Tokyo Fact File #4 – Tokyo Money and Tokyo Banks

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 and give you the basic facts you need to know.

Japan’s currency is the yen and it is found in both currency and banknotes. There are 1, 5, 10, 20, 50 and 100 yen coins. Banknotes come in denominations of 1,000, 2,000, 5,000 and 10,000. When purchasing items in Japan, it is important to know that goods are subject to a 5% tax, however this must be included in the advertised price. In short, the price that is printed is the price that you have to pay…unless, of course, we are talking about things like a flight where the inevitable oil overload has to be taken into account.

Tipping is not customary in Tokyo or Japan, and service charges are included in the bill at restaurants and the like. The same goes for taxis and any of the usual places where you can tip at home. Even if you really want to tip, keep in mind 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, that’s how it should be, you shouldn’t need to pay more. The Japanese take great pride in the level of their service, so being paid extra doesn’t naturally fit with their cultural values. It’s up to you, of course, but don’t be offended if you get a slightly bewildered expression and refuse to accept your tip.

Tokyo Banks

When you land in Japan, gaining access to your Tokyo money can be challenging 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’s banks do not reflect this global status.

What do I mean by the above? If you want to use traveler’s checks as your source of money during your stay in Tokyo, you should know that many banks don’t actually handle them, particularly the domestic banks. As with the ATMs below, you need to check where to go so you can convert your checks into the cash you’ll need.

Tokyo ATMs

Tokyo banks are still very domestic in outlook and the idea of ​​international bank cards, credit cards and plastic money of any kind is still new. Most of Japan is still a cash-based society, so when you arrive at the ATM and present your card, chances are the machine will spit it out, 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’re a Citibank user, there are Citibank ATMs in Tokyo, but keep in mind that they’re not on every corner. Plan where you will be so you don’t run out of cash before you get to the ATM. Trust me, I know someone who has had that happen to them. Option number 2 is to go to a 7/11 ATM. Many of these now accept international bank cards, so if you have Visa, Mastercard or Cirrus you shouldn’t have a problem. American Express isn’t widely recognized yet, so it’s a bit more hit and miss. Option number 3 is to look for a bank called Shinsei Bank. If you have a Visa Plus card, you can use their ATMs 365 days a year.

For more information on Tokyo banks, money, and prices, check out my Tokyo website below.