Brandon Lee
Japan is known for being a cash-based society, with cash being the most popular payment method, especially for small amounts. Yen is the Japanese currency, and it comes in six types of coins and four types of paper money. Foreign currencies are not accepted for payments in Japan, except at major international airports. However, it is easy to exchange currency into Japanese yen once you arrive in the country. Most major Japanese banks now accept international cards at their ATMs, and big banks like SMBC, MUFG, and Mizuho offer currency exchange services.
| Characteristics | Values |
|---|---|
| Currency in Japan | Yen (円, en) |
| Denominations of Yen | Coin: 1, 5, 10, 50, 100, 500 |
| Paper: 1,000, 2,000, 5,000, 10,000 | |
| Exchange of currency | Currency exchange counters at international airports, banks, and some hotels |
| World Currency Shops | |
| ATMs at major Japanese airports | |
| Branches of major banks like Mizuho Bank, Mitsubishi UFJ Bank, and SMBC Banks | |
| Japan Post Bank ATMs located nationwide | |
| International branches of your bank in Japan |
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What You'll Learn
Currency exchange at Japanese airports
Japan is known for being a cash-based society, so it is recommended that you carry cash during your stay. Foreign currency can usually be exchanged at exchange counters, banks, and some hotels, and World Currency Shops are dotted around the country.
All major Japanese airports have exchange points in their respective arrival halls. Narita Airport, Haneda Airport, Chubu Centrair International Airport, and Kansai International Airport have ATMs, and foreign currency can be exchanged at exchange counters. Additionally, most big neighborhoods in central Tokyo have currency exchange stations that accept dozens of global currencies. Your hotel might also offer currency exchange services.
If you want to withdraw money from your own account in yen, many international banks have at least one Tokyo branch, so check beforehand if yours does. Most major Japanese banks now accept international cards at their ATMs, as do the Japan Post Bank ATMs found in post offices, train stations, and supermarkets.
Yen comes in the following denominations:
- Coins: 1, 5, 10, 50, 100, and 500.
- Bills: 1000, 2000, 5000, and 10,000.
While the 10,000 yen note is equivalent to around 100 dollars, the note is generally accepted even if buying something small. Be aware that not many 2,000 yen notes are in circulation. They are accepted but can be easily confused with the 1,000 yen note, so make sure you get the correct change after using them.
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Exchanging currency at banks
It's important to note that the operating hours of these larger banks for currency exchange services are typically limited to weekdays from 9 a.m. to 3 p.m. Therefore, if you need to exchange currency outside of these hours, you may need to consider alternative options, such as using an ATM or visiting a currency exchange counter at an airport or hotel.
When it comes to exchanging currency in Japan, it is recommended to compare exchange rates to get the best value. While banks may not offer the most competitive rates, they can still be a reliable option, especially for those who prioritise security and convenience. It is worth mentioning that some banks may not have staff proficient in English, which could make communication challenging for foreigners.
To ensure a smooth process, it is advisable to check the websites of specific banks to confirm whether they offer currency exchange services at their branches. Additionally, it is always a good idea to carry some Japanese yen with you, as Japan is largely a cash-based society, and while the use of credit cards and alternative payment methods is increasing, many places still only accept cash.
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Using ATMs in Japan
Japan is largely a cash-based economy, so it is recommended that you carry cash with you during your stay. While credit cards are becoming more widely accepted, not all shops will accept them, so it is a good idea to have some cash on hand.
ATMs in Japan
If you need to withdraw cash during your trip, there are a few options available to you. Firstly, you can use your Visa, Mastercard, Maestro, or Cirrus card to withdraw cash from branches of Mitsubishi UFJ Bank, SMBC Banks, and Mizuho Bank. Additionally, Japan Post Bank ATMs located nationwide allow you to withdraw cash with international cards. These can be found in post offices, train stations, and supermarkets.
Seven Bank ATMs, found at over 20,000 7-Eleven convenience stores across Japan, also accept a wide range of international cards, including Visa, Mastercard, American Express, and more. These ATMs operate 24 hours a day and have a withdrawal limit of 100,000 yen per transaction.
Aeon Bank, Japan's largest shopping mall chain, also has ATMs that accept international cards. These can be found in supermarkets and convenience stores operated by the Aeon Group.
Other options include ATMs at Family Mart and Lawson convenience stores, international airports, and major department stores.
It is important to note that not all ATMs in Japan are 24 hours, and they may run out of cash, especially in central areas. Additionally, ATMs often charge for withdrawals, and this charge can vary depending on the time of day or night.
