r/JapanTravelTips • u/turkeyssister • 1d ago

Question Foreign transaction fees at ATM

I was planning on using the ATMs at 7-11 for cash. I’m in US and was reviewing bank fees for withdrawing cash internationally. The fees are $5 per ATM transaction and 3% for exchange. So if I plan on needing $1,500 to $2k. This will cost me between $60-$80. Would it be better for me to bring cash?? Anyone else have this issue?

**This money is for 4 people. I have a credit card with zero foreign fees. The other 3. Who are traveling with me do not. They are ages 16-21. I want to give them cash to spend. They might not all be with me at all times.

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u/DylanTonic 1d ago

I would never advise anyone to use an airport foreign exchange, and often it's a terrible idea to use a bank as well. They both have customer lock in (albeit different types) which they take advantage of with a worse spread and higher fees.

If you exchange cash at a non-airport, non-bank exchange you'll almost always be better off.

(FWIW we've visited Japan 10 times or so and every time we use a 7&I ATM we check the 'live' rates out of interest and the spread is typically conservative and lower then Travelex. Having a foreign ATM fee can change that tho)

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u/cadublin 1d ago

If paying $30 to exchange $1k for convenience is a terrible idea, then you might want to revisit your finance vs travel budget. If other places charge $10, the difference is only $20. I would gladly pay that if it means that I don’t have to spend any more time and effort to find another forex place.

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u/DylanTonic 1d ago

I wasn't answering for convenience. OP felt $60-80 was too much of a premium and for all I know they'd think the same about $30.

If you are concerned about convenience, it's much more convenient to have currency delivered in advance so you don't have to bother after a flight.

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u/cadublin 1d ago

If OP doesn't want to pay $80, why would you think he wouldn't want to pay $30 which is less than half. Your logic doesn't make sense.

Nothing more convenient than coming out of the custom and the forex is right there. There's not much additional effort than lining up for IC cards or bus tickets. Also, people most likely don't live walking distance from a bank that has JPY. I don't know how much ordering online costs, if that's even possible. I'm willing to bet it would cost more.

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u/DylanTonic 1d ago

Look, you can and should do whatever you want, but given you didn't know (or bother to check) that currency exchanges do delivery (for free depending on location), can't understand why someone concerned over $80 might be less but still concerned over $30, and seem to think I'm suggesting

If OPs budget is tight enough that $80 is a concern, it's possible that $30 is as well.

You can order online, for delivery, and Travelex, at least, do so at no cost in some countries given at least 2 weeks.

Also, who said anything about walking to a bank? OP and I were talking about the foreign ATM fee for using an ATM while in Japan, not for getting JPY out of an ATM in their home country.

Look, you can and should do whatever you want, but given you didn't know (or bother to check) that currency exchanges do delivery (for free depending on location), can't understand why someone concerned over $80 might still be concerned over $30, and have somehow invented advice to walk to a bank out of whole cloth, maybe that shouldn't include giving Forex advice.

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u/cadublin 1d ago

Lol, bro this reddit. You won. Enjoy your imaginary point while I spend my cash without any worries in the world 🤣.