Japanese banking reddit. I'm about to leave Japan.

Japanese banking reddit I'm tired of banking like it's 20 years ago. You need to go the legal office on post and have form filled out and signed. I'm partial to Japan Post Bank. Great service, and unlike almost every other bank in Japan they're open evenings and weekends (indeed 365 days a year). I think I need a Japanese bank card to use the Japanese apple store. Everything I came here to say and more. In this guide, I’ll talk about banking in Japan, how it works, and what you need to learn first and foremost. Related Subreddits. foreignersome banks will allow Japanese nationals to keep the account open and change their address to a foreign address as long as they can prove they are leaving Japan for specific reason that is meant to be I’m using Suruga Bank one and it’s okay and free. asfar as fees if you have a Navyfed Active duty bank account Navyfed will actually refund any ATM fee that is incured. The article is from 2018, using the original 2017 reference from SBI that 61 banks (which is 80% of assets in Japan) invested in moneytap. My credit card can't even be registered to my account on their site. On May 31, 2023, Reddit announced they were raising the price to make calls to their API from being free to a level that will kill every third party app on Reddit, from Apollo to Reddit is Fun to Narwhal to BaconReader. I did when I first entered Japan. These are the largest and most well-known banks in Japan. Looking for personal recommendations on a bank to open an account and also get a good mortgage rate, and who has good service. Life in Japan /r/movingtojapan - For people preparing to live in Japan /r/JapanLife - Subreddit for people already living in Japan /r/JapanFinance - Subreddit for Japan-centric financial advice (including banking, taxes, investing) FYI, the FSA has requested banks to ensure that the accounts of foreign nationals who leave the country are closed. Sony Bank is one of the best in my experience. But the Prestia took a while to be made and I ended up forcing myself to use SMBC (Which turned out not that difficult to use even with broken Japanese skills) and hence never even bothered to use the Prestia. Secured and paid off a home loan with a Japanese bank and opened and closed several bank accounts here. Rakuten Employees: Do not attempt to distribute your USD Time Deposit rates at Japanese banks are ridiculously low. Interned at well known bank (think BofA, Citi, UBS, Barclays), received an offer to return permanently after graduation. They also fully support using a registered alias (通称名) for your account name if that's something you want to do. The cook article is the article used in the paper to cite that 60 Japanese banks (falsely stating 80% of banks in Japan), are a part of a ripple consortium. Last week it was announced that Karaoke bank is up for sale and will likely go for a song while shares in Kamikaze bank were suspended after they nosedived. All of the non-Japanese traders and sales I know usually are experienced hires. In this unofficial community we discuss anything related to N26, fintech, and the future of banking. . If unlimited conbini ATM withdrawals are you thing Shinsei makes it very easy. Moreover, I haven’t seen a foreigner fresh grad hired in my 13 years in Finance/Markets. Shinsei - my first bank in Japan. I'm a Japanese citizen living in Okinawa with a local Okinawan bank, but I'm looking to expand my banking and try something different. Uncertainty has hit the Japanese banking industry. Online banking can be a hassle to set up, but it makes life easier to be able to send bank transfers online. , Ltd. It's a SWIFT code, IBAN number, account number etc. It can do transfers using its own system, you can use it at the ATM or counter. Japan Post bank My Japanese level is intermediate, not that great with kanji. Anything relevant to living or working in Japan such as lifestyle, food, style, environment, education, technology, housing, work, immigration, sport etc. I'm about to leave Japan. Many banks in Japan do not support international transactions. In the past week, Origami bank has folded, Sumo bank has gone belly up and Bonsai bank announced plans to cut some of its branches. Might even be on their website. Japan post bank is a special case bank within the japanese banking system. Last week, I called my bank to have them allow transactions to Japan, and they agreed. MUFG, the largest bank in Japan, also does not support Apple pay or any digital payment system, does not tell you the names of the vendors for your debits, and still requires the use of a separate cars for ATM and debiting, something [rightfully] done away with almost 20 years ago in countries with much weaker economies. Leaving Japan. I checked PayPay and LinePay but I