How to get cash (for free?) from ATMs in Japan?

Although card payments are widely accepted in Japan, it’s still essential to have some cash on you at all times.

Street food stands and the machines used to order at restaurants are often cash only.

Withdrawing cash from ATMs outside the eurozone always needs a bit of planning, as you can quickly lose a few percent on each withdrawal if you don’t optimize.

The first step is to make sure your bank doesn’t charge you withdrawal or currency conversion fees. This is the case with many neobanks: N26, Revolut, Boursorama, Fortuneo, etc. (still, check the maximum “no-fee” amounts).

If you don’t have a neobank account, ask your banker. Most traditional banks now offer “international options”.

Now you need to know whether the local Japanese bank will charge you withdrawal fees.

Unfortunately, in Japan, it seems that no bank allows you to withdraw without fees with a Japanese card.

ATMs at 7-Eleven seem to be the most reasonable, charging 110 or 220 JPY depending on the amount.

From 22,000 JPY withdrawn (equivalent to €130 in April 2024), you pay less than 1% in fees, which is very reasonable.

There remains a (legal) scam to avoid that many inexperienced travelers fall for.

After you select the amount to withdraw, the ATM displays this screen.

It’s not necessarily easy to understand if you’re not used to it, but you have to choose which bank will handle the EUR/JPY conversion.

If you click the left button “JPY”, your own bank handles the conversion, giving you a rate close to the real exchange rate if you have a neobank or the right international option.

If you click the right one “EUR”, you let the Japanese bank (Seven Bank in this example) do the conversion, with a very poor rate.

In this example, this withdrawal cost me €306 by letting my own bank handle the exchange.

If I had let the local bank do it, it would have cost me €324.

€18 is a lot for clicking the wrong button! That’s the price of a Kobe beef skewer 🙂