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Tokyo Money

So what are the essential facts you need to know about Tokyo money? This article is designed to give you the basics so that when you land in Tokyo, you can avoid some awkward pitfalls as well as give you the basic facts that you need to know.

The currency of Japan is the yen and it is found in both coin and note form. There are 1, 5, 10, 20, 50, ad 100 yen coins. Notes come in 1,000, 2,000, 5,000, and 10,000 denominations. When you are purchasing items in Japan, it's important to know that goods are subject to 5% tax, however, this should be worked into the price that is advertised. In short, the price that is printed is the price you should pay... unless of course we are talking about things like a flight where there is the inevitable hefty oil surcharge to be accounted for!

Tipping is not customary in Tokyo, or Japan, and service charges are included in the bill at restaurants and other similar venues. The same goes for taxis and any of the usual places where you might tip at home. Even if you really want to tip, be aware that your good intentions may not be received as well as they would be at home. If the host, chef, driver, etc., have completed their job successfully, this is as it should be, you should not need to pay more. The Japanese pride themselves very highly on the standard of their service so to be paid extra for it does not fit naturally with their cultural values. It's up to you, of course, but don't be offended if you get a slightly bemused expression and a refusal to take your tip.

Tokyo Banks

When you land in Japan, getting access to your Tokyo money can be a challenge for the uninitiated. It remains a source of frustration for many when they first arrive that, despite being a leading city in the fields of technology and development, the Japanese banking system and Tokyo banks do not reflect this worldwide status.

What do I mean by the above? If you want to use travelers cheques as your money source during your Tokyo stay, you need to know that many banks do not actually handle these, particularly the domestic banks. As with ATMs below, you need to check where to go to be able to turn your cheques into the hard cash you will need.

Tokyo ATMs

Tokyo banks are still very domestic in their outlook and the idea of international bank cards, credit cards and plastic money of any kind is still a new one. The majority of Japan is still very much a cash based society so when you get to the ATM and present your card, more than likely the machine will spit it back out at you leaving you in the unenviable position of having money in the bank but no way to get your hands on it!

Here's the deal. There are basically 3 options available to you. If you are a Citibank user, there are Citibank ATMs in Tokyo, but be aware that they are not on every street corner. Plan where you will be so that you don't run out of cash before you get to the ATM. Believe me, I know someone who had that happen to them! Option number 2 is go to a 7/11 ATM. Many of these now do accept international bank cards so if you have Visa, Mastercard, or Cirrus, you should have no problems. American Express is still not widely recognized so it's a little more hit and miss. Option number 3 is to look out for a bank called Shinsei Bank. If you have a Visa Plus card, you can use their ATMs 365 days per year.

To find out more about Tokyo banks, money and prices, see my Tokyo website below.

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