Where Do You Go to Exchange Your Money (Yen)? Here or Japan?

FlatEarth on 26/05/2018 - 16:54

Hey all,

Looking to go on a holiday soon to Japan. Would you recommend exchanging money in Australia or Japan?
If Australia, are there any money exchange places in Melbourne which you recommend to exchange AUD to YEN? Looking to convert around $5000.

I know a couple (Auspost, Travelex, Travel Money OZ), but I'm not too sure how much fees would be as opposed to exchanging them in Japan.

I've also heard on online exchange websites such as TorFX, but am hesitant to use it as it may turn out to be a scam.

Any advice would be greatly appreciated.

Travel

Comments

  • yk300 on 26/05/2018 - 16:58

    Japan. I have not been to Japan but it is almost always cheaper to exchange in the country you are visiting.

  • subywagon on 26/05/2018 - 17:40
    +2

    I just withdraw it from the atm over there using my ing card.

  • Chookt on 26/05/2018 - 17:50
    -1

    Definitely japan. Just exchange at one of the places at the airport.

  • imolared on 26/05/2018 - 17:50

    Just got back from Tokyo, used my ING card exclusively, so convenient to withdraw funds from any ATM. Also used it to topped up my Suica card on my iPhone.

    Weird though, when I took out cash, it looks like I got over double the withdrawal fee rebate..ie. took out 10000 yen which is equals to AU $ 125.88 at the time and on my statement it shows negative $2.50 international withdrawal fee and then also shows credit $2.50 fee rebate and another credit for $2.66 fee rebate. Not complaining.

    • plmko on 26/05/2018 - 19:52

      $2.66 is the ATM fee. It's been mentioned that places like 7-11 have stopped giving free withdrawals.

      • imolared on 26/05/2018 - 21:40

        Ok but it still doesn't explain the extra $2.50 credit that also shows up on my account.

        • plmko on 26/05/2018 - 22:08

          $2.50 is the international transaction fee that is rebated. There are two separate bank fees here, one to 7-11 bank 220yen and one from ING $2.50.

  • pao2x on 26/05/2018 - 20:05

    ING in Japan. As long as you meet the rebate conditions

  • shanakatak on 26/05/2018 - 20:53

    Based on my experience the past few times, exchanging cash is a pain and gets you bad rates in Japan. Withdraw directly from your account.

  • Olokun on 26/05/2018 - 21:12

    If you want to exchange in Melbourne have a look at http://www.everforex.com/en/ , located on Collin’s near the corner of Swanston.

    I do however agree that exchanging most if not all in Japan.

  • altomic on 27/05/2018 - 00:04
    +1

    why are you even exchanging money?

    withdraw from an ATM with the appropriate fee free travelling card at the airport when you arrive.

    source : former resident of Japan and frequent visitor.

    username checks out.

  • Killua on 27/05/2018 - 20:28

    But how’s about the exchange rate? I believe the exchange rate of the exchange shop is better than the bank? Does it worth the free international transaction or international withdrawal fee?

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