The other day, I traveled to a development base in Malaysia. Everyone is kind, the climate is warm, the food is delicious, and it’s a great place! It was a short week, but I enjoyed it very much!
Even for such a fun overseas business trip, it is necessary to exchange money in the local currency. So, this time, I’d like to compare some currency exchange methods and find the best one.
Currency Exchange how this comparison method
Since there are too many choices, it will be difficult, so this time I would like to compare “How much yen will be needed to obtain 300 ringgit (MYR)” about the following methods.
- Currency exchange at the Japanese airport
- Currency exchange at the Malaysian airport
- Currency exchange in Malaysia
- Cashing at overseas ATMs
Also, the rate used this time is the rate when the writer confirmed in the field. It’s not the same timing, so please read it. (Rate on the same day except in Malaysia)
Case1: Exchange at the Japanese airport
The rate checked at Haneda Airport was 31.92 (yen / MYR). In other words, you need 9,576 yen to get MYR 300. Considering that the normal exchange rate is in the 27 yen range, it seems that a considerable amount of fees are being added.
Case2: Currency exchange at the Malaysian airport
The rate at Kuala Lumpur Airport is 3.349 (MYR / 100 yen). Converted to a familiar rate, it is 29.86 (yen / MYR). To purchase the MYR 300, you need to pay 8,958 yen. At this point, you can see how the exchange in Japan is losing.
Also, at this exchange office, the rate changes depending on the exchange amount. MYR 1000 and above are 3.352, MYR 1500 and above are 3.354. However, I feel that there is no merit to exchange over MYR 1000 here.
Case3: Currency exchange in Malaysia
The exchange rate in Malaysia is 36.0 (MYR / 1000 yen). 27.78 (yen / MYR) at a familiar rate. The MYR 300 can be purchased for ¥ 8,333. I checked this rate the day after the yen was slightly stronger than when checking the rate at the airport, but even after deducting it, it is overwhelmingly advantageous compared to exchange at the airport! After all, you’re looking at the airport.
Also, even if it is an exchange office in the city, it is not so profitable if it is an exchange office of a major bank. If you have the time, I think it’s a good idea to compare some.
Case4: Cashing at an overseas ATM
The method I changed this time is cashing at this overseas ATM. The card used is Visa debit from Sony Bank. To be honest, I had to decide because the calculation was troublesome, but when I checked the account balance with an MYR 300 debit, it decreased by ¥ 8,623. 28.74 (MYR / yen) in rate conversion. Although it is not as good as the exchange offices in the city, it is far better than the exchange offices at the airport.
Checking the breakdown, 1.76% for “office processing fee”, “216 yen for overseas ATM fee”, and “some local ATM installation agency fee” (I forgot that it appeared at the time of ATM operation), Then there is the pure Sony Bank “exchange rate”. Although it does not reach the city exchange office due to the fee, I think the exchange cost itself of Sony Bank is not much different from that in the city.
Since this is a debit card, the mechanism is significantly different from credit card caching. In the case of credit, interest is prorated daily, so it seems that it will not be cheap at all unless you prepay early. In the first place, I wasn’t able to make choices because it was troublesome to worry about prepayment. Even debit cards have different rules depending on the company, so please check if necessary.
Bonus: Use the card without exchanging money in the first place
Uber fee MYR 75.10 from the airport to the hotel was also paid with Visa debit for 2,101 yen. 27.98 (JPY / MYR) when converted to rates. There are no ATM fees to use the card (only “office processing fees” and “exchange costs”), so you can save even more.
In summary
Considering only the good rates, the city exchange office is still good. However, most people should be willing to leave the airport with zero cash. Cashing at the overseas ATM with only the minimum required amount of money seems to be a good first exchange.
After that, it seems better to use the city exchange office in consideration of your usage schedule. However, there are many stores where you can use cards, so if you are worried about the excess or security risks, I think that it is a good option to pay with a card.
If you get a foreign currency of fewer than 10,000 yen at the most, but you make a mistake at the exchange office, you will lose more than 1,000 yen. I want to study a lot and enjoy traveling abroad with a great value!