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Changing currencies in Japan

Kuala Lumpur
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Changing currencies in Japan

Hi there,

We travelled a bit last year and have various currencies i.e. British Pound, Euro, Swiss Francs, Canadian Dollars etc.

Our question is, can we buy Yen in Japan with above different currencies at the same time? We're thinking of using up these left-over currencies from our previous trips and wondered if this is ok with Japanese authority.

Where would be the best place/organisation to change currencies?

Thanks in advance for your input!! Cheers!

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Hong Kong, China
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for Hong Kong, Osaka
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1. Re: Changing currencies in Japan

Why do this in Japan then? You might as well exchange back to your own currency for use in Malaysia.

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Toronto
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for Tokyo
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2. Re: Changing currencies in Japan

Yes you can, but you will find the rates quite awful compared to KL

narita-airport.or.jp/exchange_e/index.html

Kanazawa, Japan
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3. Re: Changing currencies in Japan

If you already have the overseas cash, then converting it back into Malaysian money and then taking that to Japan to convert into yen will almost certainly be a worse idea, since you need two sets of commissions and two sets of buy-sell disadvantages in conversion.

I shouldn't imagine there would be a problem with converting money that is not your national currency. But not all banks will change money for you. You will need to show your passport as well, and it might take a while.

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Hong Kong, China
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4. Re: Changing currencies in Japan

My point is I assume you had converted originally from Ringgit to those currencies. Just convert them back to Ringgit for home use. There is no reason to bring all the loose currencies to convert them to Yen. You might lose on exchange rate and spend a lot of time waiting for this transaction to finish when you should be out sightseeing.

Kuala Lumpur
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5. Re: Changing currencies in Japan

Well folks, the way I think is this :-

1. I have to purchase Yen for my trip to Japan.

2. either I convert fresh Ringgit to Yen or use my foreign currencies to

convert to Yen. Preferably, I'd like to make the best use my foreign

currencies and I don't want to keep them anymore.

3. if I convert my foreign currencies in Malaysia for Yen, I think the money

changer will still do the double conversion i.e. firstly Foreign Currency to

Ringgit and then Ringgit to Yen. I'll technically be hit by 2 sets of

commission.

4. However, if I convert my foreign currencies to Yen in Japan, then I believe

I'll be charged only 1 commission for converting each foreign currency

to Yen.

5. The foreign currencies each are a reasonable amount, not exactly loose

change which might annoy the bank/moneychanger..

Of course,my concern is the exchange rate (attractive???) and the ease of conversion in Japan. Will there be too many questions asked? Is it a tedious process? Which banks will provide the conversion?

Maybe I'll just bring along 1 or 2 major currencies for conversion?? Maybe the whole exercise is not worthwhile and I'm not really saving?

Thank you for your advices. Cheers!

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Netherlands
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6. Re: Changing currencies in Japan

If you decide to do it, do it in Japan ...

I once converted pounds into dollars on Schipol Airport in Amsterdam, only to find they converted it this way: pounds - euros - dollars .... it cost me a lot of money!!

edit: I'd simply give it a go at the airport ....if it takes too much time, you'll soon find out ant you can forget about it ... or donate the money to some good cause, any airport collects any foreign money after all ^_^

Edited: 14 July 2012, 21:41
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Kuala Lumpur
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7. Re: Changing currencies in Japan

Hi Meyem,

Yes, I thought so. The money will be converted back to the currency of the money changer's country of residence before it gets converted to the foreign currency that you want.. Thank you for confirming this.

Cheers!

Toronto
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8. Re: Changing currencies in Japan

If you bothered to look at the currency exchange rates at Narita airport I posted above, you would have noticed that the the buy/sell rate differences are 24% for CAD, 22% for GBP, 8% for CHF and 6% for EUR , for currency notes.

That means if you exchange your money in Japan, you lose about 12% exchanging CAD, 11% for GBP, 4% for CHF and 3% for EUR.

I am certain you will still be better off paying twice the commission exchanging CAD and GBP at one of the many currency kiosks at Bukit Bintang.

In Japan, exchange money at the airport. Otherwise, allow 20-30 minutes if you go to a bank or post office in town.

Edited: 15 July 2012, 02:37
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Narita Airport
Narita Airport
Narita, Japan
Kuala Lumpur
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9. Re: Changing currencies in Japan

Thanks bibimbob, point taken.

10. Re: Changing currencies in Japan

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