On Okinawa, the yen is the national monetary unit. As this information was being compiled, one dollar was worth about 100 yen. The rate has been changing so often that this figure could change drastically in either direction before or after you arrive.
With the weakening of the dollar, prices off-base have become increasingly higher. To eat in a first class restaurant off-base will cost an average of $50 for two people. Fortunately, there are eateries off-base that still give a favorable yen rate, keeping prices affordable. MCCS also has a good selection of base restaurants to choose from at U.S. prices.
Major units of Japanese currency are 1 yen, 5 yen, 10 yen, 50 yen, 100 yen and 500 yen coins. The bills are in denominations of 1,000, 2,000, 5,000 and 10,000. It is advisable that you purchase a small wallet to keep some Japanese currency available at all times.
Don't let the strong yen scare you from venturing off-base. Military members stationed in Japan receive a cost of living allowance (COLA) that helps make up for the falling dollar. Of course, you can always buy American products on-base at American prices.
Most Okinawa businesses near a base will take U.S. dollars, but at their own rate of exchange. It is recommended that you ask what that rate is before making a purchase. It would be wiser to buy yen at one of the Nations Banks or at the clubs where the rates are more favorable. Bank of the Ryukyus offers the best exchange rate off-base. Dollars are not usually accepted in areas away from the bases.
It is also advisable that you arrive in Okinawa with a small amount of yen (at least ￥10,000) readily available, particularly if you arrive at Naha Airport and will be depending on commercial transportation or telephones. However, there is a free line at Naha Airport which rings directly to the base operator at Kadena.
Cost of Living Allowance (COLA)
COLA is a tax free allowance given to active duty military members living in high cost areas outside of the CONUS. It is intended to help the service member maintain the same level of purchasing power they would have in a stateside duty assignment. Post Allowance is essentially the same thing as COLA except it is paid to DOD civilian personnel.
Barracks COLA
Barracks COLA is given to all enlisted personnel (excluding personnel assigned to the Unit Deployment Program) assigned to Okinawa commands on an unaccompanied tour and who reside in the barracks.
COLA at the Zero Dependent Rate
All officers and warrant officers on accompanied tours will receive COLA at the zero dependent rate regardless of where they reside. Additionally, any other military personnel authorized to reside on the economy will be given COLA at the zero dependent rate.
The amount of COLA is determined by pay grade and time in service. COLA can change as often as often as every 15 days due to changes in foreign currency. Current rates can be obtained from the Per Diem Travel and Transportation Allowance Committee's (PDTATAC) Internet site (see link below).
Housing Expenses/Allowances
Rent and utilities are expensive. Initial cost to set up housekeeping range from $2,000 to $4,500 which include: rent for 1 BR - $500 to $850; 2 Br - $600 to $1,580; 3 Br - $950 to $1,900; and 4 Br - $1,300 to $2,700. Rental deposit normally equals one month's rent; and agent's fee will from $208 to $510, effective 1 Feb 95. (The dollar computations are based on 110 Yen to $1.00.)
The good news is, that you will receive more compensation in the form of Temporary Lodging Allowance (TLA), Move In Housing Allowance (MIHA), Overseas Housing Allowance (OHA) and Cost of Living Allowance (COLA).
Temporary Lodging Allowance
TLA is money you receive to defray the cost of temporary lodging. The amount is determined by your family size and whether or not you have access to cooking facilities. TLA is normally limited to 30 days, however under extraordinary circumstances can be extended. If the Marine does not have sufficient funds to pay for the lodging bill an advance payment of TLA can be authorized and can be requested before or after arrival. TLA payments will be made directly to your direct deposit account. Contact your sponsor or Okinawan command POC for details on requesting an advance of TLA. More information regarding TLA will be provided upon your arrival. On base Temporary Lodging Facilities are operated by the Marine Corps Community Services (MCCS) and will accept commercial credit cards for payment. The use of a Government Travel Charge Card (GTCC) for TLF RELATED expenses, including meals is authorized.
Move In Housing Allowance
MIHA is a onetime payment made to a service member with no repayment required and is designed to help offset the initial move in costs associated with occupancy of economy quarters. MIHA is a non-repayable allowance designed to offset the high move-in cost.
Overseas Housing Allowance
OHA is payable to service members who reside off base, in economy quarters. The ceiling rate is designed to cover 100% of the expenses for 80% of the service members.
Banking Facilities
There are two major banking facilities on Okinawa, the Navy Federal Credit Union and Nations Bank. At least one of these is located on all Marine Corps Bases. The banks offer full service and are in business to serve the military community and their families.
There are no banking facilities at Camp Fuji. The on base club system will cash checks (including personal checks) and make yen conversions. ATM machine dispenses both dollars and yen.
Links