travelbls

My daughter was in Spain for spring semester last year, and we set up a new bank account before she left and we both had internet access to it. We called around to local banks - not the major banks - and found one that had a $1/per withdrawal fee. I believe there are some smaller banks that have no fees. I was able to deposit money here and check the balance, and she had no issues with withdrawals. I think the two major bank networks are Cirrus and Plus, so you just need to look for atms with the right logo. It's much more convenient than setting up a new account in a foreign country. My other suggestion is to have a backup plan. My son was just in both Greece and the UK, and he wasn't able to use the primary card that we had planned while he was in Greece and had to use his backup (with the $5/withdrawal fee @ WF). The primary card worked fine in the UK. Even if you had to use a card with the higher fee, it would still be cheaper than wire transfers, and in Spain we were warned that with the language barriers and very similar names of banks, sometimes the wire transfers are lost for weeks. Have a fabulous trip!

Q Shoe Guy

I will add Newspaper people to this line of thought too.

NickW

I haven't opened an account yet (that's for the week after next when I'm back with my shiny three-year visa) but I know a guy that just opened a Shinsei account. It was apparently super-easy: they have English-language online banking, you don't need a stamp, and they refund all your Japanese ATM fees.

KIXJNB

(1) Try to do without a Japanese bank account for such a short time and just draw with your international ATM card - for that, you can indeed rely on CITI ATMs which are connected to the international networks. Not every ATM is.

(2) If you want an account, try the traditional Japanese banks. Frankly, it's medieval banking (lots of paperwork, stamps everywhere, office ladies in uniforms...) and quite mad. And most of the time, you would be asked for a registered hanko - although I managed to open my SMBC account without.

(3) Go for Shinsei - I am with them now, and it is a pleasure!

acregal

It's quite obvious you've never used Shinsei. When I just arrived in the country, I registered at the ward office and got one of those certificates (I forget the Japanese name but I think it's like the certificate of registered matters). I then went to a Shinsei branch with my passport and an hour later I had my cash card. The only other time I was in a branch was when I had to change my address. I didn't even use my hanko.

Then there was my experience at Mizuho. I had filled out half of the account opening form in Japanese when one of the office ladies asked me if I understood romaji, then she took the form from me and made me write everything again in romaji I was then asked how long I had been in the country, if I had a job, why I wanted an account there, if I had a hanko, and if a Japanese friend could come to ensure I understood the intricacies of a savings account (basically they tried everything short of saying "no" to get me to leave). To be fair, they were quite persistent in trying to get me to apply for a credit card. After I left with my bankbook and everything, they called me. In their haste to ensure I didn't write Japanese, they didn't ask about the furigana for my name

If everyone's experience is as painfree as mine was at Shinsei, I recommend it. There are no account minimums nor are there any withdrawal fees (moreover, they reimburse you for withdrawals). I have yet to pay them any money. Once, a day before a vacation, I went to withdraw money (using a foreign ATM card). The card got eaten and the staff weren't able to get it back. It took me a month to get a replacement. I know people whose ATM cards have broken or have been lost and they were able to get replacements the same day they reported it.

semi-OT but what is the official status of yucho ginko now? Before it wasn't a bank, but is it now? Obviously they're calling it a bank (and it was accompanied by an expensive rebranding effort), but is it actually a bank?

Q Shoe Guy

Overruled...

KIXJNB

Transfer of funds between Shinsei and Deutsche Bank (Germany) has always been a matter of two to three days for me - in both directions.

Shinsei also has the link with Yucho (Post Office Bank), which means you can use all their ATMs - on top off all thousands of 7Eleven ATMs, and just about any other ATM.

But as I said, for OP doing without a Japanese bank account for a few months would probably be the least hassle.

As far as I know, Yucho wants to be a normal bank now and they are discussing integrating their systems into the IT link of the main Japanese banks, which should help with transfers and the like in the future.

aaron1262

DECISIONS..DECISIONS!!..I just thought that by opening an account, i could in effect keep track of my spending and stuff like that. If i use like travelers checks like a lot of you have suggested, it might be harder at least for me to keep track of how much i spend. And for some reason, living for four months off travelers checks feels a bit weird.

