Finances

By CarterWittMedia

All banking institutions offer electronic transfer services (furikomi) that make it very easy to pay your rent, utilities, and other bills such as cell phone, sports club membership, Internet provider and more. You will probably have your monthly salary deposited into your bank account, after which you can arrange to either pay automatically from your account every month or create a special card (furikomi-ken) to use when making payments. Intra-bank transfers are generally free, as are utility payments. Moving money to another bank or for other payments costs about ¥300-¥500.

What You Need to Open an Account
You need to have a proper visa, and usually an official address, to open an account in Japan. (Note: You cannot open an account on a tourist visa.) Your alien registration card and another piece of photo ID (usually your passport, but a Japanese driver's license or school ID will probably suffice) are also necessary. Note that some banks require a minimum deposit to open an account, and others may require a minimum amount of time left on your visa.

While most Japanese need an official seal or chop (inkan or hanko) to "sign" documents, foreigners can usually use their written signature. Banks in urban centers are usually cognizant of this, but if you are out in the back of beyond and trying to open an account, the customer service representative may insist that you use an inkan for official signatures. Generally, if you show your passport signature and the alien registration card signature, they will let you sign. Note that you as an individual (as opposed to a corporation) have no legal obligation to create a chop. Your signature is legally satisfactory for all documents in Japan. However, if you do make a chop and use it to "sign" an official document, it may become practically impossible to have your signature accepted in lieu of your chop thereafter. Think carefully before having a chop made and using it for official documents. For more on getting an official seal, see the Immigration and Legal Matters chapter.

English-Language ATMs
Citibank, Shinsei, Sumitomo Mitsui (SMBC) and Mizuho have English-language ATMs, although only Citibank machines offer English-language services that are as extensive as its Japanese-language services. The post office ATMs provide English-language guidance if you are using a post office-issued ATM card

Online Banking
Here again, the big banks offer much more convenience by remaining on the cutting edge of technology, although other banks are quickly following suit. You have to have an account at the bank, and in many cases you also have to register specifically for online services; presently, only Citibank and Shinsei offer such services in English.

Internet use is limited to domestic transactions. You can move your money between accounts, including foreign currency-denominated accounts, pay your utility bills, and check your balance. You will need to check with your bank to find out the specific charges for this service. Contrary to what you might be used to at home, higher fees are charged by some banks for Internet transactions than for regular ATM or teller transactions.

If you have a postal savings account, you can sign up for the Postal Savings Home Service and move your money using your phone, fax or cell phone. Presently, Internet services for this are only available in Japanese. Fees range from free to ¥180 for mobile phone settlement.

Resona
http://www.resona-gr.co.jp/resonabank (Japanese only)

Shinsei Bank
http://www.shinseibank.com/english

Sumitomo Mitsui Banking Corporation
http://www.smbc.co.jp (Japanese only)

UFJ
http://www.ufjbank.co.jp (Japanese only)

Post Office
Post Office General Information:
http://www.yu-cho.japanpost.jp/e_index.htm
Post Office Remittance Information:
http://www.yu-cho.japanpost.jp/e_s0000000/ssk20200.htm

Postal Savings English Hotline:
(0120) 085-420
(Toll free, Monday through Friday, 08:30-18:00)

Remittance
GoLloyds Remittance Service:
http://www.golloyds.com
(03) 3589-7745.

Western Union/Suruga Bank
http://www.surugabank.co.jp/surugabank/english
Information is available toll-free at (0120) 882-515

Credit Cards
Post Office Information
http://www.yu-cho.japanpost.jp/e_s0000000/sc000200.htm

Yahoo! Japan Credit Card Information (In Japanese)
http://biz.yahoo.co.jp/card

Toku Shop Credit Card Information (In Japanese)
http://toku-shop.com/credit

Taxes
US Internal Revenue Service (IRS)
http://www.irs.gov
Go to 'Individuals' and then 'Overseas Taxpayers' to access IRS Publication 54.

National Tax Office Website
http://www.nta.go.jp/category/english/index.htm
http://www.taxanser.nta.go.jp/gaikoku.htm

Tokyo Regional Tax Bureau, Foreign Section
(03) 3216-6811

Insurance
ACE
http://www.ace-insurance.co.jp/en

AFLAC
http://www.aflac.co.jp

AIG
http://www.aig.co.jp
http://www.americanhome.co.jp/home/index.html

Allianz
http://www.allianz.co.jp/eng/index.html

Chubb/Federal Insurance Company
Kowa Nishishinbashi Bldg. 11F, 2-1-1 Nishi-shinbashi, Minato-ku, Tokyo, 105-0003
Phone: (03) 3519-8130
Fax: (03) 3519-8135

Financial Investments
Magellan
http://www.magellantt.com/

Meyer Asset Management
http://www.meyerjapan.com/english/index.html

Japan Society of Investment Professionals (JSIP)
http://www.jsip.org

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