Prepare to be surprised! While Tokyo embraces technology, cash remains king in many places. You might think you can simply tap your phone for everything, but hold on. Even with the widespread adoption of digital payment options like Apple Pay and Google Pay, cash is still the preferred method of payment in some of Tokyo’s most beloved spots.
Cash is King in Some Unexpected Places
Imagine you’re on a spiritual journey, bowing before a majestic shrine. Or maybe you’re delving into the depths of Tokyo’s artistic heritage at a city museum. Now picture yourself trying to pay with your phone – and being met with a perplexed look. That’s the reality for many visitors, as cash remains the only accepted form of payment in these cultural institutions. Even at some casual izakayas (Japanese pubs), you might find yourself reaching for your wallet instead of your phone.
Navigating the Cash-Dependent Landscape
While Japan is making strides towards a cashless society, there are still some hurdles for international visitors. Some credit cards issued outside Japan might not be accepted, and traveler’s checks are practically useless.
Getting Yen: Your Options
For short trips, the easiest way to get Japanese Yen is to use an ATM in Japan. Many convenience stores, like 7-Eleven, have ATMs that accept international credit cards like Visa, Master, and JCB. These ATMs often have multi-language settings to make the process smoother.
ATM Considerations
Keep in mind, not all ATMs in Japan are available 24/7. For example, ATMs in post offices, which are sometimes the only option in remote areas, are only open during business hours.
When it comes to fees, the cost of withdrawing cash will depend on your local bank. JP Post ATMs typically charge ¥105. Also, your bank may impose limits on the amount you can withdraw per transaction, ranging from ¥20,000 to ¥30,000. It’s wise to check with your bank before your trip. While Japanese ATMs usually allow withdrawals up to ¥100,000 per transaction, knowing your bank’s restrictions will save you potential headaches.
Beyond ATMs: Exchanging Currency
If you’re not sure about using ATMs, currency exchange shops are scattered throughout Tokyo, especially in major airports like Narita International Airport, train stations, and shopping centers. World Currency Shop, a branch of the Bank of Tokyo-Mitsubishi UFJ, Daikokuya, and Travelex, is a popular option for its widespread presence. However, be aware that their commission rates can be high.
You might also find currency exchange machines in bustling areas like Harajuku, Odaiba, and Shinjuku.
Larger banks, like SMBC, MUFG, and Mizuho, offer currency exchange services, but they are only open from 9 a.m. to 3 p.m. on weekdays. While these banks might not offer the most competitive exchange rates, convenience stores with ATMs are usually a better bet.
Large hotels, like APA Hotel, provide foreign exchange services at a premium. Some hotels might even have currency exchange machines in their lobbies.
Avoid any suspicious-looking currency exchange shops, as they could try to cheat you.
The Best Way to Send Money to Japan
If you’re sending money to Japan for an extended stay, OFX currency exchange offers the best value. They provide rates that closely mirror the inter-bank rate, are quick and simple to use, and the entire process is done online. You can create an account, place a currency order, transfer funds, and receive your yen within 1-2 days.
Our Top Tips for Managing Your Money in Tokyo
If your bank doesn’t charge much for overseas withdrawals, using an ATM is usually the most cost-effective option. If you’re concerned about fees, exchanging your currency before you leave your home country might be a better deal.
This post was last updated in June 2022.
