Sorry if this has already been asked but I was wondering whether it was worth closing my bank account or not. I’m currently with NatWest in the UK and asked them about what happens when I move. They said I can either close my account and transfer all my money across or keep my account open but do a transaction every six months. I’m tempted to keep my account open here in the UK and take some money with me to Japan.
What have previous JETs done? Is it worth closing or keeping the account?
9 comments
I’m from the US, but I kept my account open. Use it for some online purchases, student loan payments, and when I want to send my mom some money I put the money in my account and write her a check so she can get it as cash (can’t send it directly to her bank account for various reasons).
I kept my UK account open. Even thought I’m a year post-jet and staying here for life, I’ve still kept it open with a few hundred quid in it.
It’s useful for making your student loan repayments, having money when visiting home, and buying presents for friends and family in the UK online.
Also keep in mind that most Japanese banks don’t automatically issue you a debit card. You have to apply for one and can be rejected. And Japanese credit cards can be very difficult to get, so having your UK account and debit card can be very useful.
Definitely keep your UK account open. I mean, I don’t know about you, but I had bills to pay back home even when I was in Japan. (Student loan payments, credit card payments, even things like netflix subscriptions and so on). You can get money out of your foreign bank account at 7-11 ATMs, there is just a small fee.
Is there a reason why you would want to close your account? For example: having to pay to have an account open?
I’m from Canada and I have no intentions of closing my bank account.
Buy a bond.
Canadian here and I would say keep your account open. I have my bank account and my credit card connected to my Canadian bank (and it works here). If you get a WISE account you can easily make transfers from your Japanese account back to the UK.
Keeping my USA debit and credit accounts has saved my life while over here numerous times. I would advise it especially if your trip isn’t going to be more than a couple years.
Of course keep it open. It will save you the problems of opening a new one when you go back and it will give you a proof of address for other stuff.
And I still have my Japanese bank account open, years after returning home.
(US) I would recommend keeping your current bank account open for a couple more reasons than just sending money back home.
* Japanese banks close for many holidays, and so do their ATM services (even from convenience stores). I was able to withdraw cash from my US accounts in these situations saving a couple trips and weekends for me.
* Your home bank is usually a much better place to save money than Japanese ones due to some pretty horrible interest rates (drops to negative sometimes).
* There are much better options for credit cards with a UK bank. Yes, the Rakuten card is available, but the benefits of the card are very basic compared to some others out there.