JAPAN NEWS AND DISCUSSION
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In an OECD survey of 36 nations on people's perceptions of their living conditions, Japan ranked 21st in terms of quality of life; Australia, Norway and the U.S. were the top 3. What do you think of that?
( 12 )
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The Fukuoka mayor is banning public servants from drinking alcohol for a month; the Osaka mayor has declared war on tattoos on civil servants. What do you think of all this?
( 21 )
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Why do you think Facebook's stock failed to live up to the hype in its trading debut?
( 13 )
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Which sport, when played well, do you think is the most exciting to watch?
( 62 )
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What's the difference between an average burger and a great one?
( 12 )
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- Business Teaching Positions - Part-time - Kanto Region
- Interac, Tokyo
- Salary: ¥3,000 ~ ¥5,000 / Hour
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- National Relief/Substitute Teacher - summer start
- Interac, Tokyo
- Salary: ¥275,000 ~ ¥300,000 / Month
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- 営業パーソン
- 加治金属工業株式会社, Tochigi
- Salary: ¥240,000 ~ ¥350,000 / Month Negotiable
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95 Comments
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0
patjs
Charging you fees to withdraw at your bank's OWN ATM simply because it's a Saturday or after 5:00pm is highway robbery and needs to stop.
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jason6
It is uncompetitive because the government has not deregulated it (like most other first-world nations) so we have these dinosaurs still charging us whatever they fees like for piss poor service (possibly in collusion with the others). They would be destroyed by the international banks if the market were ever unprotected by the government.
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Maria
Pro: I don't have to keep my money under the futon. Con: Yes, it is.
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lovejapan21
pros...service is quicker than back home (if you actually go) cons...not gaijin friendly in any way, shape or form. One bank lady (student) told me that at her branch they wont even exchange money from a gaijin fearing from...wait a sec..she didnt have a reason ;(
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bass4funk
Or on holidays. It's also a huge headache to have ATM's close after 9pm on Sat. when usually on that evening that you need to get cash for going out (as if people don't need any cash Sat.)
Need to have ATM's in more accessible locations. Most giant shopping malls have them usually in one area of the mall instead of having them in multiple spots. Most of the malls are quite big, so it can be inconvenient.
Sometimes there are too many prompts that come up when you are starting up your transaction. Are these really necessary??
24 hr/ 7 days a week service is that too much to ask for?
I also think it would be good to have bi-lingual or multi-lingual services, sometimes the system can be somewhat complex.
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kokorocloud
Pro; I love that I can do a lot of things at an ATM. Rather convenient for transferring money and the like.
Con; Yes, definitely not "gaijin friendly", but then again, I don't know of any banks back home that are either. The open hours are a problem too. I don't remember exactly how long the banks were open until back home, but I know for certain they didn't close at 3PM (in my area). It makes it so hard to get anything serious done without having to take half the day off or something.
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Maria
They do, if you mean the cash machines. The ones at convenience stores do, and MUFG offers a choice of 3 or 4 languages.
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genji17
Why do ATMs close? That is my only gripe.
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cnc
Since banks are actually borrowing money from you, they pay you some interest over time but, Japanese banks that rate is pathetic.
As for the people who are complaining about atm fees, be thankful for at the least there is a 24hr withdrawal service here.
0
illsayit
i think they dont want you to use the bank-but then again theyre crappy for getting a loan
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ReformedBasher
Pro - not having to run around like to headless chicken making sure they are not ripping me off with "banking fees" as is the case overseas. Yes, the interest is low, but in Japan, I always knew what I was paying for and when to expect it.
Con - above mentioned low interest
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bass4funk
I'm talking about the local banks. Most LOCAL banks DO NOT offer full multi-lingual or bi-lingual DETAILED services. For credit cards, yes. But for most ATM's nope!
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asahi_man
Owning and running a business here and dealing with Japanese banks can be very frustrating at times even when just doing simple internatinal transactions, they are very inefficient and clunky , throw in trying to do L/C's and my bank were like huh? what? um we dont do that? oh wait what is an L/C? oh hang on we maybe able to can you come back next week?
I couldnt believe how retarded this so called international bank was! I can now say they will accept L/C's and other forms of payment.
