Leslie Massey
If you're travelling to Japan, it's generally recommended to exchange your currency in Australia, as the Australian Dollar (AUD) is less commonly traded in Japan, which can lead to less favourable rates and additional fees. Australia has various foreign exchange providers, such as Crown Currency Exchange and KVB Kunlun, located in major cities like Sydney and Melbourne, offering competitive rates. Exchanging money in Japan can be done at airports, banks, or kinken shops, but rates may be less advantageous, and communication barriers may exist. ATMs are also widely available, but they may charge fees for cash withdrawals.
| Characteristics | Values |
|---|---|
| Exchange money in Australia | Better exchange rates, especially at KVB Kunlun, Everforex, Crown Currency, Worldex Pty Ltd., and Anying |
| Exchange money in Japan | Less favourable rates, additional fees, and hassle of finding a place that accepts AUD |
| Using ATMs in Japan | May be subject to international transaction fees and ATM fees; may be limited by withdrawal limits and monthly charges |
| Using credit/debit cards in Japan | May be beneficial for larger purchases, but credit cards are not widely accepted in smaller establishments |
| Using cash in Japan | Most convenient for smaller purchases, vending machines, and cheap food places; recommended to have a good supply of yen |
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What You'll Learn
Exchanging money in Australia vs. Japan: rates and fees
Exchanging money in Australia before travelling to Japan is generally recommended. The Australian dollar is less commonly traded in Japan, which can lead to less favourable exchange rates and additional fees. By exchanging your money in Australia, you can secure a better rate and avoid the hassle of searching for a place that accepts AUD in Japan.
Exchange rates and locations in Australia
When exchanging money in Australia, it is recommended to use a foreign exchange provider such as Crown Currency Exchange or KVB Kunlun, which offer competitive rates and have branches in major cities. Some sources suggest that exchanging money at banks in Australia may result in less favourable rates, while others recommend specific banks such as ING, Up Bank, UBank, or Macquarie for foreign currency conversions.
Exchange rates and locations in Japan
If you choose to exchange money in Japan, it is recommended to avoid exchanging large amounts at airports, as they typically offer less favourable rates and may include additional fees. Currency exchange services at Japanese airports usually have staff with some level of English proficiency, which can be beneficial for travellers who don't speak Japanese.
Within Japan, you can exchange money at major banks such as Mizuho and Sumitomo Mitsui Banking Corporation (SMBC), which offer currency exchange services at competitive rates. However, smaller banks may not provide this service. Official money changers, such as The World Currency Shop, can also be found in tourist areas and central business districts, offering competitive rates.
Other considerations
It is worth noting that Japan is a cash-based society, and while card payments are becoming more common, it is recommended to have a good supply of yen for various purchases, especially in smaller establishments that may not accept cards. Additionally, withdrawing money from foreign credit or debit cards in Japan may incur various fees, so it is important to consider these charges when deciding between exchanging money and using ATMs.
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Pros and cons of exchanging money at Australian airports
Exchanging money at Australian airports can be a convenient option for travellers, offering several benefits. Here are some pros and cons to consider:
Pros:
- Convenience and Accessibility: Airports offer a convenient option to exchange money right after landing or before boarding, eliminating the need to search for currency exchange services in an unfamiliar city. This is especially useful if you need local currency immediately upon arrival.
- Wide Range of Currencies: Airport exchange counters typically offer a variety of currencies, which is useful when travelling to multiple countries or less common destinations.
- Last Resort: If you haven't had the chance to exchange money before your trip, airport exchanges can be a crucial backup option.
Cons:
- Unfavourable Exchange Rates: Airport currency exchange services often charge higher rates and fees compared to other options. These higher rates can significantly reduce the amount of foreign currency you receive, especially for large sums of money.
- Limited Availability: While major airports offer a wide range of currencies, smaller or regional airports may have limited availability, resulting in higher rates due to reduced competition.
- Security Concerns: Carrying large amounts of cash, especially in a busy airport, can pose security risks and increase the chances of loss or theft.
- Urgent Decisions: Airports can be hectic environments, and travellers are often pressed for time. This may lead to hasty decisions without comparing rates and fees between different kiosks, resulting in less favourable deals.
When deciding whether to exchange money at Australian airports, it is essential to weigh these pros and cons and consider alternative options, such as using ATMs or exchanging money before arriving at the airport.
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Pros and cons of exchanging money at Japanese airports
Exchanging money at Japanese airports offers unparalleled convenience. As a traveller, you can exchange your money right after landing or before boarding your flight, eliminating the need to hunt for currency exchange services in an unfamiliar city. This is especially useful if you need to pay for transportation, food, or other essentials immediately upon arrival.
