Job Discussion Forums

RandCiel · Joined: 24 Sep 2004 Posts: 9 Location: Nishinasuno

Hi all,

I'm starting a position with ECC in about a week and I had some questions on currency. ECC advised me to come to Japan with all the money I would need for my first month (approx $3000) already converted into Yen. However, what I've seen on the forum here I would be getting a less favorable exchange rate than if I exchanged that money once I'm in Japan.

Can I expect to be able to exchange that much cash at Narita airport? Should I exchange only what I need for the first couple of days and then exchange the rest at a currency exchange shop/bank in Tokyo? (Basically which would have the best rate: airport, exchange shop, or bank in Japan?) What hours do exchange booths in Narita airport typically keep? (I'm arriving around 5-6 pm.)

Also, I've heard that Citibank is in Japan. To those who have a Citibank account: if I open an account at Citibank in the US, will I be able to use that account in Japan as well? (I've been a bit confused trying to get answers from my local bank.) Could I expect to deposit my paychecks from teaching English in that account and then be able to access that same money through my US debit card/checking account to pay bills/student loans in the US?

Thanks for the help in advance!

Mahik · Joined: 12 Sep 2007 Posts: 89

From my experience, either the Airport or ATM's will have the best rates. If going the route of the Airport, then traveler's checks get the best rates.

You don't need to arrive with Yen on hand, there's a currency exchange center at the airport.

Japan is a cash based society so I wouldn't be surprised if you could exchange that much, but even if you can't, I'm sure the limit is more than you could spend in a week.

From what research I did about Citibank this is what it is as I understand it, I don't know if it's correct. You would have a US based account and a Japan based account. Transfers between the two accounts would incur a fee (2%?). I also believe there's a certain minimum balance you have to have in the account. I'm not sure about any of this since it was so long ago, but I know I found the answers I was looking for on the citibank website. But I wouldn't expect the two accounts to be linked.

kimo · Joined: 16 Feb 2003 Posts: 668

Exchange at the airport - once you walk outside customs at Kansai or Narita, you'll find banks on either side. The rates are far better than the robber-baron rates in the U.S. and most other places.

Vince · Joined: 05 May 2003 Posts: 559 Location: U.S.

I checked out Citibank several years ago expecting it to be an easy way to link assets in the US and Japan. It turned out that there was a lot of red tape and fees. I found it easier to just have an account at a Japanese bank. Except for a monthly US payment that I made via intl postal money order, I operated almost exclusively in yen. When I got checks from the US for holiday gifts or whatever, I mailed them to my US bank for deposit into my checking account.