can’t use it since I don’t have a japanese bank account or a japanese credit card. I also want to ask from a perspective of a foreigner living in Japan for my husband who is an American. Completed Topics. I made the Prestia account since SMBC online banking was fully Japanese at the time. is registered as a Type 2 Funds Transfer Service Provider They are merely a transfer service. In any case, I believe the bank teller would still direct you to the ATM for withdrawals, as you’re not a customer of the bank. The funds are currently at the SMBC bank ( Prestia Online Banking). I've been in Japan a few months now working with my wife's family. Just go in to your local branch and open one. WISE is great because it works, and because you can use it to send money directly to any bank account in Japan. I use it as my daily bank account, like funds I need access to any time. Once 6 months have passed, then open an account online with Sony Bank as they are a much better option for banking in Japan. Even I did the final transfer from a Japanese bank, I still made multiple transfer because of daily limits. Most net banks don't have their own ATM networks. In any event, you would have to create a Japanese Paypal account and then move the money from your Argentinian account, perhaps by sending a request for payment. I compared the fees I would pay in a month between withdrawing at the ATM and bank transfer with Revolut I have been using online banking in Japan for over 10 years. They also have pretty good transfer rates for international banktransfer. For expenses that do not allow credit cards you will need a Japanese bank account that is linked to a service like Wise. I need to pay a Japanese forwarding service (Tenso) so that they can mail me a package, but the transaction fails when I use PayPal. Local banks tend to stop withdrawals after a certain time, but my 7bank card lets me withdraw any time as long as I’m in a 711, which is great coz they’re everywhere. This hasn't been a problem for years. While I am excited about the position itself I am very worried about working for a huge Japanese corporation and a bank at that. So these are my question. Jul 6, 2021 · JP Banks are very no frills in their banking, but the fees are generally low. I tried dozens of the "free blah blah US number apps", but none of those worked with the banking apps. I'm at a juncture deciding on my first Japanese bank account. In English alone, is such a great resource too. Doing anything with Wise is easier than doing it with a Japanese bank in my experience. Otherwise, the cellphone company will tell you you need a bank account first and the bank will tell you you need a Japanese cellphone number first. etc. Hi all! I was wondering if anyone could share any advice and personal experiences about which bank I should open an account with. Leaning toward Shinsei or Sony bank at this point. Withdrawing money from PayPal to a Japanese bank account is possible. This was a problem when applying for the rakuten bank account. Once you land in Japan and get the residence card, you can open an account. Paying big fees to send money from bank to bank, no online services other than just seeing your account. I am planning on studying abroad to Japan next spring (University and I'm 21 and in the USA), and a big question my family and I still have is how banking will work while I am in Japan. the money was removed from my account in japan, but the american account never received it. Thank you in advance for the info! I've given up on online banking with Japanese banks. And they can be different for Japanese vs. Banking in Japan - why is it so unnecessarily inconvenient? Just a little banking rant. revolut is a bank Revolut's Japanese subsidiary, which handles accounts maintained by residents of Japan, is absolutely not a bank. Just have your salary direct-deposited, or pay a few bills by auto-withdrawal. Anyway, I did retrieve a lot of money from abroad to my Japanese account using Wise also to build my house. The vast majority of people with a JP post bank, which is the vast majority of Japan, use it only through the ATM or counter. If you prefer banking in person in branches then I'd highly recommend Aeon Bank. Also, how entitled are you, complaining a japanese bank in Japan doesn't have assistance for people who don't speak Japanese, then ringing up someone from a completely different section of the company and moaning they can't answer your questions. Moving to Japan. The app is functional and fine. I use my Japanese bank account for everything. I have been using an online only bank (effectively, with with no local branch) for all of my savings/checking needs for the last couple decades in the USA. After asking friends and reading through comments on reddit, Wise seems to be the best