Before using an ATM in Japan, there are a few things you should do:
- Notify your bank that you will be using your card overseas to prevent any accidental blocking of your card due to suspected fraud.
- Ensure your card can be used abroad and check if there are any restrictions on when it can be used.
- Understand any fees and daily/monthly limits associated with international withdrawals.
- Know your card's secret 4-digit PIN.
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Payment methods in Japan
Japan has a reputation for being a cash-based society, but this is slowly changing. While cash is still a very popular payment method, especially for small amounts, credit cards are also a convenient alternative in appropriate locations.
Foreign currencies are not accepted for payments in Japan, except perhaps at major international airports. It is easy to exchange currency into Japanese yen once you arrive in the country via currency exchanges and ATMs. All major airports have exchange points in their respective arrival halls. It is recommended to carry some cash in Japan, as not all establishments accept credit cards.
The Japanese currency is the yen, which comes in denominations of 1, 5, 10, 50, 100, and 500 yen coins, and 1000, 2000, 5000, and 10,000 yen bills or notes. The 10,000 yen note is commonly used and accepted, even for low-cost items. However, the 2000 yen note is rare and can be easily confused with the 1000 yen note, so be sure to check your change.
Credit cards are the most commonly accepted form of cashless payment in Japan, with a 16% increase in usage in 2022. Visa, JCB, and Mastercard are the most widely accepted credit cards issued overseas. Debit card usage is also on the rise, increasing by 19% in 2022.
Contactless payments are also becoming more common in Japan, with a significant increase in QR code payments. However, some mobile payment systems are not compatible with non-Japanese smartphones. Smartphone payment apps that are commonly accepted in Japan include PayPay, LinePay, Rpay (Rakuten Pay), and MerPay.
There are also IC travel cards, such as Suica and Pasmo, which can be used for public transportation and at some stores. These can be purchased as physical cards or used through smartphone applications like Mobile Suica and Mobile Pasmo.
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Carrying cash in Japan
Japan is known for being a cash-based society, so it's a good idea to carry cash when travelling in the country. However, it's worth noting that Japan has been moving towards accepting other payment methods, such as credit cards and mobile payments.
Exchanging Currency in Japan
If you haven't exchanged your currency into Japanese yen before your trip, you can do so at currency exchange counters at international airports in Japan. These counters usually offer the same rates as banks. Alternatively, you can visit a bank that offers currency exchange services, such as Mizuho or Sumitomo Mitsui Banking Corporation (SMBC). However, not all bank branches provide this service, especially in rural areas. Additionally, exchanging currency at a bank can be a lengthier process as you'll need to complete certain forms.
Withdrawing Cash in Japan
Using your foreign credit or debit card, you can withdraw cash from ATMs at major banks and Japan Post Bank ATMs located in post offices, train stations, and supermarkets. Keep in mind that ATMs may charge a fee for withdrawals, and these charges can vary depending on the time of the transaction. Not all ATMs are accessible 24 hours a day, and some may run out of cash.
It is recommended to carry a purse or wallet to hold your Japanese coins and banknotes during your stay. The Japanese currency, yen, comes in coins of 1, 5, 10, 50, 100, and 500 yen, and banknotes of 1000, 5000, and 10,000 yen. The 2000 yen banknote exists but is rare. The 10,000 yen note is commonly used and accepted, even for small purchases. However, be cautious when using the 2000 yen note as it can be easily confused with the 1000 yen note. Make sure you receive the correct change.
It is worth noting that theft and robberies are uncommon in Japan, so security is generally not a significant concern when carrying cash. However, always remain vigilant and aware of your surroundings.
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Frequently asked questions
Currency exchange counters can be found at every international airport in Japan, and they usually offer the same rate as banks. You can also visit a bank branch, but not all banks offer currency exchange services. Some of the bigger banks that do include Mizuho, Sumitomo Mitsui Banking Corporation (SMBC), MUFG, and Mitsubishi UFJ Bank.
If you want to get the most for your money, consider using a "kinken" shop, which are recommended for experienced travellers in Japan. You can also withdraw money from your foreign credit or debit card at an ATM, which may be cheaper than using currency exchange services.
The Japanese currency is the yen, which comes in 6 types of coins and 4 types of paper money. Yen coins come in 1, 5, 10, 50, 100, and 500 denominations, while banknotes come in 1,000, 5,000, and 10,000 denominations. 2,000 yen banknotes are very rare.
