up, even, then it's certainly worth saving a couple hundred dollars.
Now to which company to use, that's not for this site to recommend. A very frequent answer would be Transferwise but they can only wire JPY to a bank account in Japan which is impossible to get without residency in Japan. And the card for their borderless account charges 2% for cash withdrawals. No win there. I love Transferwise to pieces but here they are not much of a help. A huge list can be found on https://www.finder.com/international-money-transfers/a-to-z-listing and they have a comparison tool as well but it doesn't take into consideration your special requirement of wiring JPY to the United Kingdom so even if you see a great rate that might not be available. With Transferwise out, I would (in 2019, this might get outdated) check out OFX and XE first but it's up to you to do the research. You now have three keywords to type into Google (OFX XE Transferwise), work from there.
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