option. Paying fees at ATM to withdraw your money because it's after 7pm or week end. Resona - visa-debit-JAL-mileage card. Payees in Japan can receive money sent from overseas, either through their Japan Post Bank integrated account or giro account. I’m a long-term permanent resident in Japan. The rate is always really close to what is listed online. Sony has tons of US exposure, and has International Assignments for 10,000s of US empolyees working in Japan for one-half to 5 year stints in Japan. I did the application, it told me to use their app, then I can't download the app bc my iphone account is set to the american store. No, I would like to be able to access my own money how/whenever I like, without being accused of money laundering all the time. I use Japan Post (JP) and with a regular account, you get a cash card and a bank book which can be used at ATMs to withdraw cash. Also most mobile phone bills or recurring bills can’t be paid from debit card. For that first 6 months, JP Bank is your home. You can only get that once you are physically in Japan on a long-term visa, so that makes it impossible to open a Japanese bank account from overseas. For residents of Japan only - if you do not reside in Japan you are welcome to read, but do not post or comment or you will be removed. Its a really modern bank. Although we should officially close our Japanese bank accounts upon leaving Japan , many people say that there’s little penalties not doing so, and even keeping an old address registered. Like the other poster said Wise transfers from your US bank to their Wise bank in Japan and then transfers it on to your Japan bank. So just learn the language. Sony Bank, by necessity, ensures they fully report all bank account balances to the US government daily, and files US Income Tax and reporting paperwork to the IRS monthly. I am looking to get into development banking after I leave university, and after completing my BA in Economics and Finance at Leeds Beckett University, I have offers to either study MSc Global Development at the University of Manchester, or MA International Development at the University of Sheffield. Under this scheme, you pay no interest. Yea Sony bank are probably the best bank (IMO) in Japan. Thank you in advance👍 ‼️ Personal Finance » Bank Accounts Thanks for posting to our sub for the first time, u/PerformanceHealthy70!We're glad you chose to come here with your question and are happy to provide answers. Their fees (or lack thereof) for international use is one their most popular features. I did multiple transfer over multiple days, no problem. The bank can freeze your account if you cease to be a tax resident of Japan (there is a different type of account for non-tax-residents and individuals almost never bother with the hassle of creating one). My friend received his money through a bank, and he had to transfer to an intermediary in EU cause they don't have SWIFT number here. I understand that a significant portion of Japan is cash-only and we are trying to figure out how I can get access to banking and cash-withdrawals while over there. Since nearly all my money is here now, I wanted to link it up to add money to my Vanguard investments periodically (though not immediately with the current exchange rate). JP post is still decent and easily accessible just about anywhere. Do all banking transactions Never had any issues! Works perfectly. I took whatever the conversion rate was, but I watched it carefully and would transfer a bit more when it was higher and wait a few days when it was lower. I'm a US citizen and I've had my Vanguard accounts since before I came over to Japan, but I never linked it to my Japanese bank account. Wise is just an easy way to receive money in your bank in Japan and to send money to people’s bank accounts overseas. Though, I think, Japan Post Bank has more ATMs, which is convenient. You may need to know some Japanese to fill out the forms, so you will want somebody who can speak / read Japanese to go with you when you open a bank account there, if possible. May 18, 2024 · I know this is partially my fault for forgetting, but damn, do I hate how the Japanese banking system (specifically JP Post Bank) just shuts down See full list on mailmate. They need to get in contact with their bank. There are a few exceptions (such as Japan Post Bank), but do not expect all banks in Japan to allow you to withdraw funds with a US debit card. In particular, better technology, large branch networks, better able to absorb fraud (smaller banks, especially CUs sometimes are very risk adverse resulting in disputes being more strictly scrutinized; more false Nope. Better than HSBC, that’s for sure. So, You are able to withdraw yen from any 7/11 bank, JP bank and ATMS at any japanese post office. I am also not