Transfering money
 

So I'm going to be doing a student exchange starting next week in Tokyo and I was wondering what was the best way for me to transfer money from the U.S. to Japan. I am planning on opening a bank account in the post office... but I just wanted to get some perspective on if there is a better/faster way of going about this.

I also know there is a Citibank in Japan, but I've read from a topic on this site that opening a Citibank account here may not be a good idea since you can't link it to your Japan account. Is this true and would it just be better for me to open a post office account?

Also, I will have my VISA credit card with me. Is it cheaper to just withdraw money from that at an ATM? Or is it too inconvenient/expensive?

Anyway, sorry for my ignorance on this type of thing. I've done a little bit of research, but am still woefully in the dark. Just wanted to get some advice from people that are actually there.

I just withdraw money from my check card from the post office, actually did it today at the mall. I don't remember what the fee is but I'm sure its cheaper than fees for transferring between banks. And you are correct Citi Bank Japan and Citi bank US are not linked at all.

oh and the convenience would be about the same of opening an account here. from what i can tell not too many people use cards in stores and such. I know they are available and i have used my credit card in stores before but its much easier to stop at a post office on your way out.

I draw money out of my Citibank check card via 7-11 all the time for minimal fees. Just make sure it's a visa and not a mastercard. Mastercard is no longer accepted for check cards. The post office still does it, but it's more expensive.

Of course, I only do this in emergencies, or when I need to make big purchases my normal income in Japan does not cover.

Oh I see. Yeah, I'm beginning to think maybe I don't need to open an account at all. You see, I was planning on maybe doing some part-time work on the side (provided by my school), but I'm thinking now I should just withdraw money whenever I need it and keep it on me.

One question, do you know what the average fee it is to withdraw money from a VISA and where would be the cheapest place?

With 7-11, it will be like 4 dollars. Steep, but you get hit with two fees- one from the machine, one from conversion to Yen. The Post Office seemed to tell me it was more like ten, so I avoid it unless I have no choice. My suggestion, in either case, is to take out a higher amount rather than a lower, or the fees begin to really eat into your bank account. Better to, say, pull out an entire month's than be doing it every week.

Thanks for the quick replies :) really helped me a ton!

The fee amount for withdrawals in Japan with non-Japanese cards is actually set by your home bank, not the Japanese bank, so check with your bank before you leave. Daily limits are the same- decided by your bank.

You should forget about the Japan Post bank account. Open an account at Shinsei bank instead, and then open a Paypal Japan account (it's actually an English language site). Then link your American bank account to an American Paypal account. You can then transfer money back and forth between these accounts as necessary. The transaction fee is generally lower than what the post office charges for transfers, and is much cheaper than Western Union (which is no loner in Japan) or Moneygram.

Sangetsu, do you mean to also link it with the shinsei bank too? otherwise what's the relation to the Paypal account?

Also, Western Union will soon be in Japan once more, courtesy of one of the konbini chains (don't remember who).

You would need 2 different bank accounts (American and Japanese), and 2 different Paypal accounts (American and Japanese). I suggest Shinsei because you can link a Shinsei account to Paypal, a Japan Post Office bank account cannot be linked to Paypal.

It's interesting to learn that Western Union is returning, but they charge about 4 times what Paypal charges for transfers.

Another benefit to Shinsei is that you can withdraw money at any 7-11 store with no ATM fee.