Money Matters

Banking

Bank Accounts
Someone from your school should help you to open an account. You can use your hanko (personal seal) or your signature when opening an account. Your school will most likely transfer your salary directly into your account, or they might give it to you all in cash - welcome to Japan!

Bank hours are usually Monday to Friday, 9:00 - 3:00. The bank ATM is usually open 9:00 - 5:00, Monday to Friday and 9:00 - 12:00 on Saturday, and often not open at all on Sundays. Check your local bank for their specific hours. When you use the ATM outside banking hours, you will probably be charged an extra fee (100 - 200 yen). In larger cities (Niigata City, Tokyo, Kobe, etc.) cash corners with ATM machines may be open longer hours and on Sundays. They will also charge a slight service fee.

Post Office Accounts
The Post Office is the largest bank in Japan. There are over 11,000 branches (every post office) around Japan. There are a few advantages to having a post office account.

1. The interest rate is higher than the one at a bank (0.02% instead of 0.01%!).
2. The ATM is open longer, everyday of the week. For example, Takada Post Office ATM is open Monday - Friday, 8:45 - 7:00; Saturday, Sunday and holidays 9:00 - 5:00. Check your local post office for their hours.
3. There is a branch in every town in Japan so it makes it easy to access money when you travel. The post office banking hours are also slightly longer. They are open 9:00 - 4:00 Monday to Friday. They are closed Saturday, Sunday and national holidays.
4. Like most banks in Japan, you can have your bills paid directly from your account.

To open an account, go to the bank teller (you may have to take a number) and say "Chokin shitai no desu ga." (I want to do banking.) or "Chokin onegai-shimasu." (Banking, please). You will need your passport or alien registration card and at least 100 yen to deposit in order to open an account. After you have opened an account, you can also ask for forms to have your bills paid automatically from this account.

Checking Accounts
There is no such thing as a checking account in Japan and personal checks don't exist here.

Using the Bank ATM
Once you start to recognize the kanji, it's not that difficult. ATM hours in Niigata are generally 9:00 - 7:00 on Monday - Friday and 9:00 - 12:00 on Saturday. Check your local bank for specific hours. When you use the ATM outside of banking hours, you will be charged an additional fee. In big cities (Tokyo, Osaka, Niigata City) there are cash corners where ATM's are open longer hours and on Sundays.

Paying Bills
You can have your bills paid automatically from your bank account or post office account. This is the easiest option. Again, ask your school for assistance with setting this up. You can also pay your bills at a convenience store (7-11, Lawsons). Just bring the bill and the money to pay for it to one of these stores. The clerk will stamp the bill, give you the stub or a receipt and your bill is paid. There are no extra charges.

If you don't choose either of these options you will have to pay (about 650 yen each) to send a furikomi (bank transfer) for each bill each month. You will also have to figure out how to read your bills to know when they are due. This method is not recommended.

Paying Bills with a Furikomi (Bank Transfer)
To pay other expenses like domestic mail orders (Foreign Buyers Club), airline tickets and other one-time expenses you will want to send a furikomi or furikae (bank transfer). The company you owe money to should send you a form with all their account information and the amount due. Take this to the bank or post office to settle your account. There will be a charge for the furikomi of 300 - 1000 yen.

You can use the ATM to send a furikomi, but the first time you send to an account it is a little challenging entering the information unless you have a pretty good mastery of kanji. After you send a furikomi to an account the first time, the ATM should produce an information card that you can insert for later transactions to that same account.

Sending money (cash) in Japan
If you don't want to send a furikomi you can send cash through the post office. Buy a genkin kakitome futo at the post office (mail desk, not banking desk). It costs 20 yen. After filling out the envelope and triple sealing it, bring it back to the postal clerk where you will pay postage (starts at 80 yen and goes up based on weight so don't send a lot of coins) and registered mail (kakitome) rates (rates start at 420 yen and go up depending on the amount being sent). Rates are listed in your JET Diary. You can send up to 500,000 yen this way and it is guaranteed by the post office.

