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Yen

Discussion in 'Japan' started by mrtonya, Nov 9, 2012.

  1. MisterMxyzptlk

    MisterMxyzptlk Old n' Crusty Ski Pass: Gold

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    Apparently risk off wasn't the bushfires but the US assassinating the Iranian guard leader
     
  2. 2ESki

    2ESki Addicted

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    Can't remember but I think it was $1 or $2 K
     
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  3. tot

    tot Hard Yards Ski Pass: Silver

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    Hi! I depart west oz early Feb for 10 days. Is there any decent (pre buy loaded) credit cards I can get here that have a reasonable exchange rate I can use for Japan - Myoko? TIA
     
  4. Any

    Any One of Us Ski Pass: Silver

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    decent? no.
    just get a citibank or transferwise card.
     
  5. tot

    tot Hard Yards Ski Pass: Silver

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    Whats that please?
     
  6. Any

    Any One of Us Ski Pass: Silver

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    transferwise is a company that specializes in transferring money between currencies, even if you include transfer fee they have probably the best exchange rate you'll see anywhere.
    it was originally designed to send money overseas etc. but they have a mastercard debit card you can access the money with also.

    you can load up in aud, and convert to jpy beforehand when you think the rate is good, or otherwise it will convert automatically whenever you make a purchase.
    benefit of not converting beforehand is that you can just transfer all your leftover aud back again after without having to convert it back. obviously benefit of converting before is that you can try to game the system and convert at good times.

    using transferwise is cheaper/more competitive than a citibank mastercard if you're making purchases with the card.
    citibank is cheaper for withdrawing cash from atms.
    thats why i have both.

    unfortunately transferwise's mastercard is this woefully ugly ultra bright green color.

    both are free almost instant online signup, no credit check (cause they're debit cards), and youll get a mastercard 2-3 days later.
    you load them up just by doing a bank transfer.
     
    #2256 Any, Jan 4, 2020
    Last edited: Jan 5, 2020
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  7. Tonester

    Tonester Lift Line Nazi Ski Pass: Gold

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    Most here use the citibank mastercard debit card. No fees, yada, yada. I use it when travelling. I works a treat.
    But you'd need to apply online asap to get the card delivered before you leave. When is that, btw?
     
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  8. tot

    tot Hard Yards Ski Pass: Silver

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    depart 4th - overnight flight , land 830am and leave 14th late morning

    I see a lot say citybank but i'm self employed and it sounded like a bit of a drama with them asking about employment and credit checks and whatever (my credit is good but if thats the case they can get F'd)
     
  9. Any

    Any One of Us Ski Pass: Silver

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    i dont remember any credit checks.

    its a citibank plus mastercard debit card.
    https://www1.citibank.com.au/banking/bank-accounts/citibank-plus
     
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  10. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    I thought you liked green?
     
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  11. 2ESki

    2ESki Addicted

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    I take cash, and what I don't spend gives me an excuse to go back the next year to spend :D I just take a comm bank travel card which I loaded Yen onto {yeah I know bad exchange} and have used twice in 3 trips, just for emergency.
     
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  12. 2ESki

    2ESki Addicted

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    Same boat + have mastercard for if things go to :crap:
     
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  13. BigWaveDave

    BigWaveDave Hard Yards

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    Can anyone advise what (roughly) exchange rate the ATM’s in places like Lawsons, 7/11, Post offices in Tokyo are giving if we use our Australian visa card to withdraw cash there? Ive ordered some yen locally at around 74y/$ but wondering if its better to get more yen before i leave Aus or just use local atm’s to top up while Im there? Cheers
     
  14. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    It's dictated by your bank.

    Who do you bank with? I will post the link of the rate page for that bank.
     
  15. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    It is typically better to withdraw there IF you have a low fee card, the rate doesn't matter if the fee is large.

    However if the aUD tanks again it better to buy it now, but to much and sell it bank at a higher rate!! Hahaha
     
  16. person s

    person s Old n' Crusty Ski Pass: Gold

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    if the bank here is charging fees on every transaction it's better to make large withdrawals rather than numerous small ones
     
  17. BigWaveDave

    BigWaveDave Hard Yards

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    Ah ok that makes sense - for some reason I thought that the rate would be set by whoevers ATM i was using. I have cards with both ING and ANZ. Cheers @Ozgirl
     
  18. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    The rate is set by Mastercard/visa/meastro.

    The banks can then adjust from there.

    The ATM set the fee.

    ING refund you the international fee and ATM fee (just like at home) and have a decent rate usually.
     
