So, as the title says I will be moving to Japan within a month or so, as a student. The ones sponsoring me and paying for my tuition are my parents. However, I do not own a debit or credit card yet, nor anything like a bank account.
Frankly, I do not know what I should do about accessing money in Japan whether it be for tuition or rent or for other expenses. I’ve seen a lot of conflicting information online, such as whether or not you can get a credit card in Japan as a foreigner… fees in general… etc. And honestly, this is the main reason why I’m so doubtful and confused.
Any advice? Also, would it be a good idea to bring some cash in my local currency and exchange it for yen once I arrive?
Thank you!
7 comments
Get a bank account in your home country, use the convenience store ATMs to withdraw in JPY.
>However, I do not own a debit or credit card yet
So… Get one?
>nor anything like a bank account.
Actually get one of those first.
I’m honestly not sure how you expect to access your money in Japan without a bank account at home. Are you planning on bringing a huge stack of cash with you?
You’re not going to get a credit card as a fresh off the boat student. That shouldn’t even be a concern for you. You need a bank account at home, and then either pull money out of an ATM, or open an account here in Japan and transfer money.
It wouldn’t hurt to bring 5000円 for taxi, lunch, etc but Japanese airports usually have a 7sbank (7/11) atm, which as of this post doesn’t charge intl withdrawal fees (your bank may though).
(US resident) If your parents are credit union members def ask them to introduce you and additionally apply for a credit card there.
Otherwise ask them for advice on what local bank to use because there may be times where they need to quickly transfer or deposit to your account.
Within Japan you will be withdrawing from convenience store ATMs. It’s the cheapest way to withdraw money that most expats have done for years.
(Depending on what type of chosen residence) Upon arrival you might need to ask if your university will send an interpreter to help open a Japan Post Bank account so you can make rent payments.
Hi, i will move to Japan as well as soon as I get my visa. Based on my experience having lived in many countries, I would exchange a small amount of money to yen first from the local currency (e.g. approx. usd 1000). The reason is because the exchange rate at the destination airport is always higher (more expensive). Also, you should always prepare for the unexpected by having safety/emergency money set aside. Having said that, i would ask the school how you could set up a bank account as soon as you arrive in Japan. Usually, the school as act as a sponsor to open a bank account. Will take a couple days minimum to create one and also a further couple days for international transfer to be possible. Basically, you will need to bring cash to last you at least the first 2 weeks. I will be bringing my credit card as well since i might need to use it in case of emergency. American Express has really good international exchange rates and the least fees from my experience. Hope this helps!
Get a wise.com account, then get bank details and debit card from them. Use your new card in Japan as a debit card for cash and payments. Add money as needed in your home country currency using a normal local bank transfer from your parents. Use in Japanese Yen thanks to wise.com.
Your parents are awesome, enjoy your time in Japan!
It sounds like you are pretty young (since you don’t have a bank account). I assume since your parents are paying the tuition (and you don’t have a bank account and therefore probably no job?), that they’re providing the money for everything else?
If that’s the case, it may be a possibility to just get a shared account with your parents and for them to get you a debit card on that account.
While I wouldn’t normally recommend sharing an account with your parents (especially if it’s your money), if it’s basically their money and they’re providing it for you, then they can easily transfer money into the account if you get into an emergency and need more cash quick (since you won’t have a credit card that can be used for such purposes).
Obviously this all depends on your relationship with your parents and money, etc. In general it’s better if you’re an adult to start getting the trappings of adulthood— your own bank account, etc, but if your parents are still paying for everything this is an option too.
If your time in Japan is longer that the a couple months, then you may also want a local bank account so that you can do money transfers and similar. It’s pretty easy to set up once you get here.