Travel Abroad: Carrying Cash Out of Japan
If you’ve been living in Japan for awhile, you’ve likely thought about the day you’ll have to leave the country with a relatively large sum of money. Some spend a year or two here working and saving diligently while looking forward to to returning home and putting that hard-earned money to good use. Others, like me, wish to take a fair bit of cash along with us on an extended vacation.
I’ll be leaving next week and will spend as much as two months abroad before returning to live and work here in Japan. During that time, I’ll need to have plenty of money on hand to cover my daily living expenses as well as for entertainment and sightseeing purposes. Needless to say, having so much money all in the form of cash could prove quite worrisome, to say the least. I never considered taking it all in cash, and had to spend a fair bit of time researching the best way to take my money abroad.
Some have international bank accounts while others rely on credit cards to maintain continuous access to their funds. Also, wire transfers are a viable option. However, I decided to convert the bulk of my cash into traveler’s checks. Since most of my destinations abroad will be developed nations, I’m not too worried about using the checks or being able to convert them to cash wherever I am. Of course, the best thing about having traveler’s checks is that they’re insured against loss or theft.
I suppose having an international bank account would be the smoothest way to go in the future, but for now I’m doing it the old-fashioned way. And, I’m not alone; lots of people still prefer traveler’s checks, whether going abroad or traveling domestically. However, traveler’s checks are not as easy to purchase in Japan as they once were. With my bank, I had to search online for awhile to find a branch that actually still sold them. Fortunately, there was (and still is) a Shibuya branch close to my neighborhood.
One thing to remember about traveler’s checks in Japan is that rates have gone up, meaning you’ll be paying more in fees these days. Somewhere between 1% and 2%. Luckily for me, I converted most of my money to U.S. dollars since I’ll be spending a stretch in Las Vegas. The exchange rate from yen to U.S. dollars is still favorable, so I made out quite well.
Another thing to keep in mind about traveler’s checks is that you have to sign each and every one twice, once on the date of purchase and once on the date of use. If we’re talking a fair bit of money, be prepared for hand cramps o’ plenty.
Anyway, travel abroad can be stressful. If you’re traveling with a decent sum of money, make sure you find a way to take it with you that gives you the most peace of mind.
This post was submitted by Billy W
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I carried 2 bags (big bags) heavy as hell full of cash out of a bank over a woman’s drama. Jealousy me thinks?
Anyway…
It was all in 10,000yen bundles and turned out to be around $880,000 dollars. She demamded that yamaguchi ginko withdraw all her funds immediately in cash and pointed at the clerk that had drawn her ire. She basically said I’m going to ____bank down the street and I’m taking my money with me because of that bitch over there!!
I carried those 2 bags about three blocks in simple brown bags not even realizing how much money it was. (My money is invested in gold mostly and changed to dollar or yen depending on the exchange rate, but it’s kept in Hawaii via .CPB)
anyway….
I got weak in the knees when the new bank (very surprised in a happy but ?? kinda way) counted it up twice with cash counting machines.
It was surreal realizing how in another place and another time those bags coulda been snatched at knife/gun point and someone woulda struck f___ing gold!!!!
Sorry for going off topic Billy. You just reminded me of a surreal experience I might throw in a book someday
Neil…then you??? My Blogroll is morphing for sure.
P.S.
Vegas is the BALLS!!!!!
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I’ll be back soon, my friend
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It’s always a worry carrying cash… i feel ok in Japan but outside of Jaan I don’t like it. I also hate being screwed on the fee’s they bang on… you always know your going to get screwed it’s by how much is the game you are playing well. I agree TC’s are probably the best compromise. Looking forward to the stories and your next adventure back in the big Mikan…
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For years, I’ve carried my money in TCs. It’s tedious signing them, but I usually do one big wad from Japan to my home town bank. It takes about 30 minutes on either end. Oh, well.
Chris B’s tale reminds me of a summer job I had in college at a currency exchange and gold dealer, running gold Maple Leaf (Canada’s equivalent of the South African Krugerrand) from a bank to a currency exchange. Ten minutes on foot carrying $50,000 in gold bullion in a paper bag. Small town life in Canada.
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@Paul:
Yeah, I’ll be back soon enough, but hope to have some good stories born in Sin City
@erizabesu:
Small town, yeah… but for ten minutes at a time, you were like the biggest balla in town
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Bringing large amount of cash out of Japan is really worrisome. Although there are some costs associated with traveler’s check, it’s still worth the safety. Plus it is insured from being stolen or loss.
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I’ve always had bank accounts in both the US and Japan. I send wire transfers and have debit cards to access the funds so I don’t have to carry cash on hand. I couldn’t imagine another way being any easier. Some banks give much better rates than others on the exchange. I don’t mind paying 1% for a wire transfer which is what I’ve paid up until now.
Have a nice trip and hope to catch up with you sometime.
Billy
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Not a big fan of traveler’s checks, as the first time I cam to Japan I brought some and had a hellish time finding a bank that would cash them for me.
But yeah, I just took a trip back to the States and when I visited the ATM I had to stand there and think for a moment - how much cash did I used to carry on me? Certainly not as much as I do in J-town.
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Wishing you safe trips. Enjoy your time abroad
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