  19. janus

    janus One of Us

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    It's 2k minimum, I changed money with them on the 30th. You need to book a time and bring cash.
     
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  20. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    Thanks for that!

    How do you book ahead? I can't find the appropriate page online.
     
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  21. 2ESki

    2ESki Addicted

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    Old school, phone them :thumbs:
     
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  22. travelislife

    travelislife One of Us Ski Pass: Gold

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    It's not a credit card. So no credit checks. It just operates through the Mastercard network.
     
  23. travelislife

    travelislife One of Us Ski Pass: Gold

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    ANZ will likely put a spread on the exchange rate, plus a 3% overseas transaction fee plus $5 to withdraw. So on a $100 withdrawal you are at least 8% worse off than ING/Citibank cards will give you for your cash.
     
  24. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    Yes but Citibank risk department know that it is possible for you to rack up charges beyond you cash in bank amount.

    The amount of detail that they ask for (checking employment) they do run you through Veda.

    It's not as comprehensive as a credit card or mortgage. But they do verify your details via Veda.
     
  25. 2ESki

    2ESki Addicted

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    It's dropped again and I can only get in to KVB on Monday, hope no one shoots anyone before Monday :whistle:
     
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  26. Spence

    Spence One of Us Ski Pass: Silver

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    I have just opened a Citibank account. Card arrived today. I’m self employed. No hassle at all to open account online. Very quick. Have your passport and driver’s license to hand before you start. Done in 10 minutes.
     
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  27. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    Did they ask for your employment details though?
     
  28. Spence

    Spence One of Us Ski Pass: Silver

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    No. Not at all. They may run checks in the ‘background’ but no details were asked other than ‘are you self employed’. I did think at the time that it was going to lead to a series of other questions but it didn’t. So my experience with the online application was very smooth.
     
  29. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    Ah okay.

    Yeah pretty sure if you said no, it would ask your employers details.
     
  30. Any

    Any One of Us Ski Pass: Silver

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    i think you've ended up signing up for a credit card. not a "citibank plus" account.
    i guess it is a little misleading because the plus account has no or almost no mention of travel, mastercard or international fees. its just a normal everyday bank account that your grandma might use, that happens to come with an internationally widely accepted mastercard debit card instead of a cirrus or a plus debit card like normal every day accounts come with.

    i just tried signing up again and only went through the first few steps, but still didn't get asked any details employment or income details. i did get asked to prove my id and provide my tfn however.

    i noticed the citibank plus account page tried to redirect me to the citibank global currency account signup instead. the "apply now" button is bigger and more obvious for that rather than the plus signup, so you'll have to pay attention to what you click on.
    im not sure what happens if i signup for a currency account, i did only the first step of it, but it still didn't seem to be asking me anything more than the plus account either.

    i did however also try signing up for a rewards visa card, and also a travel mastercard.
    for these I got asked every single detail possible, income, employment, id, etc. a doctor even showed up at my door for a quick medical, told to turn my head and cough.

    i have also (accidentally) tried to overdraw my citibank plus card at an atm, and was unable to do so.

    its just an everyday bank account, nothing special. it just happens to have no fees for travelers or international stuff.
     
  31. FatBob

    FatBob Hard Yards

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    "i think you've ended up signing up for a credit card. not a "citibank plus" account."

    Yep, what he/she said. There is no requirement for employment details or salary or anything like that for the Plus account.

    Pretty much anyone with the correct ID can get one.
     
  32. southpaw

    southpaw One of Us Ski Pass: Gold

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    Based on recommendations on the forum I got the Citibank Plus account just before travelling to Japan and have to say it’s one of the bits of travel advice I’ve received. I’ve withdrawn money a couple of times and received the excellent exchange rate of 73JPY for the Aud with no ATM fees or intl trans fee. By contrast the currency booths at Brisbane airport were only offering 59yen to the dollar!
     
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  33. Crispy013

    Crispy013 One of Us

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    Same here. Signed up for Citibank and card showed up within 2 weeks. Used seamlessly on recent Japan trip. Only downside (which I’m sure can be adjusted), was the daily withdrawal limit of ¥50,000. I’m sure it’s just a setting on the account.
     
  34. mannyk

    mannyk One of Us Ski Pass: Gold

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    I got caught with the daily limit a couple of years ago. Just call and ask them to extend your limit, they offered up to $5000, I was happy with 2k. Simple, only took a few min. I think its been mentioned that some of the ATMs have their own withdraw limits.
     
  35. Any

    Any One of Us Ski Pass: Silver

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    i didn't know you could change it. ill have to try for next time i need lots of cash.
    i was doing "choose custom amount" and putting in 72,000 to be under the $1000AU limit.
     
