Job Discussion Forums

leosmith · Joined: 25 May 2007 Posts: 54

I plan to go to Japan in a few months to teach ESL, and stay for about a year. I keep hearing bad things about banking over there - long waits, inconvenient hours, etc. Is it possible to avoid banking there altogether?

I've been thinking about living off of savings, and using bank cards from my existing accounts. But maybe this is overkill, and maybe things aren't so bad. Thoughts?

G Cthulhu · Posted: Sun Jun 03, 2007 5:36 pm Post subject: Re: avoiding banking in Japan

Banking is really no less inconvinient (sp?) than in the US IMO. The banks in Japan are certainly no slower, and they tend to offer far more services, and explain the actual costs up front - so that's all good. Their hours are, to be honest, no less bizarre *IME*. The staff are about as well trained, but in Japan they will actually try and solve your problems, so that's one up to Japan IMO. Obviously, I'm only talking about IME, so YMMV.

As far as using bank cards goes, good luck: debit or eftpos cards aren't that commonly accepted, although that's changing fairly quikly. Open a Post Office account if you want a simple account that works everywhere. And search the archives to see this discussed several hundred times in the past. Smile

AndyH · Joined: 30 Sep 2004 Posts: 417

Japanese banks can be a bit frustrating, but it would be far more inconvenient not to have a bank at all. The negative aspects are relatively minor, so I'd encourage you just to put up with the ideosycracies and not dwell on them.

Glenski · Joined: 15 Jan 2003 Posts: 12844 Location: Hokkaido, JAPAN

The things I have found that are inconvenient are few.

ATM hours are shorter. Unless you can find one in a convenience store, and there don't seem to be all that many there but the number is growing, you will have to settle for closing times around 5pm. Areas vary.

Interest rate (not so much an inconvenience as a pain long-term) is pitifully low (0.02% instead of 2-5% back in the USA).

You may or may not find it inconvenient to need an inkan to make certain transactions, but at least it is a measure of security.

I wouldn't want to live off savings from home and depend on using my bank card to withdraw all the time. THAT seems inconvenient.

BradS · Joined: 05 Sep 2004 Posts: 173 Location: Tokyo, Japan

I just closed my account with Mizuho after months of frustrations. Setting up a regular monthly transfer took 25 days to approve. WTF? They don't seem to use computers. Everything had to be stamped, passed to someone else to get stamped and then apparently everything gets sent to the manager.... to be stamped (which is why it takes so long to approve things).

Waiting times were at least an hour long (and I tried about 5 different Miz branches).

My wallet was stolen with my ATM card in it. Luckily I had my Miz Passbook which can be used.... FOR NOTHING AT ALL.

I've heard Resona is better as is Citibank. I guess it depends what bank you go with. I know a lot of people have had bad experiences with Mizuho. My appartment rental company just changed banks because they found them to be so incompetent as did my english school.

Japan really is a cash country. I've been getting paid cash in hand for 3 months now and have been fine.

JimDunlop2 · Joined: 31 Jan 2003 Posts: 2286 Location: Japan

Why avoid banks altogether? Unless you're some kind of Bohemian technophobe?

http://www.shinseibank.com/english/

Nothing inconvenient there. Any ATM machine in any 7-11 store in Japan is my bank. (According to the corporate website, there are 11,750 of them in Japan right now). Withdrawals are free and I can make deposits there too. Bank transfers/bill payments? I do that using Internet banking in my own living room (free too, and all in English).

I've had an account with them for about a year now, couldn't be happier... And my employer direct-deposits my pay cheque.

Oh yeah, and if I travel, I can use my bank card in almost any country in the world.

P.S. to BradS: With Shinsei I walked into a bank branch (which doubled as a coffee shop) and had a new account open, with bank card in hand in under 15 minutes (and no stinkin' useless passbook either)... It was just that easy. I recommend you give them a try. The CEO of the bank is actually a gaikokujin and has taken every initiative to bring the bank up to "international standards" in terms of quality and the kinds of services you might expect from a bank back home.

furiousmilksheikali · Posted: Mon Jun 04, 2007 12:12 am Post subject:

Most companies will insist on paying your salary into a bank account. Are you going to ask them to pay you in cash? Are you going to keep your cash under the mattress?

I think a bank account is a more sensible option.

sidjameson · Joined: 11 Jan 2004 Posts: 629 Location: osaka

I am with Shinsei bank.

English web site and help line. ATM's 24 hours a day at no charge. Bank transfers at no charge. Internet banking in English. Can use ATM in convenience stores at no charge.

Easy to open.

Where's the hassle?

leosmith · Joined: 25 May 2007 Posts: 54

Shinsei bank sounds pretty good. I'll check it out. Thanks!

ironopolis · Joined: 01 Apr 2004 Posts: 379

When I first came to Japan about 10 years ago, banks were pretty hard work and it was very easy to get caught out without enough cash, with the ATMs having shut at 5pm, or not open on a Sunday if you were in a smaller town.

These kind of things may be what the OP has heard and is concerned about, but so much has changed since then.

Generally, I find that main branch ATMs will be open to 9pm (or at least 7pm) on weekdays and for a little bit less on weekends. And these days, I rarely see a 7-11, Lawson, Family Mart or other major convenience store that doesn't have an ATM.

I've banked with 3 different banks during my time in Japan and I have NEVER had to have an inkan. A couple of times I've encountered staff who expected me to have one, but a few words of clarification were all that was needed to sort it out. (Incidentally, the only time in Japan when I found I couldn't get away with not having an inkan was when I bought a car - for everything else - banks, cell phone contracts, accommodation, the lot - a signature sufficed.)

I think that banks in Japan do still leave a bit to be desired but they're no way so bad that you'd be better off avoiding them.

G Cthulhu · Posted: Mon Jun 04, 2007 3:48 am Post subject:

Eva Pilot · Posted: Mon Jun 04, 2007 4:38 am Post subject:

I'm with Sanin bank, and they are really helpful.

The waits to get to a teller can be lengthy, as it's the only branch in town, but the staff are always very helpful and friendly.

I've never experienced any hassles or troubles with setting up or withdrawing money. Just make sure you get to an ATM before closing time.

yamanote senbei · Joined: 28 Jun 2005 Posts: 435

Glenski · Joined: 15 Jan 2003 Posts: 12844 Location: Hokkaido, JAPAN

Never heard of Shinsei Bank, and neither has my wife. A quick glance at their web page shows (near as I can tell) that they have offices only in Tokyo, Osaka, and Okayama. Pretty much rules out a lot of Japan.

Oh, and according to the site, BEWARE of many sites that use the Shinsei name but are not banks.

yamanote senbei · Joined: 28 Jun 2005 Posts: 435

It used to be known as the Long-Term Credit Bank of Japan until it gave out too much credit for it's own good. It was then nationalized, and then sold off to a foreign company.