Japanese - I am a Chinese born in Canada. Language is a problem. Indeed until 1. I'm here on a student visa for a year and have been managing fine without a Japanese bank account so far, but I've recently been chosen to receive JASSO scholarship by my university (yay!) and one of the requirements is to open one. Having an address in Japan, means having a juminhyo. will be charged depending on the day of the week and time of day. i finally was able to go into japan bank with a japanese speaker to help me solve the issue, but they said they couldn’t do anything and that maybe bank of america has it. Debit card that doesn't work well everywhere yet. Take that to the bank when you want to create an account. From a non-resident SOFA JP Bank account, probably 800-1000yen per domestic transfer, if memory serves, but it might be more. I'd like to not be pestered to send zairyu card copies to every bank I have any account with, repeatedly, every single time each of my cards expires - I just had to send 3 x to Rakuten within the last 6 months, like they can't just put one on file ffs - again, with it Lived in japan for about 7 years and have been with Navyfed for 10. Oh yeah, I think 500k might be the correct number. So who knows. Searched first but most discussions are about just picking an everyday use bank where people end up recommending a net bank like Sony or similar. jp Apr 5, 2024 · Luckily, banking in Japan isn’t that different from most other countries in the world, and familiarizing yourself with the few existing nuances shouldn’t be hard at all. I won't be working for a Japanese bank but a global IB. “New ATM usage fees Deposits and refunds for Japan Post Bank accounts at Japan Post Bank ATMs installed at stations, shopping centers, FamilyMart, etc. However to get on payroll asap, I needed a bank. I live in Kanagawa if it matters. Compared to my banking experience abroad (primarily using USAA and a few local banks) App 3/5. No bells and whistles, but they're pretty straightforward and you can find them all over Japan. If you can get a Canadian credit card with no forex fees (there are a few) then you can cover a lot of expenses in Japan without a bank account. Vegetarianism in Japan. github. Also JP bank started charging a fee for convenience store withdrawal recently, you should be careful about that too. It's a catch 22. You are right though, at least in our bank, traders are a mixed bag - both Japanese and expats who do not speak Japanese. I’ve read the wiki and multiple posts about which foreigner-friendly banks have the least transfer fees, best rates, etc. However the app only has passbook info, and it won't even let me connect it to Line Pay for adding balance. 5 year ago it was ok to keep cash at the bank as there was no inflation or actually a bit of deflation which kept the purchasing power of the money sleeping at the bank. Wiki at: https://japanfinance. You go to your Japan bank and ask them for the instructions for an overseas bank to transfer to them (the Japanese bank) and they will give it to you. Sending money from a Japanese bank account to PayPal is not possible. Currently interviewing with Japanese Bank (think MUFG, SMBC, Mizuho) and was told offer would be 10k more than base at well known bank. Unfortunately I am less confident a Japanese bank will be willing to make such accomodations. 5% it is a different story. N26 Bank is a Berlin-based pan-European bank offering a low fee current account in many European countries, plus the USA. In the meantime, if your bank will allow you to deposit Japanese Yen, once it coll Wiki at: https://japanfinance. So to maintain a japnese bank account without an address in Japan, you need to inform your bank, of which they will likely set your account to a non-resident account. Making a basic bank transfer from my Belgian bank account to his Japanese bank account would also have important fees. There is no legal requirement to close your bank account, it all comes down to each individual bank's policies. There are plenty of tourist-centric phone companies (Mobal, Sakura) and plenty of prepaid services that don't require a bank account to get a phone number. English online banking, multi-currency account. Your biggest problem is the lack of the "Residence Card" which is the "zairyu card" that other people are referring to. Having a juminhyo means having the base of your life in japan. Both have bank apps. I was wondering what will happen once the cash card/debit card expires and they send a new one to the registered address - is there any way around this? Depends on what you need from the bank. I know only about Yokohama Bank, but maybe you will get more suggestions. After the bubble economy collapsed, businesses became unable to pay back loans and it weakened the position of banks