A look into Japanese MONEY and BANKS
If you plan to travel or stay in Japan, this information give you a brief tour to Japanese money and banks.
By: Ira Rasikawati
Dealing with money and banks could be a serious problem for a first time traveler in Japan. Considering Japan is a developed country, most of us may think that it would be easy to find ATMs and safer to travel with either debit or credit cards. You might be unaware not only that many Japanese ATMs do not accept foreign cards, but also English menu is seldom available; especially if we travel to small cities or the countryside. International ATMs that accept foreign debit and credit cards are usually found limited in post offices, a few department stores and airports. The following information may be worth reading if you are unfamiliar with Japanese money and banks.
Yen
Coins in the unit of Japanese currency Yen (¥) are available in denominations of 1, 5, 10, 50, 100 and 500 yen and bank notes in denominations of 1,000, 2,000, 5,000 and 10,000 yen. It is wiser to carry enough cash in Yen if you travel to Japan especially outside big cities. A customs declaration is usually required if you carry currencies or other types of money exceeding one million yen worth in Japanese currency into or out of Japan.
Coins in the unit of Japanese currency Yen (¥) are available in denominations of 1, 5, 10, 50, 100 and 500 yen and bank notes in denominations of 1,000, 2,000, 5,000 and 10,000 yen. It is wiser to carry enough cash in Yen if you travel to Japan especially outside big cities. A customs declaration is usually required if you carry currencies or other types of money exceeding one million yen worth in Japanese currency into or out of Japan.
Source: Japan National Tourism Organization Website
You also have the option of buying yen at foreign exchange banks or other money changers. They are usually located in big shopping areas, famous department stores or railway stations. It is easier to exchange US$ than any other foreign currencies. Although nowadays the number of English speaking bank officers have increased, it is advisable to have a Japanese speaking friend come with you when you need to go to banks or other money changers.
Banks
The number of financial institutions in Japan is not as many as in Indonesia. Mizuho Bank, The Bank of Tokyo-Mitsubishi UFJ and Sumimoto Mitsui Banking Corporation are three leading banks in Japan. Yucho (Japan Post Bank) also serves as a financial institution. It offers services such as international ATM and remittance from overseas to Japan Post Bank account.
Source: Japan Post Bank Website
Banks are usually open in the weekday from 9:00 a.m. to 3:00 p.m. If we stay longer than 90 days in Japan, we can acquire an alien registration card, which is required to open an account at a Japanese bank. Another important item to have to open a bank account is an inkan (personal stamp) that is equal to our signature. This inkan consists of our names in kanji or katakana character.
Saving and interest rates in Japan are very low.
There are two types of machines that we can use to withdraw money, automatic teller machine (ATM) and cash dispenser (CD). We can only withdraw money from a CD, but ATM provides additional services such as depositing and transferring money and paying bills. Many ATM and CD are only available during working days. 24 hour ATMs that are also available on weekends are limited.
Another recommended option to withdraw money is through Seven Bank ATMs. There are numerous Seven Bank ATMs placed at 7-Eleven convenience stores in Japan that are open 24 hours a day. The service is also available in several languages such as English, Korean, Chinese and Portuguese for cash cards from the PLUS and Cirrus networks and credit cards from VISA, Master Card, American Express, JCB and China UnionPay.
You are recommended to contact your credit card company to learn about the location of each ATM and its availability prior to travelling. Hopefully you will find the information useful before your trip to Japan. (iraras)
References:
Japan Guide http://www.japan-guide.com/e/e2226.html
Japan National Tourism Organization http://www.jnto.go.jp/eng/
Japan Post Bank http://www.jp-bank.japanpost.jp/en_index.html