ONE thing about established organisations that have a substantial pool of non-Japanese contractors on visa sponsorship but do not assist you in anything else, is to provide a list of information to help you along to integrate into the society after subjecting you to rounds of tests / interviews and meeting deadlines.
I received a zip-file of documents and follow-up instructions on Monday for when I arrive Osaka next month. Most of the information were what I've already researched and published in this blog, but there's several new information that call for updates from my earlier posts.
I was puzzled when my future employer sent me application samples from only 2 banks - Citibank Japan and Shinsei Bank. I've not heard of Shinsei bank and proceeded to check out the website.
As mentioned in of Banks & Mobile Phone Contracts, that Japan is a cash-based society and ATMs in Japan have a service charge for every cash withdrawal after 5pm or 5:30pm.
So I've researched all the major Japanese banks provided by the organisation and found through some forums that Shinsei Bank is most preferred by foreigners. Now I understand why the organisation only sent samples from those 2 banks.
Through my experience, Shinsei Bank and Citibank Japan have the most user friendly websites. I can't get any information pertaining to bank charges, opening accounts etc from Mizuho Bank, Tokyo-Mitsubishi UFJ / MUFG and Sumitomo Mitsui Banking Corporation (SMBC). Their English websites cater to a more investor-related audience.
From the information I've received, Shinsei Bank and Citibank Japan do not issue bank passbooks. If you consider signing up with either of these banks, it will be good to ask for an official document stating your full name and bank account number.
Here's the gist:
Allows one to open an account online through its PowerFlex Starter Kit.
It is the only bank that does not charge for cash withdrawal through its ATMs and Partner ATMs such as Japan Post Bank (ゆうちょ / Yucho) and Seven Bank ATMs located in Seven-Eleven and Ito Yokado outlets. This applies all day, 365 days.
However, there is a charge if you withdraw cash using cards from other banks.
I read in one of the forums that Shinsei Bank uses a grid system (PowerDirect Online Banking service) for it's online banking which might not be a stable platform compared to SMBC's hardware device (similar to DBS iBanking pin generating device) for generating a pin.
Citibank Japan states that even if you have a Citibank account in your home country, you must still open an account with Citibank Japan.
Personally, I'll stay clear from this bank due to its exorbitant service changes and fees in maintaining an account.
But prior to receiving additional information from my contractee, I checked out Citibank Singapore anyways. The friendly people at Citibank said there's 2 options for me to transfer money.
Option 1
Open 2 accounts in Singapore
- Checking Accounts
(primary account in Singapore dollars with minimum deposit of S$2,000.)
- Global Foreign Currency Account (in this case will be the Japanese Yen) minimum deposit of US$5,000 or equivalent 1 unit of respective currency.
These 2 accounts can be linked and I'll withdraw cash from the Global Foreign Currency Account.
However, the staff are not sure about service charges for cash withdrawal in Japan. To their knowledge, it is FOC for cash withdrawal anywhere in the world. A friend based in Tokyo with a Citibank Japan account told me he was charged between ¥170 to ¥210 when he withdrew cash after 5pm. Anytime between 9am to 5pm is FOC.
Option 2
Step 1
Open a Citibank Savings Account in Singapore (minimum deposit of S$2,000)
Step 2
Open a Citibank Savings Account in Japan.
Step 3
Do a transfer via Citibank Global Transfer (CGT) for no charge at all.
OR
Step 1
Open a Citibank Savings Account in Singapore (minimum deposit of S$2,000)
Step 2
Open a bank account of your choice in Japan.
Step 3
Do a telegraphic transfer (3 business days) for a flat rate of S$30 if you do it online regardless on how much you transfer.
Or a commission charge of between S$20 to S$200 if you do the transfer over the counter. It is charged according to the amount you transfer.
To maintain each account, you must not have less than S$2,000 every month.
I wouldn't count on Mizuho Bank after widespread reports in 2011 on system failures and not able to use its ATMs nationwide for a period of time.
I chanced upon this guy, Jimmy in Japan, and his post on How to use MUFJ ATM, and I think he's utterly hilarious. Gotta hand it to this guy who took every camera shot of the ATM screen to guide you through to using MUFJ's ATM. He's definitely a life-saver if you're using MUFG / MUFJ and can't read Japanese. 'Cuz according to Jimmy, the instructions in English is of no use at all.
If you ask a native, it is their most preferred bank because of convenience. There's many branches and ATM locations.
Honestly, before I received these information from the organisation, I had already intended to open an account with SMBC. I was gonna schedule an appointment to meet some Japanese uppers in SMBC Singapore and have a chat with them about what do I need besides $$ to open an account with them and is there any service similar to Citibank Singapore where I'm able to open a Global Foreign Currency Account in order to link it to Japan, since SMBC Singapore has no connection to the one in Japan... which totally baffles me.
