Japan trip - currency query

[mandja]

Just back to Oz from Thailand. In Bangkok, exchanging $AUD to Baht is a breeze at many street-level Forex booths. Also ATMs abound to get Baht from my CBA account. Exchanging AUD to Baht at BKK is possible but rates bnot nearly as good as in city/

Son is off to Japan and has CBA debit card. What should he do to get best rates of Yen?
Should he take AUD currency? Use ATM card? He has no Credit Card

 

[Himeno]

What sort of 'debit card' is it? Does it have a visa/master card logo on it?

If it is like a visa debit card (which I use), the ATMs and shop card readers (where they exist) will work fine.
Note: Most ATMs in Japan are not connected to the global banking network, although this is improving, you will generally need to find a ATM owned by 7&i bank (7-11) or JPBank (Post office) for the ATM to read an internationally issued card. Many shops will not take card at all.

When traveling, I normally exchange any notes I have at the airport on arrival, then visit ATMs as needed.

 

[RooFlyer]

I haven't used a CBA debit card for some time, not least because they charged very high 'transaction fees' on foreign exchange transactions. I think they still do, but stand to be corrected.

When is son travelling? Ideally he (or you) can apply for a Citi debit card, or a Bankwest one, where you can load the account up with A$ before travel, and use it in ATMs for cash or use it on 'eftpos' terminals worldwide and get FX rates very close to spot and in most cases, with ATMs, no fee charged.

I note Himeno's comment re paucity of international-transacting ATMs - worst case son would use the Citi card at the airport on arrival and get yen cash at great rates and use that as much as possible. Having a Citi card will also set son up for other international travel going forward.

 

[slinky123]

My daughters went to Japan recently, and took just Yen. Japan is very cash based and many places don't accept cards. We got currency from Raffles in Elizabeth St ( I notice you are in Melbourne). The rates were much higher than the banks, which generally have the worst rates of all, ( Other than the airports of course).

 

[mandja]

"I haven't used a CBA debit card for some time, not least because they charged very high 'transaction fees' on foreign exchange transactions. I think they still do, but stand to be corrected.
When is son travelling? Ideally he (or you) can apply for a Citi debit card, or a Bankwest one"

He is leaving in 4 weeks so prob wont get another card.
Re CBA fees - they charge "$5 plus 3% internationally" - so maybe this is ok

"We got currency from Raffles in Elizabeth St ( I notice you are in Melbourne)" - I have used Raffles, and yes they are good....but son is in Sydney...suggestions?

 

[serfty]

Four weeks is plenty of time to get a Citibank plus debit card.

You get market rate with no fee at overseas ATM's. No $5 fee, no 3% arbitridge.

 

[juddles]

Am in the same situation (child going to Japan)

On advice from the school we have got her a Commonwealth "Travel Money Card" - it seems to me it is a debit card that you pre-load with the applicable currency - in this case yen.

Any advice for this situation? (school trip)

 

[RooFlyer]

At the end of the day, a one off trip using the bank of Mum and Dad, the CBA card is probably OK.

But again, if they might be traveling some more, get 'em a Citi Plus Debit ( will probably have to bed in your name). Tops up via the internet in 3 days and you can see transactions on the phone application within 24 hrs ( and mostly much sooner).

 

[mandja]

Four weeks is plenty of time to get a Citibank plus debit card.

You get market rate with no fee at overseas ATM's. No $5 fee, no 3% arbitridge.

I have just read the terms of the Citibank card and it says

"Citibank Debit Card – transactions International Transaction Fee 2.50%
We charge you an International Transaction Fee of 2.5% on the AUD dollar conversion of any transaction made in
foreign currency. This amount includes a service and assessment fee payable by Citibank to the scheme (where
applicable"

Isn't this "arbitridge"?

 

[Strategic Aviation]

I have just read the terms of the Citibank card and it says

Local & International Payments and Foreign Currency Services (Excludes Citibank Plus Transaction and Citibank Online Saver Accounts)

Note (Excludes Citibank Plus Transaction and Citibank Online Saver Accounts)

 

[lakeman]

"
"We got currency from Raffles in Elizabeth St ( I notice you are in Melbourne)" - I have used Raffles, and yes they are good....but son is in Sydney...suggestions?

