Japanese Yen Exchange Rate against Hong Kong Dollar: Low Rates Arriving! Four Tips for a Yen Advantage

The yen exchange rate has recently hit a six-year low, which is undoubtedly a great opportunity for those planning to travel to Japan. However, if you want to get your hands on this low yen exchange rate, you need to pay attention to the pros and cons of different exchange methods. This article will introduce four ways to exchange yen at a cheaper price, hoping to help everyone have a more generous budget during their trip to Japan.

(As of November 13, 2023, Trend Source: @Yahoo! Finance)

When exchanging Japanese yen at local currency exchange shops, it's important to note that each shop has different buying and selling rates. Overall, Good Fortune Renminbi Exchange Shop has a relatively low exchange rate, but you should pay attention to the operating hours and location of each shop, as convenience is also an important factor.

The four major banks in Hong Kong, HSBC, Hang Seng Bank, East Asia Bank, and Bank of China, all offer foreign currency exchange services. Wire transfers generally have lower exchange rates, but require advance processing online or at a branch. If you need immediate cash withdrawals, consider using bank notes, although the exchange rate is slightly higher.

In recent years, many banks have added 24-hour foreign currency withdrawal services, with Hang Seng Bank being a representative example. Exchange rates are based on the bank's daily reference exchange rate. Direct withdrawals at the counter are more cost-effective than currency exchanges.

Upon arriving in Japan, travelers can utilize ATM machines found at local 7-11 stores or post offices to withdraw Japanese Yen directly. Compared to Hong Kong, ATM fees in Japan are relatively inexpensive, with a withdrawal limit of up to 100,000 yen per transaction. This is more time-saving and convenient than currency exchange or wire transfers. Of course, before withdrawing cash, ensure your credit card supports overseas withdrawals. Additionally, be aware that different ATMs may have daily withdrawal limits.

Based on the analysis above, overall, bank wire transfers have the lowest exchange rate, followed by foreign currency ATMs. If you need cash immediately, money changers offer high competition and relatively favorable exchange rates. Remember to prioritize the exchange rate while considering your actual needs, so you can balance both rate and convenience when getting yen. People in Hong Kong can exchange currency on-the-spot and don't have to rush to change money before their departure. It is also recommended to keep an eye on the yen trend beforehand; exchanging during low periods can be more cost-effective. As credit cards are very convenient to use in Japan, you can carry less cash for short trips, which alleviates the burden of currency exchange.