I am reading so much about Japan and from that I am feeling like every second person on this planet is going for a holiday to Japan. Trust me if you see the Insta stories, it is overwhelming. If so many people are going, then, it means the currency is easily available. 2 days back I went to one of the money exchange offices in my area. Normally I visit here to get currency during all my travels. Their conversion rate it always very good. There are around 5 exchanges in my area and this one always has the best rate.
The current Omani Rial to Japanese Yen rate is 1 OMR = 408 JPY. The conversion rate this exchange gave me is 357 yen to 1 omr. I was quite shocked because this is like 13% deduction. I was expecting somewhere between 5% to 8%, because I know in Oman not many people are travelling to Japan and nor do we get many Japanese tourists here so the inflow and outflow both are less. I thought of just going and checking with other places also. The other exchange offered me a further ridiculous rate, giving me a quote of 325 yen to 1 omr, which is like 20% deduction. I would be in a good loss with this kind of exchange rate. Finally, one exchange gave me a quote of 375, which is also 9% deduction, but then I have no choice. I have to take some cash with me.
Most of the payment I would prefer to do by credit card because that's 4% interest rate for me, so it's much better then 9% deduction. Also, I have read that 7/11 ATMs are best for cash withdrawals; they have around 4% interest as well. But going to a new country, I would need some cash in hand to start with, then later I can figure out these things. So as of now, I got some exchange, that too they gave me big denomination, now that's another headache to change into smaller currency. Normally I prefer to carry cash rather than spending card, but not with this much loss. Let's see how it goes there.
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Those exchange rates are insane! Five or six percent would be reasonable, but what you found was horrible. It sounds like using the ATM is the best way to go or just pay by card. That's the way I like to do things when travelling, but you always have to have some cash no matter what.
Having never been to Japan I couldn't personally comment on their currency exchanges. I just know everywhere else I've travelled I've never paid that high a rate except maybe inside an airport(which is always a rip off!)
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