Saturday, June 25, 2011

If I wanted to convert usd into yen what is the best option?

Question:


Im heading to japan later this year and I need to convert my money into yen... I don't know what to do I hear they have different exchange rates and I just want the best possible option.

Answer:


All I can say is that the best place for exchanging money is at a bank in Japan.
Airports and hotels = horrible exchange rates. And sometimes your native country can sure rip you off on the exchange, so it's always the better option to exchange money in a foreign country.

Side note just from experience that I thought I should include* Withdrawing from the ATM can be a real big no no in another country, especially since you don't really know how much you really will be withdrawing if you don't know how the currency works and they can charge you an extra fee.
Travelers' checks are amazing for traveling abroad if you know where you can and can not use them. Also it can be replaced if lost or stolen since it's not connected to your bank account in any way :) But it's always great to have a good mix of normal bill/coin and traveler's check.

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