Volume 39, Number 03
Features
How to... and Where?
Weekender answers some of the most regularly questioned banking issues.
Where can I withdraw funds from my Western credit/debit card?
The post office has this service but the most convenient option is 7-Eleven bank, which allows you to access your funds back home with the added bonus of the instructions being in English.
As a foreigner am I eligible for a credit card in Japan?
Most banks offer Japanese credit cards for foreigners. Contrary to popular belief, you won't be refused a credit card purely on the basis of being non-Japanese. In order to apply, you will need a bank account, a form of ID, and your employment information. While the criteria for accepting or declining an application is not divulged, it can be assumed that your work situation factors high in the decision. A 22-year-old, fresh-off-the-boat English teacher's application may not be looked upon so favorably, however, an expatriate that has transferred here with a multi-national company is more than likely to find their application accepted.
I need to send some money home. What is the best way to do this?
GoLloyds Overseas Remittance Service is a fast, convenient, and inexpensive way to send funds back home. Simply use any bank ATM or internet banking in Japan to transfer the funds domestically to your GoLloyds account. GoLloyds then completes the overseas remittance for a reasonable service fee of ¥2,000. See www.golloyds. com or call the customer service number on 03- 3589-7745 for more details on how to set up a GoLloyds account.
Banks and post offices offer a similar service, but at a much higher cost (around ¥5,000).
Is it wiser to exchange money here before I go on vacation, or better to take yen and exchange when I get there?
Generally it makes no difference to change here, however banks generally take a bigger commission on other currencies so it is advised to exchange travelers checks in this instance.
Where can I change currency in Tokyo?
You can exchange money at most banks across Japan, but, the variety of currency is limited. While you are likely to be able to buy popular currencies such as USD and GBP, you would surprisingly struggle to pick up currencies such as the Yuan and Won.
The World Currency Shop on the 5th floor of Roppongi Hills Tower stocks most currencies and is conveniently open 11am–7pm Mon–Fri, and 12pm–5pm on weekends and holidays.
Do any banks here have Western staff?
Tokyo Mitsubishi UFJ Azabu branch has an incredibly helpful American teller on staff.