But overall my opinion of Japanese banks is they are not very good!!
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bass4funk
Where? Tokyo? Then that might be true, but for the most part, NO they don't.
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herefornow
Surprised that no one has mentioned what IMO is the biggest con of all -- that they don't use checks here as standard payment for bills. Going through all the paperwork to arrange direct withdrawl, or worse, standing in line at an ATM and/or convenience store is just an un-necessary hassle. As for pros, I'm still thinking. Haven't found one yet in nearly ten years.
0
MrDog
There are pro's??
Con's:
1) If you have a job and can't get cash out during banking hours they charge you. They even charge you to put cash IN, which is just stupid.
2) Having to fill out a million forms to do internet banking.
3) The stupid reliance on inkan. Although a lot do let you use your signature now.
4) ATM's that close.
5) Not giving you a credit card with your account because you're not Japanese.
6) Not being able to use the ATM's at other banks: Mitsubishi UFJ can't use Mizuho etc..
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bass4funk
International money transfers in Japan can be a nightmare too, or any wire transfer for that matter. Do they have anything like "Western Union" in Japan?
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Junnama
Once you get used to the system it's ok. Furikomi are easy and you know the cash will arrive. International side they are bad do best to use a foreign bank for that.
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Speed
I like not having to stand in line and can just take a number, sit, and go to the window when my numbers called. In the meantime I read or watch TV.
My saving account does not get charged $4 for having less than 100,000 yen (1,000 USD) in it at the end of every month.
I like how I can leave 1 yen in my account and come back from overseas after a few years and that account will still be there with $1 yen in it.
I like how my bank book is automatically updated by the ATM machine each time I use it rather than me having to write in my transactions by hand.
I like getting a human on the line right away without having to deal with a computerized menu and having to press a bunch of numbers to get to my order of business.
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bass4funk
Yes, those are huge advantages, I agree.
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american_bengoshi
The short answer is terrible.
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Gloobey
Why isn't possible for my wife and I to have a joint bank account the way we did in the UK? I assume it is because Japanese husbands don't want their wives to have easy access to their money...
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champon
My husband and I have a joint Postal Savings Account - but they are unable to use both names on the account details, so it is my husband's name only and I cease to exist - I just get an extra card, but only in his name.
Bit like the health care card system.
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sharpie
pros, service in general is faster and more pleasant than banking back home. the tellers at my bank are cute, too.
cons, ATMs are inconvenient and costly after hours. they are not universal either. i cant use my ATM at other banks, nor is it acceptable at every ATM. ATM cards from here do not work overseas. also, i almost never carried cash when i was back home. it seemed like i could do everything by debit, even at a convenience store. here, bank cards are used exclusively at ATMs.
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kokorocloud
sharpie-- It's funny that you should mention debit cards. I definitely used mine all the time in the states, in almost every situation. When I first came here, I was annoyed at having to take money out all the time, though now I'm sort of used to it. It's one of those things that I miss and it would be nice if they had it, but after a while it's just one other thing I've learned to do without.
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michaelqtodd
Why do people want multi lingual? Lean Japanese.It`s not that difficult if you have even half a brain. Plus it is fun
Pros.1. Yes @sharpie I agree.Cute tellers.2.Most of the bigger banks are a little less likely to go bust when the big economic crash hits sometime in the next few weeks
Cons. 1.Paying 2,500 yen as a service charge plus taking a big margin on the exchange rate when my friend wired me $200 from overseas is just over the top. 2.Getting a credit card as a self employed gaijin (even with permanent residence) is next to impossible
Basically the banks here are stuck in the dark ages and their systems are due for a massive shake up
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michaelqtodd
@kokorocloud @sharpie Suruga Ginko has a debit Visa card.The only Bank to do this I think. Got my Japanese friend to order me one and use it often :)
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Junnama
Mufj has a debit card or approximate equivalent :)
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kokorocloud
Oh! Thanks for the info then, michaelgtodd and Junnama. I would switch banks, but I think my bosses would have something to say about that, haha. That's good to know. It would be nice if more banks did the same.
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porter
The big pro for me is they don't try the hard sell into high fee debt products like the US banks.