I was planning on bringing enough Yen for the first couple weeks and get an account set up right away when i get there...so then my parent's could wire transfer money over. + bring some travelers checks.

Does anyone know how much it costs to use my ATM card in Japan? Around how much would it cost to withdraw money using my international bank cash card such as Bank of America? And does it give favorable exchange rates? I've done it in other countries but just not Japan

Right now im leaning still towards opening a Shinsei account..I was looking at the website and it says i cannot be a "temporary visitor"...My student visa would not be under that category right?

my second option would be to withdraw money using my bank card from home.

joejones

Off the top of my head, there's a fee of $2-3 and they take a 2-3% spread on the exchange rate. If you wire transfer money or deposit a foreign check, the exchange rate spread is usually 1% or so. This makes the ATM more economical for smaller sums of money and interbank transfers more economical for larger sums.

One solution is to get a credit card from CapitalOne. Their entry-level card, with no fee but a sky-high APR (make *sure* you pay your bill), is really easy to get even without a credit history. You can use it in Japan without fees, and the exchange rate spread is just 1%. Credit cards are not as ubiquitous here as they are in the US, but you can still put train tickets, groceries, clothes, etc. on your card.

No, it wouldn't be. Temporary visitor is the status you get when you enter as a tourist.

For the record, although Shinsei won't let you open an account as a temporary visitor, most other banks don't care about your visa status as long as you have a certificate of alien registration. I know for a fact that SMBC gives accounts to temporary visitors, and I'm pretty sure MUFJ does as well.

Q Shoe Guy

So are you suggesting that he go through the SMBC or MUFJ? Even after what Acregal and others have wrote?

Q Shoe Guy

Overruled

jib71

Hold yer horses Q....

The way I read it, Joe was stating that the student can open an account at Shinsei (since student visas aren't the same as "temporary visitor" status). However, for the sake of giving complete answer, Joe states that even "temporary visitors" aren't barred from opening accounts at other banks.

As for the $80,000 transfer. I agree that SMBC did a shoddy job in communicating with your friend. I understand that Banks are required to check the reason for transfers that exceed a certain amount. I think it's the same amount of cash and monetary instruments that you're allowed to bring through customs when entering the country. The rule exists in order to prevent money laundering. I'm sure the yakkies find their activities severely hampered this regulation. (... not).

However, when it comes to the amounts that a student will typically transfer, there is little chance that it will trigger a money-laundering alert. Over the years I've made quite a few transfers -- of a few thousand dollars each time -- to and from the UK. Transfers from my MUFJ account in Tokyo now reach my HSBC account in Leeds on the same day. I haven't had a problem in the last 8 years.

I have to say that I found it very reassuring during my student days to know that my parents could easily transfer some money to my Sumitomo bank account. These days, I guess the OP can achieve the same by having his parents tranfer the money to his US bank account - and then go to an ATM that allows him to use his US cards. (That wasn't really an option when I was a student and the continents hadn't yet shifted into their current configuration).

Finally -- Even if the Japanese bank experience is as awful for the OP as it has been for some of the people in this thread, I think it would still be a worthwhile exercise for the OP to open an account and see what it entails. The fact that you can be fussed over for half an hour, thanked profusely, given a gift (perhaps some soap, a pen, some tissues etc.), given a cute little bank book with cartoony characters... and yet still feel underserved because the fundamental services that you want are missing... that's a valuable cultural experience and lesson that can be applied to many service industries in Japan.

Q Shoe Guy

http://www.shinseibank.com/english/e...rs/faq_ic.html

joejones

Exactly. With a student visa and alien registration certificate, one should be able to open a bank account anywhere in Japan.

I'm just noting that Shinsei has issues with customers who don't have working/student visas (counterintuitive, given that they're otherwise the most gringo-friendly bank in the country).

To the original poster: Make SURE to go to city hall as soon as practical after you arrive, register with them and get a certificate of alien registration. You need this to open a bank account anywhere, and you will also need it to get a cell phone (if that's on your agenda).

Q Shoe Guy

http://www.flyertalk.com/forum/showt...671&highlight=