Japanese airports offer a wide range of currencies, which can be particularly useful if you are travelling to multiple countries or less common destinations. This saves you time and effort in searching for specific currencies in advance. Haneda Airport Passenger Terminal, for example, provides currency exchange services for currencies such as the Japanese yen, US dollar, euro, and Chinese yuan.
However, one of the biggest downsides of exchanging currency at airports is the unfavourable exchange rates and additional fees. Airport currency exchange services often charge a premium for the convenience they provide. These higher rates can significantly reduce the amount of foreign currency you receive, especially when converting large sums of money. Airports are typically busy environments, and travellers are often pressed for time. This urgency can make comparing rates and fees between different exchange kiosks difficult, potentially leading to less favourable deals.
Furthermore, smaller or more regional airports may have limited currency availability. In such cases, you might not find the specific currency you need or may have to deal with even higher exchange rates due to limited competition among providers. Exchanging large amounts of cash at airports can also pose security risks, as you may become a target for theft or other crimes.
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Exchanging money in Japan: banks and kiosks
Exchanging money in Japan is possible, but it may not be the best option. While you can exchange your money at kiosks and banks in Japan, there are a few things to keep in mind. Firstly, the Australian Dollar (AUD) is less commonly traded in Japan, which can result in less favourable exchange rates and additional fees. Secondly, exchanging currency at a bank can be time-consuming and is only available during the bank's opening hours, which are usually quite limited.
If you choose to exchange your money at a kiosk in Japan, there are a few options available to you. All of Japan's major airports have currency exchange counters in their arrival halls, and the rates are usually the same as those offered by banks. The staff at these kiosks often speak English, which can be helpful if you're not fluent in Japanese. Additionally, currency exchange machines can be found at tourist information centres and train stations across the country. These machines are typically open until late, offer multiple language options, and are generally easy to use. However, they may not provide the best exchange rates.
When it comes to exchanging money at banks in Japan, there are a few options to consider. Major banks like Mizuho and Sumitomo Mitsui Banking Corporation (SMBC) offer currency exchange services. You can use your Visa, Mastercard, Maestro, or Cirrus card at these banks. However, exchanging currency at a bank can be a lengthy process as you need to complete certain forms, and their hours are usually short, often closing as early as 3 pm. Additionally, some travellers have reported that the exchange rates at banks are not always competitive.
It's worth noting that Japan is still a largely cash-based society, so it's recommended to carry some cash on you during your stay. While credit cards are becoming more widely accepted, especially since COVID, it's a good idea to have a significant portion of your funds in cash. This includes having some Japanese Yen with you before you leave for your trip, which you can obtain from your local bank or a currency exchange office.
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Exchanging money in Australia: best providers
When it comes to exchanging money in Australia, it's recommended to compare exchange rates across a range of providers to get the best deal. The Australian market is dominated by the 'Big Four' national banks, but there are also global banks operating in the country.
Your bank or credit union will likely offer the best exchange rates, and many banks provide currency exchange services to their customers. While there may be a small fee for exchanging small amounts, your bank will almost always provide the most competitive rates. Some banks even offer free currency exchange.
If your bank doesn't offer currency exchange or doesn't support the foreign currency you want to exchange, you can consider a currency exchange store or a fintech company like Wise or Revolut, which offers multicurrency accounts.
In Australia, some recommended currency exchange providers include Crown Currency Exchange, Everforex Melbourne, KVB Kunlun (Sydney and Melbourne), Worldex Pty Ltd. (Adelaide), and Anying (Melbourne and Sydney). These companies offer competitive rates and convenient locations.
Additionally, Australia Post, Westpac, and Commbank also provide currency exchange services, although their rates may not be as favourable as those offered by the companies listed above.
It's worth noting that ATMs are widely available in Australia, and you can use major cards for purchases. However, carrying some cash is advisable in case you encounter locations that don't accept card payments.
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Frequently asked questions
It is generally recommended to exchange money in Australia before travelling to Japan. The Australian Dollar (AUD) is less commonly traded in Japan, which can mean less favourable rates and additional fees if you wait to exchange your money abroad.
Crown Currency Exchange is Australia's largest foreign exchange provider, with over 60 stores across the country. KVB Kunlun, with branches in Melbourne and Sydney, is also recommended for offering fantastic spot rates for those with AUD.
Currency exchange services at Japanese airports, such as Kansai Airport, are convenient for exchanges upon arrival. However, they often have less favourable rates and may include additional fees. Japan's bigger banks, including Mizuho and Sumitomo Mitsui Banking Corporation (SMBC), offer currency exchange services. Alternatively, a "kinken" shop may offer better rates than banks, but these stores may not have staff proficient in English.