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McC72
No credit card or loan as a foreigner no matter how impressive your account may be
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Foxie
Pro - The waiting times are very long giving me enough time to read Orange Page and other fancy overpriced magazines I would never buy. Cons - The service doesn't seem to have changed since the Edo period. Too much cash everywhere and no debit cards to pay for things at the supermarket. When doing transfers, staff are extremely unhelpful. Over the years I noticed that I always get a great smile and great service at the post office but never at a bank where everybody always seems to be looking grim.
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kyushujoe
If you want a credit card, just apply at the post office. No problem. There's even a special space on the form for non-kanji names.
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cleo
I'm self-employed, my account is far from impressive (except in a very bad way), and I have 2 credit cards, one of which has a debit function and exempts me from paying the ATM charges. This summer I took out a loan, no problem (that is, no more hoops to jump through than a Japanese has to in order to get a loan).
I don't really have any gripes about the banks, except the ATM charges and the abysmal/non-existent interest rates on savings accounts. The people at my local bank are always friendly, helpful and polite and if only my account had more money in it I'd be a very happy bunny.
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asahi_man
McC72 at 11:25 AM JST - 29th October
No credit card or loan as a foreigner no matter how impressive your account may be
As a foreigner here I have many japanese credit cards and also i have loans so your statement is grossly incorrect, maybe a foreigner on a short term visa with a low paying job cant get credit cards or loans but for the rest of us who have a real life here then it's not so much of an issue.
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Zenny11
Agree with Asahi-man.
Many foreigners here with local credit-cards and home-loans, etc(me included).
The rules seem to be the same as for Japanese(need to work for current employer for 2+yrs, etc). Of course rules vary a bit between institutions.
They don't hand them out as easy as in other countrries, that is true.
0
fishy
I'm with asahi man and Zenny, too. Foreigners can get loan (car, house etc) as long as they have valid work or spouse visa. If you have a student visa, that's a whole different story, but people with work visa and/or spouse visa, permanent residents can get loan.
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fishy
right, there are some banks that are more flexible, some are not, but it is still possible for foreigners to get loan :)
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Zenny11
Forgot rules for Loans.
As a person on a Visa you can only get a 80% Loan, if you got PR(eijuken) you can get a 100% Loan.
I got a 40mill loan for the apartment(wife was not needed) and I didn't earn all that much for my profession. Granted the application was handled by the agent we bought the apartment from.
0
Disillusioned
Japanese banking? Great! If it was 1975! But it's not 1975, therefore, it sux! It's only in the last four or five years that 'most' ATMs have become 24 hour access. It is dark ages banking. There is no such thing as a debit card in Japan. It drives me nuts having to always carry cash and/or find an open 'English friendly' ATM when I need one. Gees! I can use my debit card in 80% of shops in Australia without having to speak at all. Even Bali has a better ATM network than Japan. Get with the program Japan! Pleeeease!!!
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Zenny11
Disillusioned.
No such thing as a debit cards? Wonder what my friends been using for the last 10+yrs.
As for 24hr ATM's hit any Combini and there is one and they are bilingual now.
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Mittsu
Easy to transfer money thru machine. Except need to read Japanese. Branches very welcoming and treat you like a kid/dummy. But overstaffed and inefficient. Which is one reason Japanese banks have such poor profit margins. Japanese cash machines close and don't take foreign cards. Have to bak with Citi or HSBC. And generally they are still a bit wary of foreigners.
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Junnama
The debit card and ATM complaints don't make sense to me. Maybe a problem outside of tokyo?
Hsbc wary of foreigners? Really?
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Zenny11
Junnama.
I have a friend that lived in Gunma and Tochigi(now) he uses a JA-Bank Debit Card. And JA is nationwide.
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Junnama
JA bank debit card? Good info!!
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asahi_man
Mitsui Sumitomo bank (formerly Sakura Bank) has had debit cards for more than 10 years, i remember using mine in Yodabashi camera years ago so I have no idea where these posters are getting their info from, maybe they are just here on short term visa which would mean they gonna miss out on alot of the things others get or experience, but pretty much no country's banking system will give a short term visa holder very much in the way of services especially credit!!