But now that I know there's a bank with no service charge for cash withdrawal all day every day, and since we never have to pay for such automated service here in Singapore, I don't find a rationale to pay.
As a re-cap from my earlier post, these are questions you may consider when finding out more from your preferred bank in Japan and current bank in your home country:
- How much is it to maintain an account?
- How much is it to maintain a credit card? (Apparently there's a JPY10K charge per annum for a credit card with Citi Charge.)
- What are the ATM operating hours for weekdays and weekends?
- How much handling fee is charged to your account if you withdraw cash after the operating hours?
- Are all their ATMs 24hours or only those in the コンビニ (convenience stores)?
Do note that foreign debit and credit cards are not accepted in most convenience stores except in 7-11. Here's more info on services provided in a コンビニ in Japan.
- Is there a handling fee charged to your account if you queue in the bank to take cash over the counter?
Following points to consider from Japan-Guide:
- Make sure that your credit or debit card can be used abroad.
- Inquire what fees and daily and/or monthly limits are associated with international withdrawals.
- Notify your bank that you are going to use your card overseas, since many banks will block a card which is suddenly used abroad, suspecting a fraud.
What is required to open a bank account?
- Passport
- Alien Registration Card OR Certificate on Registered Matters
- Telephone Number
- Hanko (Inkan) Stamp (may be required) はんこ屋さん21
According to the organisation:
A hanko (also known as an inkan) is a stamp usually engraved with the family name. Hanko are the Japanese version of a signature and subsequently are important tools for getting around in Japan. They help when getting a mobile phone or a landline, when setting up a bank account, joining a gym or anything else that requires you to prove your identity. Although you may or may not use your hanko as frequent as Japanese people will, it is always handy to have one in case. To make one, simply go to any hanko shop to have one made with your foreign name in katakana. It is probably best to learn how to write your name in katakana. The cheapest to have one made runs around 2000yen. Note: You are not required to make/buy a hanko/inkan stamp although some banks or offices outside of the central metropolitan areas will ask that you have one.
**Different branches will have different requirements for application, but the above mentioned documents are usually required by most banking institutions. For specific requirements for application, please visit the bank branch and speak with a representative.
$$ Matters:
Prior to your arrival in Japan, please contact your banking institution or debit/credit card providers about international usage, specifically for Japan.
Bring 350,000yen (or more)
You will need to bring enough money to cover living expenses for at least 2 months. The Japanese government suggests approximately 350,000yen per person. This amount should EXCLUDE initial housing set up costs and airfare to Japan.
Exchange ~20,000yen at the airport
It is not uncommon for people in Japan to carry a lot of cash as most stores or purchases can only be made in cash. If you are hesitant in carrying around a large amount of cash upon your arrival to Japan, it is suggested to exchange at least ¥20,000 to cover your travel and luggage delivery expenses. Exchanging a little more would be better for emergencies. (If you are travelling farther than central Tokyo, it would be best to change a little more.) It is best to check with your bank in your home country if transfers or ATM withdrawals are possible in Japan.
Banking
Most major banking institutions close at 3:00 pm (with exceptions of Shinsei Bank and Citibank). Most bank staff may not be able to speak English, so it might be best to study a few phrases in Japanese or ask a Japanese speaking friend to accommodate you. Most major banks are closed on weekends and always on National Holidays.
Money Transfers
Make sure to bring your home banking details with you if you intend to transfer money home (I.e. Bank branch routing number, account number, personal identification number, etc). Setting up an Internet banking account would make it easy to transfer money home. Most major Tokyo banks will have an online banking option for foreign transfers; transfers are also available through Lloyds TSB Banking.
ATM Machines
ATM machines in Japan often close after 8:00 pm and/or on some national holidays (ATMs in Japan are NOT all 24-hour accessible). Please make sure to plan ahead and withdraw the amount you need. This is especially important for long holiday periods such as New Years and Golden Week where banks and ATMs can close up to a week. During this period, even online banking will not be available.
Copy Your Information & Help
Traveling can be hectic and tiring which can throw some of us off guard. To be safe, record the numbers of your traveler’s checks, passport, and airline tickets on a separate document and keep it close. We also suggest sending a copy of this information to your family or friends at home in case you lose any of your personal documents. If you happen to lose your passport, please notify your home country’s consular office in Japan as soon as possible. In the event of theft or loss of any items, please go to the nearest police box or dial 110 for police assistance.
Related Articles:
Banks in Japan
Related Posts:
of Banks & Mobile Phone Contracts: A follow-up
Related Posts:
of Banks & Mobile Phone Contracts: A follow-up
*Images from random Google Search & additional info from prospective employer.
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