Hi all,
im going to Japan for about 2 months and want to get one of these Multi Currency cash cards from auspost because of the lock in exchange rates.
I did consider the load and go card , but since read at lot here and online about the horror stories steering clear of the load and go and focusing on the Multi Currency one.
anyone used these in japan or have any experiences?
thanks
28 degrees CC will be charging 3% or $4 (which ever is the greater) per cash advance from 1/1/2014.
otherwise Citibank
Hi
I took cash and travellers' cheques to Japan as my understanding was that only certain "International ATMs" or post office ATMs took overseas issued cards (source: Lonely Planet Guide Japan) and most shops/restaurants took cash. My guidebook suggested the ATMs could be somewhat fiddly to use, but did have an "English Guidance" button. Note also in Japan that ATMs can have "opening hours" and may only operate , say, 9-5.
On reflection traveller's cheques weren't a crash hot idea since I went to a post office to get them changed (commission free at POs). Note: if you get traveller's cheques make sure they are in Yen, my understanding they only exchange JY (and maybe USD) cheques (source:ibid).
I recently used the Post Office Load and Go Multicurrency Travel Card (for GBPs in the UK), the exchange rate wasn't the best, I was lured by the "only 1% charge to load a foreign currency" statement and I neglected to consider what the actual exchange rate would be. While there are no fees from the issuer for using ATMs the ATM operator will most likely levy one. I got charged $2 for a balance check to check if my PIN was right.
If I was travelling to Japan again soon, I would take cash in Yen. It's a safe country and while a very modern nation it is very much a cash based one. If you take CC then Visa is best for Japan (source:ibid.. yep I my pretty much based travel money decisions from advice in this book).
I was in Tokyo last week and just had a visa debit card, some normal atm's didn't work but if you go to a 7-11 they all have an ATM which worked fine and have an English option.
yeah my friend works in japan, said years back he had his normal commonwealth debit card ( no visa or mastercard logo just the plain key card)
seem to work then a few ATM including 7/11 years later he couldnt use it something about mestro thing keycards had and japan maybe no longer accepted it. but now his go a masterdebit card and can use it, mainly goes to 7/11 once again which is probably the only convenient location for an ATM.
i brought a multi cash passport see how i go..plus some cash!
i think you are better off with a citibank plus card. the exchange rates from aus post are usually pretty crappy compared to visa's rates
Definitely just get a citibank visa debit. It's just a normal bank account you add money to (no fees at all) and withdraw from ATMs in japan. I went in Feb to Japan and honestly never had a problem getting money out. There are western ATMs around, and even if you can't find one, there are 7/11 or similar (with ATMs) EVERYWHERE. People always think japan is some sort of impossible-to-withdraw-cash country, but it's not.
I also don't recall any ATM (7/11, etc) charging a fee. That, combined with citibank's 0 fees, gave me an exchange rate pretty much equal to xe.com/google.
Lock in exchange rates aren't really that big of a deal. The rate could go up for all you know, plus the auspost rate is nowhere near as good. Example:
Auspost currently says 1 AUD = 86.6875 JPY for their cash passport things.
Google/xe currently says 1 AUD = 91.67 JPY. I doubt the dollar is going to fall 5 yen in a very short time frame. Ok, it might, but even then, it's still the same rate as the "lock in rate" would get you…
Just go for the citibank card! It works a charm.
Are the points worth more than the fees & bad exchange rates? Probably not in my opinion.
Exchange rates are better than the banks, no fee to upload, think the cash out at tellers is up to $2.50, its not great.
I just loaded up couple grand AUD changed it to HKD for trip next week, rate was a cent better than ANZ.
ANZ isn't much to go by. Why not citibank which uses the visa exchange rate 5+ cents better than "the banks"? Or 28 degrees (however not after jan next year or something).
Some things to consider
Consider how long you are going for and how much you will spend. Also how long before you go.
Sometimes any drop in exchange rates will be offset by the fees you pay. Considering the citibank plus account is free and withdrawals are free at citibank ATM's
If you also prepay your accommodation with say hotelclub, expedia, ratestogo, you save on rates plus you are locking in the exchange rate for that cost of your trip.
So it just depends on the amount of money you intend to spend, as to whether or not locking in the rates is worthwhile.
Have a look at this to get an idea of how the historic yen/AUD rates have been
http://www.xe.com/currencycharts/?from=AUD&to=JPY&view=1Y