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bass4funk
Not everyone has the talent, time or some people are here on a short time. I'm just saying it would be a great help. Some do use English, but some services are limited.
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McC72
Guys thanks for your comment on the c card and the loan thing.
I'm not the complaining type. I got nice paying job with money coming in from both within and outside Japan and PR but can't get loan and since they don't offer any reason, the only reason that comes to mind its that of being foreign.
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fishy
Junnama- Japan Post Office offer Debit card as well :) post office ATM is often better than bank ATMs... It is also free to transfer money to other Post office accounts (banks charge money to transfer money to another bank or/and other branches of the same bank). So I highly recommend Post office!! Plus, it is much easier to find post offices anywhere you go!!! even in the country side, there are always post offices :)
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Junnama
Well sounds like debit cards are available anywhere :)
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moonbeams
I was denied a credit card from the post office. I had a history of over four years of monthly salary injections into ny account at the post office when I applied.
I was upset
But I got a card from Marui's Epos center.
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IronBeard
There are PROS?
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bicultural
I was rejected for the one and only credit card I applied for in Japan. Since then, I've gone without. I was rejected solely because of my katakana name, since I had already been working for 3 years at that point and was making around 5 mil yen a year after taxes. Meanwhile, uni kids are walking around with cards that max out at 500,000 yen. Oh well.
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porter
If you can't get a loan in Japan, I bet there is a good reason. I am a gaijin with a Japanese mortgage but it was not easy to get and it should not be easy to get. How many banks in the US are going bust because they handed out loans like candy? Japanese banks are globally looking pretty smart for being conservative.
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Zenny11
bicultural.
Banks, etc are fuzzy with katakana names, just part of the game. Had to fill my loan-application twice because I wrote firstname first vs my card had it reversed.
Even now year laters I get automatic transfers rejected because some clerk reverses them and I need to go back and adjust.
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Eyeblack
I'm not sure about this whole "banking" issue.
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cleo
I have two given names, and for day-to-day stuff I just omit one of them, it's too much bother. All my bank accounts were one surname in kanji, one given name in katakana. For over three decades that was no problem, until I wanted a loan in my own name and needed to produce juminhyo, tax papers, etc. The teller threw a wobbly when she saw that the 'official' name on my gaijin toroku (and thus on every other bit of 'official' paper) was not only longer than my 'bank' name, it was written in alphabet. I had to fill in a million forms to get all my bank accounts renamed with my 'official' alphabet name. Now my name is too long to fit in the space the bank's computer assigns to names, so they run my names together. Apparently that's no problem.
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stevecpfc
cleo; My names on my bank account are in Roman letters , but the all names are stuck together.
My bank card is not available in English from convienence stores or Post Offices.
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Zenny11
Stevecpfc.
???? pls, clarify.
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stevecpfc
When i go anywhere except my bank Sumitomo the machine says whta lkanguage and when i select English the card comes out and says not available.
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Zenny11
Stevecpfc.
What's your bank as that is strange?
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Zenny11
Stevecpfc.
Sorry, didn't read your post careful. I use BTM(for 14yrs, ex-client) and Mizuho and got no probs.
Not sure about Sumitomo as I never dealt with them as a customer or a client in business.
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stevecpfc
Zenny1; They are the only bank near to where i live and my branch is 7 miles away so i use the local Post Office for withdrawals.
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Zenny11
stevecpfc. OK.
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Monkeyz
Some ATMs just won't do English. I don't "need" it but I do like it if it's there.
Some ATMs won't accept my bank card from a VERY BIG bank.
Couldn't get a cc from my bank after having an account with them for 5 years, steady income, 3 year visa and all that.
Interest? What's interest?
Banks back home at least closed at 5 or 6 on Fridays and 4 every other day. I used to complain, but it sure beats 3pm to a pulp.
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EbiChiri
Never choose the English choice on combini ATMs, they never work. They always say out of order. Always choose the Japanese option. I've got lots of J-CCs, and I even got a 42 mill mortgage with only my hanko, good credit history opens a lot of doors.
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BTADT
Make me CEO, and I will fix it. Promise!!!
