What is the best way to exchange U.S. dollars for Yen in the U.S.?

Question

I'd like to have about 100,000 Yen with me when I go to Japan in March. The market rate as of today is .008227. However, if I make the exchange through my bank (Wells Fargo) they will only give me .008584 plus they will charge $8 on top of the 4% rate difference. Is there any way to avoid the $8 charge and/or the 4% rate difference between market and Wells Fargo? I imagine the rates in the airport are even worse.

Answer 1

Banks always have the best exchange rate. If you don't like Well Fargo's rate, then ask another big bank.

Answer 2

yes, the airport is worse. why don't you buy a little money at the local bank and then when you go to Japan just go to the American Embassy or just the local bank. Sometimes the hotels will allow you to exchange a certain amount. Also they do have ATM machines there too!! so there is a exchange rate ...it will do in a pinch.
If you have any Japanese friends ask them as most of theJapanese or other nationals are looking for a better exchange rate then the banks..its worth asking your friends and relatives if you have any in Japan.

Answer 3

Most banks do charge some fee in the form of a percentage to exchange currency (which is how they make a profit off of it), and without question the currecy exchange booths at the airports will give you the worst rates imaginable.

I would suggest taking a small amount of Japanese currency with you to tide you over just for a day or two, and then take your money directly from an ATM. Most post offices in Japan have ATMs that accept foreign cards, and banks with international offices like Citibank will have ATMs you can use (local Japanese banks will often not accept foreign cards). By getting your money directly from the ATM, you usually get the best and most current exchange rates and the fees (if any) are pretty minimal.

Answer 4

3 things to consider:
1. Credit cards are much more widely accepted in Japan than just a few years ago. The exchange rates are generally excellent, though you will want to call your credit card company to ask if they tack a premium on the exchange (this has quietly become more common). I use my AmEx wherever I can in Japan. Visa is second. Cash is the last option.
2. Travelers checks give you a small bump in the exchange rate in Japan (whether airport or bank) . This is because the institution can hold them before redeeming them and can thus time their exchange.
3. Postal money orders are a great option if you are determined to carry 100,000 yen. (www.usps.com) I've found that I don't need nearly that ammount these days, but if you are travellng outside one of the major cities it may make you feel more comfortable.

Have a great time.

Answer 5

Go to the local Post Office and get a couple of "International Postal Money Orders" they have a $700 (USD) max but you can get more then one. Change enough money at the Airport just to have some til you can get to a Post Office here in Japan. The Post office will charge you $3.45 per Order but they give you the current exchange rate here in Japan. This is the way my family sends me money for Birthdays, Christmas, ect. More info at the link below. (If your not from the U.S check with your countries P.O)

EDIT: I notice you are indeed in the U.S

Answer 6

I would not worry about it in the US. The rate at the airport in Japan is always better than the rate in the US and it is easy to do at the airport when you arrive. Tokyo, Osaka, and Nagoya airports all have money exchanges that are open when flights arrive from the US (Unless it is very delayed)

Answer 7

Airport