Steve M

As to how to get money converted to Yen, I think many of the suggestions in this thread are over-complicating things. There's talk of setting up accounts with Wise or others and getting a card that can be used at ATMs. Or even further, getting a Schwab brokerage account that you otherwise wouldn't have just to get the zero-fee ATM card that comes with it. I think that it's a given that any international traveler should have a 0% forex fee credit card of some sort, and these days that will cover most expenses in Japan. As to the things you need cash for, how much money are you going to need? A $1000 would go a long way these days for things that require cash. If your regular bank ATM card charges a 3% forex fee (which is on the high end), that's $30. If your cash budget is $500, then it's $15. Is it really worth it to set up an account, order a card, fund the account, etc. that you otherwise wouldn't have in order to save $15 or $30? IMHO, just use your 0% forex credit card where possible, your regular ATM card to withdraw some cash in Yen when you get there for pocket money, and be done with it. It doesn't need to be more complicated than that.

pesos

I imagine you could just pin up a Google Fi account during your next visit to the states and start your account up, then port the number to numberbarn for cheap for the long term.

freecia

If you have a recent smart phone with esim, you can get a US prepaid domestic esim which can be activated outside the US and use wifi-calling (and sms). Not all US carrier esims offer international activation. Some carriers only support iPhone with esim, so it's worth checking the details. I would try things out by loading a small amount/plan first.
Tello (T-Mobile network domestically)
https://blog.tello.com/news/how-to-a...o-from-abroad/
https://www.reddit.com/r/NoContract/...d_use_outside/
H2O Wireless (AT&T network domestically) reported
https://www.reddit.com/r/NoContract/...s_esim_abroad/

Turn off the esim slot from US carrier when you're not using it to avoid battery drain while in Japan https://www.reddit.com/r/NoContract/...using_a_tello/

Both options would cost a bit less than Google Fi with voice and sms. H2O with PAYG (pay as you go per text) min top up $10/90 days and Tello 500 minutes + unlimited text, no data = $5/month + tax

ETA: Above addresses the "How to get a US cell phone number while abroad for 2FA" but not the Schwab debit account applications details. Not sure if there are US residency requirements in Schwab's fine print.

freecia

I mean, it is FT Once you're already halfway to being complicated, you might as well see what you can optimize?

I like that if I just need a bit (more) cash like $20, I don't need to worry that the ATM fee will add several dollars. It's a behavioral frugality thing. An unnecessary $5 won't break the bank but it doesn't sit well and I let it bug me for longer than it should for $5 on a $$$ trip. A travel friendly debit account is easier solve than changing that behavioral response (though yeah, I've also worked on that).

Some of my friends don't use much cash domestically and travel internationally every year or two. I let them know about the existence of travel friendly checking/forex accounts but also would advise them to not over complicate things with their current travel patterns. It's one more thing to tend and possibly lose track of.

Steve M

You make several good points. First of all, being FT, there's certainly nothing wrong with sharing tips on how to optimize out to infinity. I just wanted to add to the thread to benefit those that might wander into it for Japan forex advice and not realize that that's what we're doing here.

To address your second point, let me add a tip: withdraw from the ATM more yen than you think you'll need. Assuming that you have a postpaid hotel room on your last night, take any unspent cash and pay down the hotel bill, putting only the remaining balance on your credit card. This allows you to leave the country with no unspent cash, and without having to pay forex to change it back.

Nagasaki Joe

I'm pretty certain this wouldn't qualify as a legitimate cell phone account for the purposes of opening a Schwab account. It didn't qualify for opening a Capital 1 credit card account because it's an account that can be opened by people that are not resident in the US. To open a Schwab account, I would need to provide a cell phone number from a provider like T-Mobile. Schwab or Capital 1 would then search the cell phone providers' customer database to verify the account. This, along with an SSN and other data would then let Schwab determine that you are both a citizen and resident of the US, something they cannot confirm with a Google Fi account.
Thanks, perhaps this would work, I'll have too look into it more carefully.
Yes, opening a Schwab checking account, and I think most other Schwab accounts, requires US residency, it says so in the fine print, which is interesting since I don't need US residency for my other US bank accounts and US-issued credit cards that I have, nor did I have to provide a cell phone number to open those accounts. I'm not sure if there is a way around this residency requirement other than to call Schwab and ask.

freecia

I think there was also a post on r/nocontract for a T-mobile prepaid esim where they activated it with a vpn in US. Proton offers a free US VPN https://protonvpn.com/vpn-servers#free Their e-mail service is decently well regarded for privacy and vpn does not log or share/sell your info with third parties. reddit.com/r/digitalnomad or other "digital nomad" forums might have more info, too, as the posters usually spend an extended amounts of time working remotely/online outside their "home" country where they have a financial banking presence.