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IAMTHE1
When it comes to loans and ccs given to gaijin/"katakana names", the main thing the banks take into consideration is if you lose your job in Japan or decide that you are no longer content living in Japan, that you decide to leave Japan and leave the bank with the bill to remember you by.
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Ah_so
Lloyds Bank run a very good and cheap international money transfer system, which you can operate from a Japanese ATM, for JPY 2000. Google "GoLloyds Japan".
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seesaw
The only thing that bothers me is that Japan banks don't allow beneficiaries....
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xrc
I have a regular yen account and another one that is in dollars. I went to the bank to cash a $630.00 income tax (govt) checkto put in my regular account...besides the terrible yen rate which would really have given me about $500.00 worth of yen they also wanted a ¥3,100 transfer fee. Glad I forgot my inken (stamp) and didn't do it. I had my friend deposit in his American bank account to get the whole $630.00, sorry to say the yen rate for dollars now is (at the bank) about ¥79.?? bad bad bad...
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Dewaashita
I really appreciate the advice given in this venue.
Thank you.
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Tessa
I went to a bank at opening time. I was the only customer in the bank. There were several windows open, so I went up to one of them ... only to be told "please take a number."
I thought that was a bit strange.
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gifu
Re mortgages to gaijins: when I went, I took a very on-the-ball Japanese colleague to help with language. The bank manager said they were worried because I might leave the country before the mortgage was paid up and they would be stuck with a bad loan. She said, "Well, I am Japanese working at the same place with the same contract, and you would give me a loan with no hesitation. But I have a masters degree from a good American university and could up and leave anytime for a job in the US. These gaijins who come here to teach English are losers and can never get a job in their home countries. This guy's stuck here for life." I got my mortgage and the two of us have had great laughs over the incident ever since.
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iceshoecream
Give me a "debit Visa card" that I could use to anywhere I will be very happy person :)
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kujiranikusuki
I got a j-visa no problem. The only real problem I had was that on my bank card and CC they put my first name and middle name. The bank was SUPPER confused about the 3 names thing. It was never really a problem, but I had to use my middle name as my last name for thing I bought online. finnaly got it fixed. They just nixed my middle name and now use my last name. not really a problem. Its a somewhat small prefecture bank so... but yeah. the postage account it GREAT. I use it for saving, travel around japan. Super convenient and its frickin everywhere. English too if you need it.
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aedfed
Back in the late '80s I wanted to cash yen traveller's cheques (issued by a Japanese bank), but the local bank couldn't do it. I had to go to a "bigger" bank in the next town. All the while I'm thinking that a grocery store at home is capable of more sophisticated financial transactions than this bank.
I know that 's a while ago, but I wouldn't bet they've changed.
0
Manpe
I wish the ATM was open 24hrs like in America. I cant believe how some of the ATM's close at 9pm in Japan.
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Manpe
Banks close for Golden Week, and New Years in Japan. That's sometimes quite a few days in a row, and if you don't have enough cash on you then there's no way you can get your money.
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Zenny11
Golden week, etc closures are well known and widely advertised so no problem. Heck, try living here 14+yrs ago when NOTHING was open.
As for the 24hr ATM gripe. What's up with that?
Why do I need to walk to the closest station to hit my bank ATM, when the Combini ATM 100m away will do?
Yea, granted combini charges a bit more = no problem if withdrawals are planned. Plus, the combini is safer for withdrawals too. How many people her know their Bank ATM charges outside office hours?
Not saying the system here is the best but I worked a lot with banks here and overseas and the national networks they used for ATM's.
Yeah, the banks use a hired private system to connect their ATM's = extra charges.
And having ATM's at the combini, supers, etc is a good investment as they are often open 24hrs.
Heck happened to me at Yodobashi, wanted to buy an appliance but was short on cash = quick trip to the ATM on the 1st floor sorted me fast while the clerk waited.
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Zenny11
Forgot also a Combini ATM is safer for withdrawals than an ATM corner at night.
