Japanese Bank Account?

[Itsumo BaKa]

Konnichiwa,
Can anyone tell me about Japanese bank savings account, I live in the UK but I want to open a bank account in Tokyo so I can save money for my trip?
My girlfriend is trying to find out(she lives in Tokyo) but if I cannot she will open one for me. I also need to know if I can transfer money from the UK to Japan via the internet? Any help would be much appreciated! Arigato:clueless:

[Mike Cash]

I doubt very seriously you'll be able to open an account in Japan under your own name. I believe there is a requirement that you actually live here.

Is there some reason money can't be saved in a British bank and then taken out and carried with you on your trip? Travelers checks are convenient and safe.

[Itsumo BaKa]

Thanks for the reply
Well... I was thinking of my future as well, me & my girlfriend are talking about marriage & the possibility of maybe living in Japan but I was thinking of trying to save money over there from the UK. Maybe I will get her to open an account under her name & just see if I can transfer money from the UK to that account?
:-)

[Ewok85]

Not possible and not recommended.

1) You need to open the account yourself, by going to the bank and showing ID proving an address in Japan.

2) Japanese accounts have low to no interest.

3) How would you send the money? You do realise it will cost at least US$7 (eg. the cheapest method I know is Paypal) per transaction, not including the cost of changing the money type from UK Pound to Japanese Yen.

[yotanf4i]

Not possible and not recommended.

1) You need to open the account yourself, by going to the bank and showing ID proving an address in Japan.

2) Japanese accounts have low to no interest.

3) How would you send the money? You do realise it will cost at least US$7 (eg. the cheapest method I know is Paypal) per transaction, not including the cost of changing the money type from UK Pound to Japanese Yen.

+1

I don't think its possible to open an account on your own. You'll need to show up in person with an identification and an alien registration card. They'll also require you to sign a document so they'll have your signature on file. At least with citibank japan, you'll need to have something with a Japanese address.

I'm sure you have a great relationship with your girl but I wouldn't recommend giving her the ability to control your money.

Financially, you're better off saving your money in your local currency and invest in something that earns better than 0.00123% interest rate.... Japanese bank interest rates are horrible.

Unless there are other financial motivation that we're not seeing here?

good luck.

[Itsumo BaKa]

Thanks for all the advice guys, maybe I will open an account when I go out there in October! :-)

[GaijinPunch]

Paypal is probably the most expensive method (fees -- it's not a flat rate). Citibank to Citibank JP is a $10 transaction from what I hear.

[Glenski]

"Saving" money in a Japanese bank account is a misnomer. As mentioned by Ewok, the interest is pitifully low. Usually 0.02% (yes, that decimal point is in the right place.) Your girlfriend should already know this.

Have you considered using Citibank? Not sure if they have branches in the UK, but if so, you could just withdraw from the Japanese branch, I think.

[Itsumo BaKa]

Thanks, Yes, I do have a citibank account in the uk, I will email them & find out more!:-)

[yotanf4i]

Thanks for all the advice guys, maybe I will open an account when I go out there in October! :-)

If you're set on opening up an account, you'll need to get an alien registration card. The bank is going to want to see that you're a resident. Just having a passport and your presence is not enough. What I'm not sure of is whether there are different kinds of alien registration card that shows if you're long time resident or 90 day tourist and whether that even matters to the bank.

If you're able to open an account, you can wire funds from your UK account to your Japanese account. From the US, the cost is $30 from the US Citibank and no charge from your Japanese receiving account. You should open up a "gaika" account, which is denominated in foreign currency, in conjunction with your normal Yen account. The minimum for this account is 200,000 Yen (about 1,800 USD) to avoid bank fees. Otherwise, minimum balance is 500,000 yen to avoid the fees.

IMHO, there is no financial advantage to do this. As others have mentioned, you can use Citibank ATM in Japan to withdraw funds from your existing UK account with no issues.

Good luck.

[Ewok85]

Yotanf4i touches on an important point - less than 500,000 in your account and its 2-3,000/mth account keeping fees. Thats not cheap.

[Itsumo BaKa]

Thanks to eveyone for all the sound advice, I think I will just use my Citicard when im there in the atm! Thanks again:-)