Japanese Yen to Hong Kong Dollar Expected to Hit New Lows! 5 Ways to Exchange YEN + Exchange Rate Comparison

The yen exchange rate has been continuously falling recently, now is the best time to exchange for yen! We have compiled five methods for exchanging yen, including comparing exchange rates at foreign currency exchange shops and major banks. When traveling to Japan, you can also exchange currency at local ATMs or Family Mart stores. Let's get ready to "return home"!

As of noon today (May 29, 2024), the yen exchange rate has remained below the "5 to 1" level, even falling to a recent low against Hong Kong dollars! To check the latest yen exchange rate, you can search on Google or TTRate. Please note that different banks and currency exchange shops may have slightly varying rates, so it's recommended to inquire about their specific rates before exchanging.

Exchanging Japanese yen at a bank is very convenient. As long as you have a comprehensive account, you can buy and sell foreign currency. You can exchange the required yen through telephone banking or e-banking, and then go to the branch counter to withdraw cash. It's important to note that the inventory quantity of different branches may vary. If you need to withdraw a large amount of Japanese yen in cash, it may be necessary to make an appointment in advance to ensure that the branch has enough cash supply. In addition, each bank has a withdrawal limit. For example, HSBC's daily withdrawal limit is 150,000 yen, while Bank of China has a limit of 200,000 yen. The four major local banks, including HSBC, Hang Seng, East Asia, and Bank of China, all provide foreign currency exchange services. Wire transfer rates are lower among them, but require advance online or branch processing. If you need immediate cash withdrawal, consider bank notes, although the exchange rate is slightly higher.

Besides banks, you can also exchange yen at currency exchange shops. Here are some local currency exchange shop recommendations: **Good Fortune Renminbi Exchange:** Flat C, Shop 18, Yan Bu Fan Street, Mong Kok
**Yi Da Exchange (Tsim Sha Tsui Branch):** Shop 4C, G/F, Jit You Building, 4B-6H Canada Road, Tsim Sha Tsui
**Kiken no Ryokai:** Shop 3088, 3rd Floor, Jiacheng Plaza, 15 Education Road, Yuen Long

In recent years, many banks, including Hang Seng Bank, have introduced 24-hour foreign currency withdrawal services. Exchange rates are based on the bank's daily reference rate, making direct withdrawals more cost-effective than money changers. HSBC also has foreign currency exchange ATMs located in 40 locations across Hong Kong, providing a more competitive rate compared to local money changers. However, HSBC's ATMs currently only offer four currencies: Renminbi, Japanese Yen, US Dollar, and Euro. Like Hang Seng Bank, HSBC uses its daily real-time exchange rate. Citibank has foreign currency exchange ATMs in seven locations across Hong Kong, also using Citibank's daily real-time exchange rate. Currently, it offers only four currencies for exchange: Australian Dollar, Euro, Japanese Yen, and US Dollar.

After arriving in Japan, you can also use the ATMs at local 7-11 or post offices to directly withdraw Japanese yen cash. Compared to Hong Kong, ATM fees in Japan are relatively cheaper, with a withdrawal limit of up to 100,000 yen per time. This is more time-saving and convenient than currency exchange or wire transfer. Of course, before withdrawing cash, you need to ensure that your credit card supports overseas withdrawal function. You should also pay attention to the daily withdrawal limit of different ATMs.

Apart from that, you can also exchange money at currency exchange shops in Hong Kong or Japanese airports. The Travelex rate at Hong Kong airport is about 3-4% different from banks or UnionPay. The exchange rate at Japanese airports is even worse, 14-20% different from the Hong Kong bank rate. So if you have time, it's still recommended to exchange Yen at a Hong Kong bank/currency exchange shop/foreign currency ATM for better value.