Financial Information ~ATMS & Banks~

[seaghyn]

Here goes, some of these questions may seem stupid, but I just want to cover all the bases O.o

ATMS: 1. Do ATM machines in Japan accept foreign debit cards?
~What fees are charged to withdraw from an ATM?
2. Would an ATM in Japan accept a Paypal debit card?
~What fees are charged to withdraw using a Paypal debit card?

3. What are some tips out there for how to handle ATM cash withdrawls?

Banks: 1. Would registering for a bank account in Japan be a good idea, if
one was to stay there for about 3 months?
~ If not, then heres my situation: I will be in Japan for 3 months, and will be receiving money from my dad to help pay for living expenses. Paypal is the fastest way we could find to send money and withdraw it, but what would it take to set up a bank account in Japan for three months, so that he could transfer the money to an account in Japan, and I could withdraw what I need from an ATM? (Again, Paypal seems the best option, as long as ATM's don't have erroneous service charges)

I hope this was organized well enough. Again, thanks all for the help, it seems everyone out there is so knowledgable about all this, whereas for me, it's simply my first time. Again, thanks.

~Seaghyn

[Cyclamen]

Only ATMs at major banks accept foregin credit cards. Small ATMs, like the ones you find in your local konbini, accept only japanese cards. I had no problem doing transactions from CitiBank (one of the biggest banks in Japan) with both my Visa and my Mastercard.
Pay pal debit cards work on the Visa Electron system, right? Well, with these cards you can withdraw cash from CitiBank's ATMs, but you won't be able to pay in almost every shop. At least, that happened with a non-paypal debit card I tried to use.
I don't know more about paypal accounts, nor about the fees, sorry. Keep in mind that a lot of stores put an addictional 4 or 5% on the total price if you're paying with a credit card.
Registering for a bank account in Japan isn't an easy task, and you're required to have a long-term visa. I suppose you will have just a tourist visa, since you're staying in Japan for 90 days. (It's very difficult to get something in Japan if you don't have a visa. Heck, it's even difficult to get a proper cellphone in Japan if you have the tourist visa, you can get only a prepaid contract!). Definitely don't go through all the pain this process would take.
My advice would be... open a bank account in the US, and get a Visa credit card. It will be accepted worldwide. Have your dad deposit money on your account and withdraw these money in Japan. If you're staying in Tokyo or another big city, you'll have no problems in finding a CitiBank ATM.
Every time you leave the city, bring with you a lot of cash. Small cities don't have ATMs that accept international cards.

edit: apparently Paypal debit cards don't work on the Visa Electron system, but on the Mastercard system. Theoretically speaking, they will work on every ATM that accepts foregin cards.

[Housetek]

Citibank is the major Gaijin bank there.

They are also affiliated with other banks.

Yes Debit cards work.

and they charge 2 bucks per withdraw

check out Citibank's website and see what cards work

Visa/master/Chase/Wachovia are the ones i used in japan fine.

[ToshiXeero]

Originally Posted by Housetek

Citibank is the major Gaijin bank there.

That means it is possible to open an account there as a tourist?

[MMM]

Originally Posted by ToshiXeero

That means it is possible to open an account there as a tourist?

No, but it possible to open an account in the US as a US citizen.

Let me add that pre-paid VISA cards are really hit and miss in Japan. I recommend bringing cash and/or a normal VISA card.

[ToshiXeero]

What a backward country. I was able to open a bank account in Hongkong by just showing my passport.

Unfortunately I am German citizen living in a neighbor country of Japan and not able to go back to Germany just for opening a bank account.

[noodle]

Don't quote me on this, but when i was having a chat with a japanese exchange student. She suggested Tokyo Mitsubishi Bank in Roppongi. Aparently you can open an account there with just your passport and you can get a "Pooh Bear ATM card."...

I don't know if this is true, and i wouldn't have this as your first and only choice, but it does sound like a good choice!

[ToshiXeero]

That's what I found on the webside of the Mitsubishi Bank:

Since October 1990, the Government has required Japanese banks to identify the name and address of customers when they open a new account and/or perform large cash transactions. With the enforcement of the "Law on Customer Identification by Financial Institutions" and the "Foreign Exchange and Foreign Trade Law (Amended)," the following changes have come into effect as of January 6, 2003. These laws apply to overseas branches of Japanese banks as well as banks or branches of foreign banks in Japan.


1. Identification Items

(1) Individual customers - Name, address and date of birth In the event a transaction is initiated by a proxy, identification of the proxy is also required.
(2) Corporate customers Name of the corporation and address of the head/main office Name, address and date of birth of the person initiating the transaction at the branch/office.


2.Transactions Requiring Identification

Banks will request customer identification when a customer:

(1) Opens a new account, rents a safe deposit box, enters into a custodial transaction, etc.
(2) Initiates cash transactions exceeding two million yen. [e.g. domestic/overseas remittances, money exchange (foreign currencies/traveler's checks, etc.)] Banks may request customer identification in other instances.


3. Identification Documents

(1) Individual customers Valid Driver's License, Valid Passport, or Foreign Resident Registration Card
(2) Corporate customers Certified Copy of Registration of Incorporation, or Seal Registration Certificate (The individual initiating the transaction at the branch/office is also required to present the documentation mentioned in the above 3(1).) Notes: Transactions using another person's identification documents are strictly prohibited by Law. Banks may decline to conduct a transaction when a customer cannot be properly identified. Thank you for your cooperation.

Means theoretically it should be possible to open an account with a passport.

[MMM]

Give it a shot!

[reptilesandsamurai]

I know the ATM's in 7-11's will take Visa, MC and MC debit cards.


Make sure you call your FI to let them know you will be in Japan before you go. Don't know how many times I've heard of people's accounts being frozen due to out of country transactions.