If you’re planning a trip to the United States in the near future, you may want to exchange some of your money for U.S dollars, the country’s official currency. The international symbol for the currency is USD.
The U.S. dollar is also known colloquially as a “buck.”
This post has everything you need to know about converting Japanese yen to U.S. dollars including where to secure the best exchange rates and how to avoid paying high fees on your conversion.
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How to Convert Japanese Yen to U.S. Dollars
Calculating the conversion of Japanese yen to USD is fairly simple. You can either use a calculator or do it by hand.
1. Use a Currency Calculator
Using a currency conversion calculator is often the easiest way to get an estimate when you’re converting currency. Since exchange rates fluctuate on a daily basis, using a calculator can ensure your math is correct.
Keep in mind that exchanging currency often comes with added fees that a conversion calculator won’t be able to predict. For instance, credit card companies and ATM networks usually charge a 1% conversion fee on all foreign transactions. Individual merchants may also charge supplemental fees if you ask them to convert the price of an item to your home currency at checkout.
2. Calculate it Manually
The other option is to do the calculation manually using a simple mathematical formula. However, in order to do this, you need to know the current exchange rate. At the time of writing, ¥1 JPY is worth $0.007 USD.
Once you know that information, multiply the amount you have in JPY by the current exchange rate. The resulting number will show you the amount of USD you have to spend on your trip.
Manual Currency Conversion Example
Let’s say you have ¥100,000 JPY and would like to figure out how much money you have for a trip to the U.S.. Using the current exchange rate, the formula for your conversion would look like this:
¥100,000 JPY x 0.007 = $700 USD
How to Buy USD
When you’re ready to buy USD, it’s a good idea to plan ahead to ensure that you pay the fewest fees. Here are three ways to get the currency you need while minimizing the fees you’ll be charged:
- Exchange at a bank or credit union before your trip: Heading to your bank before your trip is often the most cost-effective way to exchange currency. Since you have an existing relationship with them, your bank is likely to give you the best exchange rates and charge the lowest fees. For example, Sony Bank typically charges a rate of 0.15% JPY for each transaction, but it will sometimes offer promotional fee-free periods.
- Use your bank’s ATM abroad for withdrawals where possible: Similarly, if you need to exchange more money while you’re on your trip, try to find an in-network ATM. For example, J.P. Morgan has branches in Japan and the United States. Most banking apps have an “ATM locator” feature to help you find the closest option, and using an ATM affiliated with your bank can help you avoid excess fees.
- Order currency online: If your bank doesn’t offer online shipping, you can also use a third party to get currency delivered to your door. However, be aware of inflated costs with some of these vendors. Nihonex, for instance, advertises that it does not charge an exchange fee. However, you’ll pay up to ¥700 for delivery. This fee is waived if you exchange over ¥100,000 JPY.
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What to Avoid When Exchanging Currency
- Exchanging currency at the airport: While exchanging currency at the airport is unquestionably convenient, these kiosks often offer some of the worst exchange rates while charging some of the highest fees.
- Exchanging currency at your hotel: Some hotels, particularly business chains, will offer currency exchange services as well. However, in exchange for the convenience, you’ll likely pay some extra money in fees.
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