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  36. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    I tried. Looong time ago. Def wanted my employment details. And since they think I still work for them and I still get the appropriate staff cc interest rate for other products it wasn’t worth it for me.

    Whirlpool had a thread about how shit it was to be asked for employment details for a debit acct at the tim
     
  37. southpaw

    southpaw One of Us Ski Pass: Gold

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    I just got 60,000 yen out today at a Lawsons and hadn’t adjusted my limit and there was no issue.
     
  38. Dave6

    Dave6 One of Us Ski Pass: Silver

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    60000yen is less than $1000 so won't be a problem.
     
  39. southpaw

    southpaw One of Us Ski Pass: Gold

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    Of course, cheers
     
  40. 2ESki

    2ESki Addicted

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    Well KVB can get stuffed, their rate is 73.5, phoned an exchange 5min down the road and they offer 73.01, on the $3400 Aus I'm exchanging works out to be only $20 better of at KVB , not worth the hassle of driving into the city + parking for $20 o_O
     
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  41. hotsaki

    hotsaki One of Us Ski Pass: Silver

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    How do you put cash into Citibank card?
     
  42. Crispy013

    Crispy013 One of Us

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    Transfer. Online. Like you would move money to any other account.
     
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  43. mannyk

    mannyk One of Us Ski Pass: Gold

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    First time I got caught out at the airport..machine told me not enough funds.:eek:.nearly had a panic attack...calm wife sorted it out..
     
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  44. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    Haha!

    I’m the calm wife. I just borrowed from @LMB!
     
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  45. hotsaki

    hotsaki One of Us Ski Pass: Silver

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    Aha.So put money into account that other half sees them move.Hmmm.
     
  46. Spence

    Spence One of Us Ski Pass: Silver

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    Question re Citibank Account. I just opened an account specifically for my Japan trip. I opened an everyday day account. Should I bother with their foreign exchange account? I couldn’t make out the benefit of this if only travelling to one other country (Japan). Thanks for any advice.
     
  47. Any

    Any One of Us Ski Pass: Silver

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    i dont have a foreign exchange account. but when i first glanced at it i think it works like a transferwise account, which ive already got so didn't need from citibank also.
    (transferwise have far better rates than citibank if you're doing purchases. but has fees for atm transactions. so citibank is better if you want cash. is why i have both)

    with citibank it seems you convert AUD to JPY (or any other) before you want to use it.
    the reason you might want to do this is to catch good exchange rate days rather than being stuck with whatever the exchange rate is on the day you spend the money. unless you're gaming the market or doing it a long way out i think you're only talking about more effort to save a few cents here and there if you correctly guess the rate is going to fall.
    it seems that you link the citibank card to a that specific currency and your transactions draw from that directly.
    if you have 0 JPY left but $1000 AUD then you get charged a 2.5% conversion fee for ATM transactions. puzzling that you dont get charged for the same sort of conversion with a plus account.

    having to remember to convert it beforehand and hit with 2.5% if you dont on a exchange account, makes the citibank plus account sound better in many ways.
     
  48. Spence

    Spence One of Us Ski Pass: Silver

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    Thanks for that Any. I didn’t realise about converting AU$ beforehand.
     
  49. travelislife

    travelislife One of Us Ski Pass: Gold

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    Got to be careful here. Talk has morphed between 2 different Citibank products. The normal every day Plus account with the visa debit card is just a normal transaction account, but with no fees on international transactions. There is no mechanism to convert currency prior to spend. That is a different Citibank product.

    I am also not sure how transferwise is cheaper for purchases as @Any has said. A purchase with the Citibank Plus Debit MasterCard at the same time will be the same rate as taking cash out of the ATM. I.e. 100% fee free.
     
  50. Any

    Any One of Us Ski Pass: Silver

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    yeah go normal citibank plus card, not citibank exchange account i reckon.

    transferwise have often significantly better rates than citibank. they do have fees per transaction, but still better in the end. big negative is that they have large fees (3%) on atm withdrawal tho.
    either citibank doesn't follow mastercard rate exactly, or transferwise have access to better rates (2nd is most likely).
    current rates:
    citibank 74.2098. convert $1000 -> 74,209.8 yen
    transferwise 75.070. convert $1000 -> 75,070 yen + $6.48 fee ~~ rate of about 74.586

    ps: because of transferwise card, ive been virtually cash free this season. mastercard seems to be accepted everywhere. got a whole wad of cash that i got out for seemingly no reason.
     
    #2300 Any, Jan 11, 2020
    Last edited: Jan 11, 2020
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