Job Discussion Forums

[nakanoalien2]

And now for something completely different....

I opened a Citibank acct. this weekend (they have Sat hours) and it was all nice and easylike. They have bilingual-ish account reps, too.

If you would like to send money home, the charge is 4000 yen + any intermediary fee. An intermediary fee would be, for example, if your bank back in Canada were to charge you $15 for processing a transfer.

At Citibank, size matters. If you have 300,000 as your minimum balance, you are not charged monthly service fees. If you keep an average balance of at least 1,000,000 then you can remit for a fee of 2500 + intermediary fees. And you don't get the monthly service charges, and they also credit you back the ATM charges you receive when you use a non-Citi ATM. Woohoo. You can do the remittance (remitto suru?) via phone, Internet, or in person.

Hope this is helpful.

[Albulbul]

Forget your preconceived ideas about money and banking. Most of the world still does business in cash !!! Remember that stuff ? In some parts of the world now used only by panhandlers and drug-dealers. but in many places that all crinly banknote is whatpeople want. The US dollar had been taking a dive but you can take Euros or Yen or whatever.

[Celeste]

I suppose the convenience of cititbank is a big selling feature, but I find 4000yen to be a bit steep for wire transfers. Many banks back in Canada will charge more like a $20-$30 fee for accepting overseas wire transfers, so it does begin to get very expensive. As well, I prefer to have the flexibility to transfer all or most of my money out of the country without incurring penalties. (I know, banks always word it as a discount in service charges for those with a high balance, but I see it as a penalty for those with a low balance)

Despite the fact that this is not the right choice for me, I am sure that this is very valuable information for people who like the comfort factor of doing business with an English speaking bank with Saturday hours.

[whtaccordrcr]

I have some things to add. Its good this guy found the citibank account and its nice features. For you that are over there, how often do you pull money from non citibank atms if you have citibank or atms that do not belong to your bank if you have an accoun somewhere else?

What does these fees for using atm machines add up to PER MONTH?

I am wondering if its worth while to bring 10,000$ with me to japan to waive these monthly fees. If its something like 30-50$ perhaps its worth it.

Plus, here is a cool thing, for those of you jews out there, like myself, that love saving money. Citibank accounts allow you to convert your money within your accountv to over 13 country's currency. They have a way for you to convert your yen to new zealand dollars, for example, and they pay you 6% interest on this amount.

SO it might be worthwhile. Now, why bother with wire transfers, i mean is it that important that it gets there in a couple days. Your losing 40$ plus a receiving charge (mos tlikely your bank charges). I use to work in several banks in the investment side of things. why im going to teach english, hahah, is my secret. anyways....

I AM ON THE SEARCH FOR THE TRUELY CHEAPEST METHOD! I MEAN, paying 0$, no matter how much work it is. If there are ANY TRUE CHEAPSKATES OUT THERE ,please respond and give me your insight. For right now, all i can think of as the cheapest method, is when you want a transfer, exchange the money with your citibank accountv and purchase american travelers checks and then mail back home for someone to deposit into your account. This way there should be absol,utely no fee, given citibank waives it with your 3000$ balance. And of course your bakn wont charge you to deposit american travelers checks. if any one knows of a differnt way, plase let me konw
thanks

[Gordon]

Use Lloyd's: http://www.lloydstsb.co.jp/en/today/index.php . They are the cheapest and easiest way to wire money.