Traveling to Japan in 2024? Here’s What You Need to Know About the New Currency!

In July 2024, a new banknote design was officially issued in Japan.

The new banknotes incorporate the latest security technologies, significantly enhancing their counterfeiting prevention features.

However, with the introduction of the new banknotes, there are a few things that foreign visitors to Japan should be aware of when using cash.

This article explains the details of the new banknotes, along with information for international visitors on how to exchange old banknotes for the new ones and alternative payment methods.

Can you still use the old banknotes? (As of October 2024)

While the new banknote designs were officially issued in Japan in July 2024, old banknotes remain in circulation and can still be used. 

Currently, both new and old banknotes coexist in Japan, providing flexibility for cash transactions.

It is convenient to have old bills!

Smaller shops, older ATMs, and vending machines may not yet be compatible with the new banknotes. 

In local tourist areas and rural regions, it’s especially convenient to have old banknotes on hand, as these places may take longer to adapt to the new currency. 

Keeping some old bills until the new ones become more widely accepted can help you avoid any inconveniences. 

However, as the transition to the new currency is underway, it’s wise to carry both old and new banknotes, rather than relying solely on one or the other. Additionally, consider alternative payment methods for situations where cash may not be readily available.

How to exchange old and new banknotes

While exchanging old banknotes for new ones in Japan is relatively straightforward, the reverse—exchanging new banknotes for old ones—can be quite challenging. 

Old banknotes are gradually decreasing in circulation, and new banknotes are becoming the dominant form of currency in many areas.

How to exchange old banknotes into new banknotes

Old banknotes can be exchanged for new banknotes in the following ways:

• Currency Exchange at Banks: Major banks in Japan can exchange old and new currency bills. Be sure to visit the bank during its operating hours, so it’s a good idea to check each bank’s hours before going.

• Currency exchange at post offices: You can also exchange old currency bills for new ones at post offices, which are easily accessible in rural areas and away from tourist attractions.

• Using ATMs: Some ATMs allow you to withdraw cash using the new banknotes. However, not all ATMs are equipped to handle them, so it’s wise to check their compatibility before you go.

Difficult to exchange new banknotes for old ones.

Exchanging new banknotes for old ones is generally not an option. 

If you find yourself in need of old banknotes, you may have to visit a store or financial institution that still accepts them. 

Remember, the transition to the new banknotes is ongoing, which can make it trickier to get your hands on the old ones. 

With new banknotes becoming increasingly available, consider using cashless payments and other alternatives to make your travel experience more convenient!

Alternative Payment Methods

If you are short of cash or cannot use new or old banknotes, check to see if cashless payment is available.

The main cashless payment methods available in Japan are as follows

• Credit and Debit Cards: Major cards like Visa, Mastercard, and JCB are widely accepted across Japan. While AMEX is also recognized, it may not be accepted by smaller local shops.

• Transportation system IC cards (Suica, Pasmo, etc.): These cards are very convenient because they can be used not only on trains and buses, but also at convenience stores and restaurants.

• Mobile Payments (Apple Pay, Google Pay, etc.): These cashless options are becoming increasingly popular in urban areas, making it easy to pay in numerous locations.

Useful Information and Support

If you encounter any problems regarding the new banknotes, be sure to utilize the following support :

• Bank Support Desk: If you experience any issues with new or old banknotes, reach out to the bank’s support desk for quick assistance.

• ATM Support: Should you encounter problems with new banknotes at an ATM, don’t hesitate to ask for help at the installation location.

Summary

The new banknotes introduced in July 2024 boast enhanced security features, ensuring their reliability. However, you can still use old banknotes.

Foreign visitors to Japan can enhance their travel experience by carrying both old banknotes and being prepared for cashless payments, especially in places where the new banknotes may not be accepted.