Can I open a bank account in Japan to exchange yen-to-dollars?
TODAY”S QUESTION:
I will be receiving cash gifts in Japan during an upcoming trip (wedding party!) I’m certain that the envelopes will all contain YEN, but I will be immediately returning to the U.S. afterward. How can I avoid fees on exchanging large amounts? Can I open a bank account in Japan that is accessible at a U.S. ATM machine?
As previously covered on the 3Yen, it’s not hard to open a Japanese bank account. The obvious place to go for access to ATMs internationally is CitiBank Japan. However, this isn’t gonna be a big savings for you…..
As far as “avoiding fees on foreign exchange” — there’s just about no-way Jose. (See a exception below.)
However, fees do differ. The Japanese Post office does cheaper wire transfers. Mitsubishi-Tokyo Bank offers good rates to walk up customers.
Lloyds “Jet Set Japan” has:
“The service allows you to use your local ATM and any of the 28,000 across Japan to transfer money home. There is a flat fee for the service, of 2,000yen per remittance. It costs nothing to register for the service.”
Normally I just use the Japan Post Office’s international money orders (”giro”) for amounts under $3,000.This requires paying 780 yen and filling out this longish form sometimes several so I fill them out in advance. They will give up a paper money order or wire your money directly into a foreign bank account ( you need to know the routing number, account number, addresses, branch names, etc.)
Of course if you’ve got 20 million yen or more to spare….
Standard Chartered makes Tokyo retail banking debut
Japan Times, July 7—
Britain-based Standard Chartered Bank on Tuesday opened its first
branch for retail customers in Japan, aiming to gain a foothold in an
increasingly focused market. The branch, located in Tokyo’s Marunouchi district, targets
customers with assets worth some 20 million yen or more by providing Japan’s first no-commission foreign-currency accounts ..more….
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