Money in Japan

[MMM]

Originally Posted by jasonchua

There's a very good and simple guide to Japanese currency here.

Most foreigners don't know that you CANNOT use your ATM card in Japanese ATMs.

THat is a good guide. Also note that I tried my VISA card and ATM card at many places that had signs printed that said they could take my card (all the marks on the back of your card) but 9 times out of 10 it didn't work. "That's only if you made the account in Japan" they would say.

Of course, your VISA card will work when you want to buy something at at a department store, but don't expect to be able to use a VISA at a fast-food restaurant or supermarket. Those tend to be cash-only establishments (or it's a pain in the butt to use a card, and all the people in line behind you will be waiting 10 minutes while the cashier calls the manager to process a foreign credit card).

[gaijzilla]

Japan is a largely cash based society. Barely anyone uses a credit card and there's no such thing as personal checks.
Rather than using a credit card, people carry large sums of cash. It's not uncommon for someone to be carrying the yen equivalent of thousands of dollars. That's what I had to do before I got a bank account. You will probably have to pay for very major things, like an apartment, in cash. Rather than using personal checks, you sign standardized agreements that allow people to make direct withdrawls (pretty much the same thing but not nearly as handy).

One of the most popular banks in Japan is the post office. That's what I use. However, making transfers to/from overseas with a postal account is probably not easy. I haven't gotten the nerve to try yet.

[samokan]

actually, transferring money thru post office is quite easy actually

just say "genkin kakitome" and usually the charge is 1% of the actual amount.

just go to your nearest post office, they are actually very helpful and nothing to be afraid of

[MMM]

Originally Posted by samokan

actually, transferring money thru post office is quite easy actually

just say "genkin kakitome" and usually the charge is 10% of the actual amount.

just go to your nearest post office, they are actually very helpful and nothing to be afraid of

Easy...but expensive...like you said. 10% of the actual amount.

[EDIT: Oops! I misread that...is it really only 1%?]

[chachava]

Get an account... you can open up a bank account with Shinsei in about 20mins provided you have your gaikokujin card (which you get from ward office within 2 weeks of arriving) and a telephone number

[Abasio]

SMBC now accepts foreign bank cards but I guess the fees are astronomical as they were when I used my Japanese issued card in London

If you are here for 1 year, get a bank account, are you going to be here just on vacation or will you get a job? If you are going to work your company should be able to help you set up a bank account!

[samokan]

Originally Posted by MMM

Easy...but expensive...like you said. 10% of the actual amount.

sorry sorry.. its 1% I did not notice the 0

my friend sent 60,000 to his account and she paid 600yen only for that

[MMM]

Originally Posted by samokan

sorry sorry.. its 1% I did not notice the 0

my friend sent 60,000 to his account and she paid 600yen only for that

That was my fault!

I thought it was more expensive than that! I guess that's why most post office customers are doing things besides sending mail...

[Tyler]

I'm going to be in Osaka for a year for study so I won't be working. At least, not officially.
I talked to someone who went to the same school I'm going to be going to and she said she got an account with a bank near the university without much of a problem.
But, she said the bank card they gave her only worked with the ABM machines in the bank.
Not only that, but she said that bank hours are only during the times I'll be at school so its going to be a pain in the ass to do banking there. And when the bank is closed, the machines are closed too.

I looked into getting a credit card in Japan and it sounds like it would be pretty difficult for me to get one.
I read somewhere that some companies don't even accept applications from foreigners.
But I guess this isn't too big of a deal. It sounds like credit cards aren't too useful in Japan at the moment. I just wanted something for emergencies really.

Samokan: is that 1% a charge for wiring money to another bank? Thats not too bad!

[samokan]

Originally Posted by Tyler

I'm going to be in Osaka for a year for study so I won't be working. At least, not officially.
I talked to someone who went to the same school I'm going to be going to and she said she got an account with a bank near the university without much of a problem.
But, she said the bank card they gave her only worked with the ABM machines in the bank.
Not only that, but she said that bank hours are only during the times I'll be at school so its going to be a pain in the ass to do banking there. And when the bank is closed, the machines are closed too.

If you got problem get a MUFG ( mitsubishi card ). It's the one most companies use, and yes getting an account is easy , you only need 1 yen, ARC ( alien registration card ) and hanko

ATM's for MUFG are open from 7 am till 12 midnight, the main branches. Little ATM's are close around 9pm. But convenience store have ATM machines and they are open 24 hours so no problem there.

Be careful with the charges too. For MUFG, if you used the ATM's in the convenience store during weekdays from 9am -6pm, they are free. Am not sure with other banks though. Most banks charge 105-210 per transaction on the ATM machines found on the convenience store.

There is a bank , I think "Shinsei" ( sorry I forgot the name ), the ATM is operational until midnight and it does not charge anything. My Japanese friend is recommending it to me. Its practical to use for daily expenses.

Originally Posted by Tyler

I looked into getting a credit card in Japan and it sounds like it would be pretty difficult for me to get one.
I read somewhere that some companies don't even accept applications from foreigners.
But I guess this isn't too big of a deal. It sounds like credit cards aren't too useful in Japan at the moment. I just wanted something for emergencies really.

Samokan: is that 1% a charge for wiring money to another bank? Thats not too bad!

yes credit card is difficult to apply here. but if you are in Kansai area, trying looking into PITAPA

yes its 1%, but I don't use it. I use transfer/wire money directly from MUFG to SMBC directly from ATM machine and I pay around 300yen flat, no matter what amount.