All to Know About the Japanese Money Yen

It may be a great thing for you to leave for Japan on vacation, which is full of dramatic experiences. But before heading to Japan, it's important to find out information on the Japanese currency. The currency used in Japan is the Japanese Yen. To ensure a pleasantly smooth trip around Japan, it gives you convenience during your exploration if you know how to get and pay Japanese money in advance. This article will provide you with all the details of the country's currency. Put it on your travel list, and we hope you can learn a lot from our introduction to the Japanese Yen.

Denomination

Japanese Yen (JPY/円) comes in two forms: note and coin. There are notes with values of 1,000, 2,000, 5,000, and 10,000 and coins with values of 1, 5, 10, 50, 100, and 500. The notes are issued by the Bank of Japan, and the coins by the Japanese government. The notes or coins with different nominal values come with different designs and colors. Both banknotes with prominent figures and coins feature the image of the national flower Chrysanthemum, the national trees cedar, and other symbols of Japan.

Japanese Yen

Among different nominal values, 1000 yen and 5000 yen are the most commonly used banknotes to pay for shopping or dining bills in Japan. 1000 yen is roughly the equivalent of a $10 bill (7 USD). The coins are seen as pin money in Japan. They are usually used in payment for small products, bus/taxi/subway fares, and rail passes; they are also used in vending machines, donations and temple worshiping. Even with its minimal value, the coin is an integral part of Japanese currency. Preparation for a certain amount of Japanese coins will make it easier to give change and buy what you want in some small retail stores.

Exchange and Conversion Rates

It is quite essential to understand the exchange rate of the Japanese Yen to your country's currency. However, the exchange rate between different countries varies in real-time. As of January 23 2024, the exchange rate hovered around 148 yen to 1 dollar and around 161 yen to 1 euro. If you're after budget travel, you can constantly visit a currency exchange website and see what the predictably favorable rate tends to be.

How to Get Yen

In Japan, there are two quick and simple ways to get domestic money: currency exchange and ATM withdrawal.

Currency Exchange

You can exchange the dollar for the yen before heading into Japan, where you may enjoy a relatively favorable conversion rate and get more Japanese yen. You can also have your money exchanged when you arrive in Japan. You'll be charged around 4.3% (per $100) if exchanging your money at a bank, around 1.6% with a credit card or debit card, and around 2.5% at a high-end hotel. Note there is a difference in the rates that different locations charge. You may see a number of banks and post offices in major cities, which can meet your needs if you're after security. Other locations, such as international airports, large hotels, and departments, also offer quick exchange services. But keep in mind that such non-official money changers may offer less favorable rates and require additional charges.

ATM Withdrawal

When arrivals Japan, the Japan Post ATMs and convenience store ATMs are another way to withdraw Japanese money. There are more than 26,000 JP ATMs across the country. You can find one of them in post offices, supermarkets, or shopping malls. Convenience store ATMs are located almost everywhere nationwide. They have over ten thousand locations. You will find it easy to encounter an ATM in a convenience store like 7-Eleven, Lawson, or Family Mart. JP ATMs offer different service hours depending on regions, while convenience store ATMs are available 24/7 (24 hours a day, seven days a week). English services are also available at most ATMs. ATMs are free of charge if you go on withdrawal early 5:00 p.m. on weekends while they will charge you around 100 yen excluding the duration above.

The Usual Way to Pay in Japan

Cash

Although mobile payments are increasingly used around the world, cash is still the most frequently used way to make a deal in Japan, especially in rural areas. As a very popular payment method, cash, in the form of bills and coins, is used to pay for small items in small restaurants and retail stores, taxi fares, and entrance fees at some cultural sights like temples and shrines. You also need to pay in cash at most vending machines. If you want a smooth trip to Japan, preparing some cash is necessary.

Credit Card

Credit cards have become an increasingly accepted form of payment in major cities like Tokyo, Osaka on the island. This form of payment is accepted in many mid to high-end hotels, department stores, shopping malls, some boutiques, and train stations. If you prefer a light wallet with several credit cards instead of a considerable amount of cash, this kind of payment method is nice for you.

IC Cards

IC cards, or Rechargeable "smart" cards, are primarily used for public transportation payment in big cities, such as bus, train, metro, and monorail fares in Japan. IC cards come in two primary types: Suica and Pasmo. In addition to payment for public transportation fares, IC cards are accepted at vending machines, shops, cafes, restaurants, and station kiosks in urban areas. You can buy your IC card with a 2000 returnable deposit at the ticket machine at JR station.

Narita International Airport

Useful Tips

• Before heading to Japan, it's advisable to learn about the general cost of some basic aspects like eating, accommodation, and transportation. This will help you prepare yourself for an appropriate amount of Japanese currency. Most hotels and resorts, according to different classes, generally cost from 13800 yen to 97000 yen (around $100 to $700). It's usually between 1000 yen and 2000 yen (about $10 and $12) for a meal in Japan, while it will cost around 600 yen for a meal in a fast-food restaurant like McDonald's or KFC. The cost of transportation in Japan, including most of the city's subway, bus, and train tickets, ranges from 100 to 200 yen for a single trip.
• It is common practice for customers to pay or receive money with both hands or upon a tray (If such a tray is provided in the taxi or in restaurants and shops).
• There is usually no service charge or tipping in Japanese culture because it can be seen as offensive and disrespectful.
• Japanese culture places great emphasis on order and formality. So it is important to form an orderly line when you're waiting for payment.
• Try not to recount the change you accepted in front of the cashier, as it is seen as a rude way of showing your distrust of his or her counting skill.

Japan is attractive worldwide, and you may be one of those who long to set foot on the island. So, it would be a great part of your preparation for the trip to get to know Japanese currency early. As a part of Japanese culture, the yen plays an indispensable role in Japanese people's lives and businesses, so it is necessary to show respect for this form of cultural practice. If you're interested in something more about Japan besides its currency, keep in touch with Odynovo. We're glad to share the latest information with you. You can travel with us and enjoy a particular trip Odynovo tailors for you.