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Piglet
Banks are overstaffed and totally inefficient (although usually friendly). I switched from Mizuho to Citibank last year and I don't regret it. I can now do all my banking online (surprisingly, it cannot be connected to major financial services and software, like Quickbooks) and the service is excellent (the branches at Citibank are organized differently so you don't have a busy main room or waiting lines). My advice: if you can be sure you have enough money at all times on your bank account (not a problem usually if you're married with two incomes), you can apply for the Citibank Elite credit card, which will automatically waive any banking/ATM fee.
The recurring problem (as in other business) is over-protection from government and lack of standardization.
Other con's:
Cash cards are not compatible with 100% of ATMs.
The bankbook in Japanese banks (except Citibank) would have been a great innovation 20 years ago, but with internet banking it is not that attractive anymore.
Banks do not provide internet banking with international standards (connection with other software or online services).
Not all ATMs are available 24hrs.
Credit card do not necessarily include an IC-CHIP (my old Mizuho VISA card did, but not the new Citibank VISA card)
Banks do not seem to encourage that much business customers to accept credit card payments
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Zenny11
Strange I use online banking with Mizuho and MUFG?
Again I don't see a need for 24hr bank dedicated ATM usage.
Pls, explain,
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goddog
all Japanese home pages are a mess, including banks
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TanakaTaro
Pretty sure Shinsei Bank don't charge for withdrawals 24/7 from Post Office and 7Ginkou ATMS.
They also have English speaking staff and you can use their online banking in English too.
Don't bother trying to get a credit card with them though..
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BurakuminDes
There is little to like about them. Almost zero interest, poor accessibility/lack of technology. What's up with closing ATMs at night/some national hols? Japanese banks are 20-30 years behind the times of Aussie/UK etc banks.
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BurakuminDes
...actually, 1 great point - many banks here don't charge an ATM withdrawal fee. I have had banks in Aus charging $5 a withdrawal!
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Zenny11
Stil wondering and asked previously(no-one bothered to asnwer).
Wht is wrong with the combini ATM. Bank ATM's are usually only close to stations yet each Combini has an ATM and those are available 24/7 and most banks have bilingual menus for them.
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BurakuminDes
Zenny - they charge withdrawal fees, unlike the bank ATMs (mine anyways). I avoid Conbini ATMs like the plague!
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Zenny11
Burakumindes.
Yeah, they charge you a whooping 105 yen, most banks will also charge you the same outside office hours.
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BurakuminDes
Umm - usually more than that Zenny. Be smart and take your money out from the bank in business hours. Plan for the huge amount of national holidays Japan has, too. Took me a year or two to work this out.
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Zenny11
Burakumindes.
Highest charge I had was 210Yen at the Combini ATM(105 Yen from my bank and 105Yen from the Combini ATM).
Like I said no biggie if you plan your withdrawals. Closest Bank ATM for me is about 20min walk away at the station.
I usally am fully stocked before the Holidays, something I learned 10+yrs ago when NO shop were open during Golden Week and new year. These days shops are open.
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hurryharry
Japanese banks rob people blind: 0.01% or 0.02% interest in savings and they charge you for just about every transaction...pure thievery. Back home interest on savings is now around 3.5% (it got it to 6% during the good times) and banks do whatever it takes to attract new costumers: Point systems, discounts, freebies, free online banking, etc.
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sugamosumo
back home? sounds like Australia...any other countries that offer such a high interest rate on a standard savings account?? can't compare apples and oranges but you tried...
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Piglet
I worked as a manager at a company that dealt with big amounts of cash (I tried unsuccessfully to make them accept credit card payments from customers, transactions could be as high as 200000 yen in cash). The owner of the company used to go everyday to the ATM to put and withdraw money. I analyzed the financial papers and showed them they were spending several thousand yen every month in ATM fees. Of course, they preferred this way so they wouldn't have to be very serious with accounting. Anyway, I think the current bank system in Japan is adapted to a mostly cash-based economy. I don't find it efficient or practical (I pay almost everything by debit or credit card so I can analyze easily my budget with a financial software without having to record everything manually), but for most people it is adjusted to their needs. Also, the advantage of credit cards over cash is that you have a legal proof of the financial transaction in case of contest. It is a good anti-corruption tool as it makes it more difficult for the companies to hide some of their income (it is much more common than you think, even in Japan).
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