Job Discussion Forums

[Yakamo]

Hello all.

I know this topic has been brought up before, but I would like to get an up-to-date answer or piece of advice on what I should do.

I'm getting ready to make the move to Japan this Sunday (March 15th '09) and I'm not sure what I should do about the money I've saved up in the bank. I've got about $4500 and I obviously need to turn it into Yen. Should I just go to the bank and Withdraw most of it and carry in cash with me to Japan? Is there a limit on how much I can take with me when I go through customs?

Or...

Should I turn the amount into travelers cheques and cash them at a local Japanese bank once I get settled? I'm leaning toward just making a big withdrawal of Cash and taking it with me...but again I'm worried about customs and of course carrying around that much money...

Any advice would be helpful. Thanks.

[basilbrush]

How much money do you need to begin with (eg to pay rent up front etc.)?
Maybe change however much you need to begin with plus 100 bucks or so for an emergency, then go to a cash machine when you get here, do you have an atm card?

Unless you're going straight into the countryside or someplace where there won't be international cash machines.

[fhsieh]

Going through customs won't be a problem, at least with that amount. Typically it's only if you travel with >$10,000 (or equivalent) that you need to declare it.

You should find out if a currency exchange is available in your area, and what rates and fees they charge.

Travelers cheques are nice for security, and most banks have them on hand. But you should know that some banks might charge a fee for issuing cheques, and might limit how many cheques you can get at a time. Also, they're almost always issued only in USD, meaning once you arrive in Japan, you will probably be charged another fee/comission for the currency exchange from USD to JPY.

IIRC you can order travelers cheques issued in JPY denomination, but probably not on such short notice, and again probably with a limit on how much you can order at a time.

You can always play it safe and do a little of everything, if you aren't clear on what fees you may or may not have to pay. But as above, you should probably have enough to pay the initial fees for your apartment (so that your move-in isn't delayed), and then ￥10,000-20,000 for the first week or two.

For reference, if you're flying into NRT, there's a currency exchange desk and a Citibank ATM at the arrivals level in Terminal 2.

[Apsara]

[fhsieh]

Yes, travelers cheques do come in the major currencies (USD, GBP, EUR, JPY, etc). But most US banks only carry USD denominations. Any other currency denominations have to be special-ordered. Travel agencies might have some JPY TCs, but probably not very much, and they'll certainly charge a fee.

[Apsara]

Ah, I see. In NZ at banks or Thomas Cook offices you can get them in various currencies without any difficulty, so apparently it does depend on the country.

[Yakamo]

I will need enough for my First 2 months rent, rental fee, and then general expenses for food, hotel, transportation, etc.

So you are saying wait until I get to Japan and exchange it there?

I'm assuming based on everyone's answers, that withdrawing a large amount of cash here and taking it with me would be a bad idea.

[Apsara]

No no, not necessarily. It is normal to carry a lot of cash around in Japan and it is probably about the safest country in the world in which to do so- as long as you trust yourself not to misplace it!

As long as your bank doesn't charge a huge transaction fee though, just using an ATM seems like the simplest way to go these days- that's what I would be doing. Traveller's cheques are way more trouble than they are worth and pretty outdated IMO.

[fhsieh]

Depending on your schedule once you arrive (if you'll be staying in a hotel temporarily or will be moving into your apartment right away), bringing the cash with you may be the prudent choice. While you should be able to access your account using an international ATM, you may find you have a daily withdraw limit, which could make paying your apartment deposits very difficult.

For what it's worth, I am withdrawing my money, having it exchanged locally, and then bringing the yen with me to Japan. It's certainly more risky, but as Apsara said, most (if not all) of the risk is from you unintentionally misplacing it.

[G Cthulhu]

[Khyron]

[fhsieh]

[Khyron]

[Yakamo]

Ok, I guess I should have clarified that I am currently in America (and from America of course).

As it stands I am going to have to take out about $3000 in cash and take it with me to Japan. I will need $1500 for 2 months rent and service fee, and the rest for food and transportation. My only other option I guess would be to take out $3000 USD and change it to TC's, leaving about $1000 in my bank at home.

I currently bank with Bank of America, so I am using a Visa debit card.

::Update:: I called the bank closest to me, and it looks like I wouldn't be able to get TC's in foreign currency in time, so I would be getting TC's in USD. I suppose this would be a problem so my only other option is to withdraw a large amount of cash and not lose it. Any ideas? Or am I at the end of the line here?

::Update:: Yep, called the travelex exchange at the airport and they're not open on the weekends, so I'm going to have to withdraw USD and exchange it when I get to Narita Airport.

Your thoughts?

[markle]

Sorry,
I wrote a response but never got a chance to post (ahh kids are great aren't they)
Anyhow.
Check your bank. Make sure you are on either a Maestro/Cirrus or Visa system (My guess is Visa) then withdraw the cash you need from an international ATM at a Post Office all over Japan.
Simple.
Exchanging money at Narita is the modern day equivalent of Daylight robbery. only do small sums if you have to.
My advice.
Keep your money in the bank back home. Bring enough for a couple days @$2-300. Go to PO, withdraw what you need. Once here you'll have a much better idea of what you'll need etc.

Enjoy.