Job Discussion Forums

Yorrick85 · Joined: 11 Oct 2008 Posts: 15 Location: Japan

Hi Guys

I have a question about how much money I will need to bring with me when I arrive in Japan in April. The company that has organised my job and visa etc indicated I would need to have 3 - 5 thousand Australian dollars in cash when I first arrive in Japan but that was before the financial meltdown. In light of the economic crisis how much money would you advice me to bring and what start up costs can I anticipate? I should mention that I have already organised a fully furnished appartment and have a job lined up.

Any help you can give me on this would be mucho mucho appreciated

Cheers!

GambateBingBangBOOM · Joined: 04 Nov 2003 Posts: 2021 Location: Japan

Bring the same amount as they told you to.

seklarwia · Posted: Wed Jan 21, 2009 8:13 am Post subject:

I've been told at least 500,000 yen which works out at �4000 which I believe is a little more than what you have been told.

Even if your organised flat is furnished, have you paid the deposit, key money, etc yet? And plus you'll need enough money until the first pay day which I've heard is paid in arrears, so you wont see any money until after your first months work.

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

If your housing comes as recycled apartment from the previous teacher, there should be no need to pay key money. It's been done.

Figure at least a month and a half with no paycheck. Depends on the employer's accounting and payroll system.

markle · Joined: 17 Jan 2003 Posts: 1316 Location: Out of Japan

Mate, I arrived with <$1000 dollars (and another $1000 coming from the bond) with a wife in tow. Don't do that. But we did survive. Even had a trip to Kyoto in the first month. If by "lined up" you are actually taking over someone elses apartment then you should be set. The less money you bring here the less money you are going to get a crap exchange rate for.
Advice. Leave the bulk of your cash in bank account back home. Set up internet banking (if not already done). Check your ATM card is either Cirrus or Maestro (look on the back of the card. When you get here, withdraw your money as needed from the Post Office ATMs. Better rates, easier to do.

seklarwia · Posted: Wed Jan 21, 2009 4:14 pm Post subject:

But leaving the bulk of the money in an account can be quite the risk depending on how well your currency is doing. Ours for example is doing real bad. A couple of months ago �4000 would have got you about 560,000 yen. A couple of weeks ago it would have only got you 490,000 yen. And these figures are based on the assumption your bank doesn't charge you for overseas withdraws/transactions which most do. I think it will get you 520,000 now but, that's not really the kind of fluctuation I want to be risking.

markle · Joined: 17 Jan 2003 Posts: 1316 Location: Out of Japan

There are a couple rationales for leaving the money at home.
1. Spend as you need. The AU$ to yen rate at the moment is crap so the less you are exchanging less you are losing. Bring all your money only to find that you only need half of it means money you have to recoup down the line.
2. To physically bring the money here you either have to 1. get travellers cheques (which you pay for and have to find a way of cashing) or 2 bring it in cash, both of which means you will have to exchange it at a bank and get a lower rate than the bank-to-bank rate you get from an ATM withdrawal. When I came the rate was a good 10 yen lower at the bank against the ATM rate I lost 10 000yen on that.
3. Anyway you do it you are going to get fluctuations.

LITTLE PEACHES · Posted: Fri Jul 10, 2009 9:11 pm Post subject:

is there any USA bank you would reccommend opening an account with? is it difficult to access your money when your there? i'm little and uncomfortable carrying on my person $4000

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

Citibank.

But your employer may prefer another one and will set you up with it.

It may be hard to set up a bank account if you come without a job. I have not tried it.

Apsara · Joined: 20 Sep 2005 Posts: 2142 Location: Tokyo, Japan

You won't be able to set up an account here until you have applied for your alien registration card, and your employer probably won't accept Citibank. There aren't any other US banks here for everyday banking and even Citibank Japan is actually a separate entity so not directly connected to the US Citibank. You'll have to set up a Japanese account, which is what everyone does.

Just split your cash up into several places (suitcase, wallet, moneybelt) etc when you carry over and when you arrive, or bring some in traveller's cheques. You could also leave some in your US account and access it from one of the international ATMS (7-11, Post Office and Shinsei- not all bank ATMs unfortunately).

People here routinely carry a lot more cash than they do in the US and it is about the safest place in the world to do so.