Originally Posted by
aaron1262
Hi all again,
SO i got the tips i needed to set up a cell phone while in japan..now i'm here to find out what i can about banking and setting up my finances in Tokyo as my 4 month adventure will begin in about a month.
What's a good bank to set up an account at for a "gaijin"? I did a little digging and found that CITI bank has Operations in Japan..is that the best bet? or what other options do i have that will make life easier?
If your Japanese is not so good, and if you're in a major city where there's a branch, get an account at Shinsei Bank. It's owned by foreigners, all of the documentation is in fairly comprehensible English, and they have English-language phone support and online banking.
Also, after talking to my dad an accountant...he told me the best way to take money over there is in a form of a foreign draft written out in Yen? I'm pretty sure i get what it is...but im wondering if all banks in japan will be able to cash it as there are banks i've read (not Japan in particular) that are stingy about drafts because of security/fraud issues. Anyone do this before?
For your initial cash requirements, you can use a foreign ATM card (with a Plus or VISA logo) to withdraw yen at any post office or 7-Eleven ATM.
Besides travelers checks, you could also consider a wire transfer from your home bank to your Japanese bank. Most banks will not let you send money to Japan without appearing at the branch back home, so you would either have to leave the money with your dad and have him wire it to you, or give him a power of attorney to run your account while you're in Japan. There are fees, but it won't be any more expensive than obtaining and cashing a bank draft: it's also more secure than carrying around a piece of paper which you might lose. It takes about two days to process an international wire.