If he has time I believe there is a similar place in or near the QVB.KVB Kunlun
@juddles , I thought the travel cards also had high transaction costs.There is a choice article around somewhere.
If its only for a few hundred dollars I just use a suburban travelex which works out the next best option to citibank and the rafles type shops and if you have a commbank card , there are atms available at post offices, bigger railway stations and airports for the usual overseas fee

 

[RooFlyer]

There are a couple of threads here on the Citi Plus debit card ( and also I think on the Bankwest equivalent).

I use it all around the world - FX always very close to spot and usually no ATM fees ( Sth American countries are often an exception, as are non bank ATMs).

I use it at ATMs and in stores overseas just like I use a debit card in Australia, no worries of extra fees etc ( as long as you research ahead in respect of particular banks).

 

[vetrade]

Four weeks is plenty of time to get a Citibank plus debit card.

You get market rate with no fee at overseas ATM's. No $5 fee, no 3% arbitridge.

Four weeks should be enough but Citi have been known to be tardy with processing applications and they might not make it clear that it is is important to visit a Post Office to get your ID confirmed (+ passport sized photos IIRC) - Citi often knock back the online ID you can do at the same time as the application so don't let this cause delays.

If you know approximately how much yen your son should need (depending on his length of stay) you can easily get the best rates, or close to it, by ordering online with Travelex with pickup at your local PO. Note you only get the best rates if you do it online.

 

[Strategic Aviation]

There are a couple of threads here on the Citi Plus debit card ( and also I think on the Bankwest equivalent).

There is even a recent thread about Citibank Plus Card in Japan

The Bankwest Zero Platinum credit card is similar in terms of fee-free foreign currency transactions, but is not equivalent in terms of foreign currency cash withdrawals.

ING Orange Everyday is now similar to Citibank Plus (actually superior where ATMs charge fees), but has requirements in order to qualify for the Australia/worldwide ATM fee rebate.

ING - No International Fees + Fee Free ATM Withdrawals Worldwide (Orange Everyday & Orange One)

ING Direct - ATM Fee Rebate Success?

 

[drron]

As has been said Japan still can be in many places a cash society.Instead of changing cash here do it in Japan.To compare this isone of the exchange places at NRT to compare with what you get here.
Today's Exchange Rate | Currency Exchange｜GREENPORT AGENCY Co.,ltd
It is best to exchange at airports as much better rates than hotels.Can get a little better rates at banks but it is a real hassle so I have given up on this.Credit cards are more able to be used now.Really have no idea on debit cards.But with CCs and the convenience I carry less cash than I used to in Japan.

 

[ermen]

I don't carry cash anymore.
I just bring my Citibank Plus Debit Card.
Only exception is Bangkok.

 

[serfty]

Am in the same situation (child going to Japan)

On advice from the school we have got her a Commonwealth "Travel Money Card" - it seems to me it is a debit card that you pre-load with the applicable currency - in this case yen.

Any advice for this situation? (school trip)

The exchange rate arbitrage used to preload these cards is often in the 5% range.

Only cost effective if the AUD forex rate drops by that or more after preloading. (Unlikely)

 

[serfty]

Isn't this "arbitridge

Yes it is, but as pointed out by @Strategic Aviation , it does not apply to the Citibank Plus Debit card.

 

[Deleted member]

Unless something has changed recently, I would take a sizeable amount of my needs in cash (¥) and get it before you leave Australia , the exchange rate is better from here. Keep your cards for hotels and major chain stores, and my card of choice is 28 Degrees MasterCard.

 

[slinky123]

As has been said Japan still can be in many places a cash society.Instead of changing cash here do it in Japan.To compare this isone of the exchange places at NRT to compare with what you get here.
Today's Exchange Rate | Currency Exchange｜GREENPORT AGENCY Co.,ltd
It is best to exchange at airports as much better rates than hotels.Can get a little better rates at banks but it is a real hassle so I have given up on this.Credit cards are more able to be used now.Really have no idea on debit cards.But with CCs and the convenience I carry less cash than I used to in Japan.

Wow, that rate for AUD-YEN is so bad, I can't say I've seen anything under 80 for a while though being the airport, its low as expected. . Even CBA who is usually one of the lowest is selling at 83.4 today.