through the 90s until the early 2000s. Analysts also report that there is something fishy going on at Sushi Bank, where it is feared that staff may get a raw deal. Anyone has any advice where I can deposit USD at an interesting rate without too many hassles to make a transfer. The fees are manageable transfer a few thousand at a time. So dont be scared :) Im a customer of that bank for 2 and a half year now, and just happy with their service. Around 4/5 years ago, absolutely disgusted with JP "bank" I decided to open as many bank accounts as I could (provided they had a phone app) just to see what was best. You should be careful because some bank will charge you annual fee to have debit card. The online real time chat…. If it were the other way around (transferring from a US bank to a Japanese one) I would guess there was a fairly good chance they would be able to arrange all the details over e-mail / the phone. But with current inflation at 3. Depends on your needs For this reason, as a rule, Japan Post Bank and a handful of other banks treat certain domestic money transfers of “non-residents” as “international transfers”, despite the fact that the money is only moving from one Japanese bank account to another. Enjoy life in Japan. The global elite banking scammers will enter the crypto currency blockchain industry to destroy the business of Western Union and other money transfer businesses (Morgan and Goldman are already in the early stages of doing it), monetise and fence it in with government support from the US and EU and China, and then effectively, if not absolutely, shut down "unlicensed" crypto currencies In Japan, paying the full balance each month is the default payment scheme for most cards (like a "charge" card in the US). I guess Aeon Bank is a net bank as well, and they also have a lot of ATMs. The vast majority of Japanese banks have SWIFT codes. JP bank is annoying in many ways, but they are everywhere (almost every post office ofc) and are reliable, so it might be worth keeping it with a bit of money as a backup account anyway. English phone support. Rakuten Employees: Do not attempt to distribute your Meanwhile, shares in Kamikaze Bank were suspended after they nose-dived, 500 staff at Karate bank got the chop and Karaoke Bank is up for sale and going for a song. With Wise you can get a debit card and use that to withdraw money or pay wherever they take a Mastercard or Touch payments. I would like to hear personal experiences of these banks, pros and cons. Get a Japan Post bank account, then open another account with a different bank in 6 months if you want. Sounds like you got the website setup. Yes, you will pay a bit for that service but you will pay to do a domestic transfer in Japan anyway. As they say on their own site: REVOLUT TECHNOLOGIES JAPAN Co. But Samurai Bank is soldiering on after sharp cutbacks. I use Resona Bank (for the JAL mileage visa debit card) and Japan Post bank. If there's any possibility that you might come back to Japan again to live or work, keep the account open. Japan is still a cash society but there has been a push over the past few years to move to digital payment systems. Which based on your OP, it doesn’t like you have/intend to have. If your detailed information has not yet been verified, make sure to bring identification documents and your passbook to your nearest Japan Post Bank or Post Office savings counter. I cannot believe it's year 2021, the Japanese bank system is the worst and oldest system I've ever seen so far. ATMs installed at post offices and Japan Post Bank are free of charge at all times as before. I wonder if my apple store account needs to be in Japan. They are welcoming to foreigners, and many branches, especially larger ones, will have English staff who can assist you. I recently started working on base so I do most of my stuff through a US bank now and my wife (Japanese) thinks the way I can move stuff around between account instantly on a website is like some sort of witchcraft. Especially for foreigners. Other banks that would have been a lengthy phone call… in Japanese, or a physical trip to the branch to resolve a similar issue I once had. Ask your school for help with opening a Japan Post Bank account. I do speak Japanese and have been working for a sizeable Japanese company for the past few years with no major pain points, but my direct boss is very “international” and generally cool - I’ve been able to visit Oh, creating a bank in Japan is as easy as baking a cake in Antarctica! Just grab some snow, mix it with a bit of flour, and voilà, instant bank! 