Where is the best place to buy yen?
If you like the reassurance of having the local currency readily available from the moment you step off the plane, you have three options to pick up the cash before you go:
- Buy the currency online and either collect it in-store or have it delivered to you.
- Collect from a currency exchange store.
- Most expensively, buy the currency at the airport.
Online money changers like S Money are often an easy and cheap way to buy yen online but it may not necessary be as quick as walking into a store. Companies like Travelex also offer a foreign exchange service online but it takes between two and five business days before the currency is ready for pick-up or delivery so you need to be organised!
Alternatively, buying your currency in-store can be a good option but it all depends on where you go. The money changers in the centre of the main cities like Sydney or Melbourne tend to be more competitive than smaller stores in the suburbs.
Only change money at the airport as a last resort. The exchange rates and fees at Australian airports are among the worst in the world so avoid it at all costs if you want to get the best bang for your buck.
Learn more: The Best Places to Buy Japanese Yen Australia
What is the cheapest way to buy Japanese yen?
In Australia, for amounts up to $5,000 it is often cheaper to buy Japanese yen online. If you need a larger amount, it's better to go into a store in the city because there is more competition and you can negotiate in person.
The key to finding the best deal is to compare your options to buy yen in cash. Make sure that you compare not just the exchange rate, but the total cost of your currency including any service or delivery fees.
Here are 5 top ways currently available in Australia
- Online - If you are looking to buy some Japanese yen in cash, you can now do it online. It's similar to buying anything else online but you will need some ID on hand. Online money changers, like S Money, have the best exchange rates. Most will either deliver it to your home or allow click and collect.
- In-store - this is one of the best ways to get your currency fast. Just locate a store near you and bring your ID. It's a good idea to call ahead to check their rates and to make sure they have enough yen in stock.
- Overseas - Sometimes it can actually be cheaper to buy your Japanese yen abroad. Countries like Singapore have very competitive money changers if you are willing to go out of your way to find them.
- International money transfers - If you are sending money from Australia to Japan, using a money transfer service like Wise or OFX is a great way to convert your currency. These online services are a much cheaper option than using an Australian bank.
- Travel money cards - These cards used to have terrible exchange rates and a heaps of hidden fees. While this is still the case with most bank travel cards, there are much better options available. These include Revolut, Wise and the 28 Degrees card.
Should you buy yen now or later?
As a rule of thumb, if you are buying JPY with Australian dollars, you want the AUD/JPY exchange rate to be as high as possible. The higher the rate, the better it is for you. It means that you will receive more yen for the same amount of Australian dollars.
Unfortunately there isn't a particular day of the week or time of the day that is the best time.
While it's impossible to pick the perfect time, you can set up a free rate tracker to keep an eye on the rate.
Also keep in mind that if you buy it online, it may take 2-4 business days to arrive so make sure you finalise your financial transaction at least a week before you are due to travel overseas.
Learn more: When is the best time to buy Japanese with Australian dollars?
How much yen do you need?
Japan is a cash driven society and you need to bring a large amount of yen when visiting Japan. Take cash when visiting tourist spots, restaurants, for taxis and public transport.
If you are confused about how much money to take to the Japan for 1, 2 or 4 weeks, read our detailed review to answer all your questions.
Cash is accepted for accommodation as well. You can bring up to one million yen when coming into Japan without having to declare it at customs. To help you plan how much things cost in Japan read our in-depth article on currency in Japan.