Might you be thinking of Google Voice, the virtual phone forwarding service, and not Google Fi, Google's prepaid cellular offering? Google Fi (mostly) operates on T-Mobile and roams on US Cellular. Fi used to also work with Sprint's carrier network. Fi technically had three carrier networks which might have made carrier account linking look a bit odd ("secret" phone number may not match one in details of a credit report?). T-Mobile and Sprint merged.

I believe Schwab brokerage accounts have a US residency requirement. Schwab High Yield checking is from Schwab bank and requires opening a linked brokerage account.

An EU based co-worker asked about opening a non-employee related independent E-Trade (now operated by Morgan Stanley) brokerage account and that's where I happened to see the residency requirement for opening a new account. It did seem odd to allow foreign E-Trade employee stock accounts but there's no purchasing ability for non-work (or spun off from employer's corp) stocks, just sell and transfer current holdings. Technically I think the employee (or former employee) account is mostly employer stock grants, stock options, and employee stock purchase plans?

Nagasaki Joe

Yes, I think I'm mostly thinking of Google Voice, which I did check out, but the ability to open a Google Fi account and obtain a cell phone number by anyone from outside the US should also make it unacceptable as a number for opening a Schwab account, regardless of whether it operates on T-Mobile or not. I believe you need to open an account directly with a major carrier such as T-Mobile (and not through Google Fi) so that you are on file in their customer database for the number to be verifiable by Schwab.

I'm pretty sure that if a US expat had a verifiable mobile phone number, SSN, and US address, they would qualify for the Schwab account, except for the question of residency. Morgan Stanley too requires US residency on their account application forms. My credit card companies, Amex and Chase, both see me as a US resident based on the data I submitted (US mailing address, SSN, US telephone number, etc.) to open my credit card accounts, but even so, US residency is not required to open those accounts, but US citizenship usually, but not always, is.

AlwaysAisle

For people visiting Japan as tourists, I am not sure whether all the suggestions made here are worth it or not. In the end, how much are we really making the difference? I have been playing the game of JPY vs. US$ since the '80s. The exchange rate is a dynamic situation, things are constantly changing, and what is available today may not be available two years from now. For me playing with the exchange rate is like playing with the stock market. I have 401K in the U.S. which is directly connected to the stock market. 401K is my retirement money so it is an important item for me, but I don't dedicate my effort and time on a daily basis to strategizing my 401K plan. For me strategizing saving on the exchange rate fee is on low priority. When I travel abroad to Europe, the Middle East, Australia, Pacific islands, etc. I just consider exchange rate fees as a part of the cost of traveling. Exchange rate fees are such a small portion of the entire expense for traveling.

SugoiHikouki

I see the Schwab debit card the same way as the APEC card or other sort of niche but also sorta useful travel tools. It isn't necessary and the benefit for infrequent travelers is probably not super high, but it can reduce a certain kind of friction with just a little work ahead of time (assuming you qualify, of course). Should I let the $5-10+3% ATM fee bother me? Maybe not, but it can add up and I now don't have to think about it.

invalyd

That's not true at all. Anyone with a SSN can open a credit card account regardless of their citizenship.

Steve M

This. I would be surprised if any financial product in the US had a citizenship requirement. Aside from things like voting or holding elected office, very few things in the US are predicated on citizenship.

Nagasaki Joe

"In the United States, a Social Security number (SSN) is a nine-digit number issued to U.S. citizens, permanent residents, and temporary (working) residents" (https://en.wikipedia.org/wiki/Social_Security_number)

My explanation was perhaps too short, here's the long-hand version: To obtain an SSN (to open a US credit card account with) would "usually" require that you have US citizenship (the easiest and fastest route to obtaining an SSN) "but not always" (you can be a permanent or temporary resident as well). Your shorter explanation is perhaps clearer and more precise, as the SSN is the bottom-line requirement, but it's not open to all comers, you will need to qualify, which requires that you have US citizenship or permanent or temporary residence.

lowkeyflyer

Previously someone here suggested loading Suicas with 20,000 yen (up to 8 cards max or something like that).

I searched online and found vague information that Suica can be used for "shopping and some dining".
Can someone clarify exactly how useful Suica is for non-transit?

pesos

Every convini, many restaurants and vending machines, most grocery stores and certain other retailers will take it.