😄 (But seriously, creating a bank in Japan is a highly regulated and complex process that involves compliance with various legal and financial requirements. Will benefit you in other aspects of life in Japan too. NOTE: If you were permbanned for being nonresident prior to June of this year AND you have since moved to Japan, please contact the mod team to have your ban removed. The rest of the office is also a mixed bag - there are Japanese employees here and there, but we all speak For residents of Japan only - if you do not reside in Japan you are welcome to read, but do not post or comment or you will be removed. So far what I’ve learned: Shinsei has free ATM withdrawals but apparently requires a minimum balance of 500k SMBC and MUFG are good but MUFG has better English support Also Rakuten bank?? I am an international student (from Thailand) moving to Japan later this year and I am looking to open a bank account in Japan for daily uses, tuition fee payments and utilities. Hey I have a Japanese bank account and live on a base with SOFA. You then provide that information to the US bank to initiate the transfer. I still had bank accounts in the US at that time, but everything has gone the mobile app route, which ALL required SMS to a verified number. Japanese credit cards also typically don't have high annual fees (or they are waived if you use the card) and most allow you to a transaction into two installments, interest and fee However, this Reddit thread suggests that it is possible to link a Japanese bank account with a personal Paypal account. Both company and private. They are not subject to Japanese banking regulations. N26 bank Europe /r/number26bank has gone dark indefinitely in protest of reddit's recently announced API policy change. Basically, I simply have no idea of how that banking system works in Japan and what bank would be the best and easiest. Of course inflation may be transitory but if not it is going to become quite painful to hold cash. One place is asking to set up automatic transfers using a list of their approved banks. i can’t even get ahold of bank of america tokyo branch, whenever i call it For residents of Japan only - if you do not reside in Japan you are welcome to read, but do not post or you will be removed. Hopefully it will be easier for you. Cons - do not provide bank-book (or whatever it is called). Apart from Japan Post, smaller banks might be willing to give you a chance. I had to go to the bank like 6 different times to figure this out. io/ Whether you're a new resident with questions about credit cards and cashless payment options, a long-term resident curious about pensions and life insurance, or a digital nomad wanting to talk crypto gains and tax treaties, this is the sub where you'll find informed discussion, friendly advice, and high-quality answers with links to reputable sources. If you can handle the extra hassle open a more useful bank account like at prestia etc and simply move all funds from JP to that; likely easiest to go into the branch (post office) and close the account, asking them to move all funds to the new account. Unfortunately, I mostly see banks hiring Japanese new grads who have studied abroad and interned with the bank. Due to quarantine while first arriving, I had to go with the bank just down the road here in the countryside, Chugoku Ginko. No forms. Easy to sign up even with basic japanese. For this situation, using an online bank is not an option, unfortunately. This is largely because there have been a significant number of cases where departing foreign nationals (largely students) were selling their accounts, which were then used by people illegally residing in Japan to facilitate their stay or by organised crime to receive proceeds Japan Post Bank doesn’t have the greatest options for intl transfers. But according to Wise if I was to send 5,000,000 JPY the fee would be 29,114 JPY while transferring 5,000,000 JPY through Japan Post Bank International Remittance would only be 7,500 JPY. If your japanese sucks - prepare dictionary to fill forms. At this time, Fidelity does not have the capability to accept cash deposits into any account. I just moved into Japan and am presently in self quarantine, researching my local banking options. Helped other foreigners open bank accounts in Japan too. Some on Reddit don't like either, but big national banks, despite all the issues people talk about, have some distinct advantages. Am I missing something? Hi how can i get bank statement for minimum 3 months from japan post bank? I want to apply visa to travel to europe I talk to the bank , they could give bank certificate that only show remaining amount of my bank account but not the detail transaction So how to get bank statement? The bank i created an account, you even can create the bank account online. Rakuten Employees: Do not attempt to distribute your referral codes. Seven Bank and Lawson Bank do, for fairly obvious reasons. pww sjkzip kiw qveqhyg ujdp bcrpxcm yogl ewsca faos wlggb