Sending Money Home

Through the Post Office - Kokusai Sokin Seikyusho
At every post office there is a banking section where you can do all kinds of financial stuff like open a savings account, pay bills, send money in Japan, and send money home. Sending money home is called Kokusai Sokin Seikyusho. To get an English publication about this service, please call the Tokyo Postal Savings Center at 03-3865-6100 - phone or 03-3865-6240 - fax, and ask for the "Guide to Overseas Remittances". The cost for this service varies depending on the amount of money you are sending. This service is not available for Ireland and New Zealand. If you want to send money to either of these countries, you will have to look for another option.

The post office will issue a check in your home currency. It will usually take 10 - 14 days for the check to be delivered, but for some reason, it takes 14 - 20 days for it to be delivered to Canada. When you first go to the post office to attempt this endeavor, follow the colorfully written instructions printed below and refer to the example forms.

Let's Enjoy Sending Money Home From the Post Office

1. Find the post office.
2. Enter the post office. Don't take your shoes off.
3. Bow politely and smile skillfully.
4. Say "Kokusai sookin o shitai'n desu kedo." (I'd like to send some dosh home, please.)
5. Then say "Kyo no pondo/doru etc. no kawasesooba wa ikura desu ka? (What is the exchange rate for the pound/dollar, etc. today?) or look in yesterday's paper for the Bank of Tokyo rates.
6. They'll give/show you a printout with the exchange rates. The rate you'll receive is the one shown in the boxes on the top of the sheet.
7. If you want to send the money, take a number at one of the banking windows. If you want to wait to see if the rate will change say "Arigato gozaimashita", bow skillfully and go back another day.
8. When they call your number or when a bank teller can help you say, "Dewa, X mann yen o okuritai'n desu". (Well then, I'd like to send X tens of thousands of your Japanese yen, please, Guv.)
9. They should give you the check that is sent home and a carbon copy sheet.
10.  If you don't get these say "Kokusai sookin seikyuusho o kudasai."
11.  Fill out the carbon form and the check.
12.  Hand over the dosh.
13.  Take your receipt (and the check if you are sending money to the US and decided to mail it yourself), please take care not to forget your change, say "Arigato gozaimashita" (Cheers, Guv), bow (skillfully) and leave.
14.  When you get skillful, you can do it all in 10 minutes.
15.  It should take about a week to arrive.
16.  If you decided to mail the check yourself, don't forget to actually mail it.
 

Through a Bank
Of the following remittance procedures, a check is the least expensive followed by mail and telegraphic transfers. The faster the procedure, the higher the cost.

Transfer by Check (Sokin Kogitte): A bank that is able to deal in foreign currency prepares a check, which you then forward by mail. If you request a check from a regional bank, it may take 4 or 5 days to prepare.

Through Lloyds Bank (www.lloydstsb.co.jp/ )
Sorry about the name endorsement, but this has been the easiest way for many ALT's to send money home. After filling out the application with Lloyds, you simply go to your bank, use the Super ATM to send a furikomi (bank transfer) to Lloyds Bank in Tokyo and the next day the money will be in your account in your home country. There is no cost to register but there is a 2000 yen charge from Lloyds every time you transfer money plus the cost of the bank transfer (about 650 yen). There is also an additional charge depending on which country you're sending the money to (check the web-site for more info). Here's what you need to do to get started:

1. Call Lloyds in Tokyo at 03-3589-7770 or fax 03-3589-7722 for an application.
2. About a week after you return the application (by mail, fax cannot be accepted), you will receive instructions in the mail for sending money. Ask someone at your local bank to help you send the furikomi (bank transfer) to Lloyds. You can transfer money directly from your account to Lloyds' using the ATM machine.
3. The next day the money should be in your account in your home country. Within a week you will receive a letter (or a fax if you request) telling you the exchange rate and the amount transferred.

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