[Unit 2 Tips] – Money Matters while you are in Japan

When I moved to Australia, Japan was still pretty much a cash society with only big shops accepting credit cards but these days they accept not only credit/debit cards but also various electronic payment methods like Apple Pay and IC cards. Having said that, it is always good to have some cash handy.

Notes and Coins

There are 4 different notes (paper): 1000 yen, 2000 yen (very rare), 5000 yen and 10000 yen and

6 different coins: 1 yen (white aluminum), 5 yen (brown with a hole in the middle), 10 yen (brown bronze), 50 yen (silver with a hole), 100 yen (silver) and 500 yen (yellowy silver, biggest of all coins).

In English the Japanese currency is known as “yen” but in Japan, the “y” is not pronounced or written. So it is “en” and it is written as 円 or “¥” (Y with =) (500円 or ¥500). All of the notes and coins other than 5 yen coins have their value written in Hindu-Arabic numerals, but 5 yen says 五円 only. That is pronounced as “goen“.

“Goen” is a homonym with ご縁, “a good relationship”. Many people say if you have a 5-yen coin of your birth year in your purse, you will have good relationship with money! Thus, a 5-yen coin has been in my Japanese purse all my life. I can’t say I have abundance in money, but I have never had a time when I did not have the money to buy what I needed at the time. So maybe it is working!

Travel Cards Pros and Cons

Many banks offer various travel cards. Some support multiple currencies and you can put foreign currencies when the exchange rate is good.

However, the exchange rates they offer may not be the best. Even if they say no fees, if the exchange rate is not favourable, it may not be the most economical option. Make sure to read the fine prints and get a calculator out and do some simulations. Choose wisely!

Withdrawing Cash

Many people take a travel money card to access local currency overseas but I recommend Australians to get a key card with a “Plus” or “Cirrus” sign, connected to your savings (not credit) account and take it with you to Japan. So far, I have found that withdrawing money from a local ATM with a key card connected to my savings account in Australia and paying ATM access fees turns out cheaper than using a travel card as travel cards’ exchange rate is much, much worse than that of a key card (banks don’t tell you that! If in doubt, do the calculation yourself). In other countries the situation may be different, so I advise you to check what would be the best option for you.

Whether using a travel card or a key card, as long as the card has a “Plus” or “Cirrus” sign, you can withdraw cash from an ATM with a “Plus” or “Cirrus” sign. Not all banks have one but Post Offices and convenience stores such as 7-Eleven and Lawson do. ATMs located at some large banks operating nation-wide also accepts cards with a “Plus” or “Cirrus” sign. Having said that, ATM’s are not necessarily accessible 24/7. ATM’s placed in Post Offices and banks will be behind shutters late at night and during weekends. Those inside convenient stores will be physically accessible, but there may be time-slots when you cannot withdraw money especially on public holidays and/or during long weekends. So be aware of public holidays in Japan!! Public holidays in 2023 are listed here.

ATM access fees are different depending on where you withdraw from, the time of the day and/or the day of the week. If you withdraw during the business hours from an ATM in a post office, fees are the lowest. Japanese post offices have a 〒 sign, so it’s very easy to spot!

Exchange in Person

Of course, you can use “foreign exchanges corners” in many cities, major hotels, etc. You can exchange money in most banks as well. Be aware, though, banks usually close at 3 pm weekdays and stays closed over weekends and holidays and exchanging cash to cash attracts higher fees and a less favourable exchange rate.