silliness

Has anyone had experience w/ changing US dollars to yen before travel to Japan? My daughter will be teaching w/ JET and is required to have $2,000 worth of yen upon arrival in Japan - not traveler's checks. Any ideas on getting a decent exchange rate would be appreciated.

janisj

There is no way to get a "decent" exchange rate. it is just a fact of life -- buying foreign currency is expensive. The normal way one gets cash is using ATM machines after you are in Japan - but that won't help if you need it before you land.

So just go to your bank and pre-order the ¥ - understanding you are paying a premium to buy them . . . .

silliness

Thanks janisj - my question should have been worded as "any ideas on paying the lowest fees?" rather than getting a decent exchange rate - since that is set daily.

janisj

You will pay approx the same fees anywhere - that is what I meant. Buying foreign currency in the States can't be done cheaply. I'd question the organization to see if there is some other option -- a letter of credit, a chance to get cash from ATMs after arrival, something?

Otherwise - just order from your bank.

doug_stallings

Actually, I can get foreign currency with a few days notice from Citibank without incurring any fees as a part of my checking account. Other banks offer similar deals. It's just that the exchange rate is awful, so the hidden, embedded fees are still high. I know Chase offers a similar foreign currency service. I don't think you can get around the fact that you'll have relatively high costs, especially if you don't live in a major city.

Have you tried a Japanese bank? There are several here in NYC and I suspect others in large cities. They might give you a better deal and might have yen on hand. Just a thought because I've never tried this.