Bank Accounts

[ptbrock]

I'm moving permanently to Tokyo soon and am looking for some advice on setting up a bank account.

First, I've been told I'll need a hanko to open an account. Can anyone give me an idea of 1) where I can have one made 2) how long it will take and 3) roughly what it will cost?

Second, I'd appreciate any recommendations on which banks you've had positive experiences with or heard good things about. My office is right next to Tokyo Station, so getting to most bank's 本店 isn't a problem, if that makes a difference.

Finally, once I've got an account, what's the best way to move money (~$5k)from a US bank over? Will they accept a cashier's check, or am I better off taking the hit and paying for a wire transfer over?

Any other random bits of advice are more than welcome too.
Thanks for the help again.

[MMM]

There are hanko shops all around. They are usually small and in the shotengai around most train stations. If you can't find one, ask at a stationary store.

I think a custom hanko is about 5000 yen, and it is your signature, so treat it as important as your credit cards. They made mine in a day, I think.

I'd recommend Citibank, as they have offices in Japan and the US. You can open the account in the US now, get the debit card, and use it in Japan.

[kenmei]

Originally Posted by MMM

There are hanko shops all around. They are usually small and in the shotengai around most train stations. If you can't find one, ask at a stationary store.

I think a custom hanko is about 5000 yen, and it is your signature, so treat it as important as your credit cards. They made mine in a day, I think.

I'd recommend Citibank, as they have offices in Japan and the US. You can open the account in the US now, get the debit card, and use it in Japan.

yeah i was going to recommend citi as well. they're pretty much everywhere in big cities. since you're staying in tokyo, i doubt you'd need much more. wiring is the easiest safest way to transfer funds. casheirs check will have to be sent out for collections by their bank, which is a timely process.

[ptbrock]

Originally Posted by MMM

I'd recommend Citibank, as they have offices in Japan and the US. You can open the account in the US now, get the debit card, and use it in Japan.

I'm not sure I've enough time (< 2 weeks) for the card to arrive.

Could I make transfers between US and JP w/ Citi? I've heard Citibank JP and Citibank US are seperate corporate entities, so would I still have to pay fees?


Also, on a very loosely related note, since I'll be without an account for at least a few days, how much $$ do you think I should take with me? Between just the hanko and the train from narita, I'll already be out ~$100...

Thanks for the advice guys.

[kenmei]

airport limos (buses) are quite cheaper, you might want to look into one of them.

you may have a point with the citi accounts being seperate, my bank (where i work) has seperate companies from west and east coast. we can access their system but its a bit troublesome. but i don't forsee much of a problem, if anything i'd say open a citi "free checking" or something of the like with a minimum deposit stateside. then in japan, see if you can use/access the account at a citi bank branch (of course you can use the atm). Also another idea (not the safest) is bringing over cash and having them exchange it for you for whatever rates/fees.

hope that helps

[blimp]

if u don't mind making a wee bit of a scene, and being a "foreigner" albeit speaking japanese, u should be able to open an account without a hanko. i did. then again, it took my 2 h, but suddenly out of the blue i was able to open an account through signature.

/blimp, who has a last name consisting of seven kanas

[kenmei]

Originally Posted by blimp

if u don't mind making a wee bit of a scene, and being a "foreigner" albeit speaking japanese, u should be able to open an account without a hanko. i did. then again, it took my 2 h, but suddenly out of the blue i was able to open an account through signature.

/blimp, who has a last name consisting of seven kanas

LOL using the gaijin card 101

i have a hanko if you wanna borrow it

i can't believe hankos are more legit then a signature, since they'd be so easy to copy/steal and use. funny japan sticking to old culture.

[Sangetsu]

Ask your employer if they can get you a hanko before you arrive. My employer was nice enough to do this for me. If they can't get you one, I'm pretty sure there is a shop in Tokyo Station which can make you one (if they don't already have one in stock with your name).

It's simpler to bring cash with you. You'll have to pay a fee for converting your dollars to yen, but you'd have to pay a fee even if you wire the money, and there's a charge for wire transfers. You can bring up to $10k with you without having to fill out a tax form. Keep your cash in your carry-on bag. Checks are pretty much unknown in Japan, you may not have immediate access to your funds if you try to deposit a cashiers check.

As for banks, I recommend Shinsei Bank. There is a large branch on Yaesu-dori within walking distance of Tokyo Station. Just go out the Yaesu Central Exit from the station, it faces Yaesu-dori. Shinsei bank is at the third traffic light on the right side of the road. They have English speaking tellers there if your Japanese skills are lacking.

My gf likes Shinsei bank because they don't charge the fees which most other Japanese banks charge. I have an account with Citi, but I plan to close it and move over to Shinsei as well.

[Sangetsu]

Originally Posted by MMM

There are hanko shops all around. They are usually small and in the shotengai around most train stations. If you can't find one, ask at a stationary store.

I think a custom hanko is about 5000 yen, and it is your signature, so treat it as important as your credit cards. They made mine in a day, I think.

I'd recommend Citibank, as they have offices in Japan and the US. You can open the account in the US now, get the debit card, and use it in Japan.

Citi Japan and Citi America are different entities. I was unable to link my US Citi account to a Japanese Citi account. A US Citi ATM card will work at some machines, including Post Office ATMs, but it will not work in most convenience stores.

[Firebird]

I have a Bank account with the Japanese Post office because it is free and has a atm in nearly every city (im travelling alot). also getting money of the atm is free and it operates in english.
But to get money on it you will probably need to send it from the US post office or bring it cash.... and i had to go to another Bank to transfer money for my guest house because the post office is not linked to all banks in japan, so i think youll better go with the bank suggested by the others.

My hanko took a little bit longer and cost around 5000yen. It actually only has my second name in Romanji on it, so it feels kind of insecure,but its officially legal. But you might be able to open a account just with signature.

For getting into Tokyo, i spend only 10USD for the train to Ueno and around 2USD for the subway, but if youre more inside you will probably spend a bit more. I would say around 20USD a day for food if you reduce yourself to the basic (eg, ramen, good lunch deals, fast food, convienince store,....). But i guess you will be without money supply for at least 1 month. To open a bank account you will need a alien registration card, wich will take 2 weeks at least. If you are lucky you can open it with a cetificate that you can get when you apply (you have to ask for it!) And it will take at least another week if not 2 till you get your papers and card after your opened your account, so i would take some cash and a card for emergencys.