Money Matters

I’ve been doing a fair bit of research into the mechanics of living in Japan as a temporary resident. One of the things I’ve learned is that cash is a big thing in Japan. Sure, credit cards are widely used and will cover most of my regular needs. But, as I’m learning, cash is sometimes the only form of payment accepted in a variety of settings, including smaller independent businesses, gardens, temples, and more. Here’s some more information about Japan’s fondness for currency and the transition to contactless payments: https://www.japan.travel/en/plan/cashless-payments-in-japan/

Living there for a long time, might it make sense to have a savings account given the apparently regular need for cash? But could I even open one? Where? How? I had one when I lived in Paris, and it was very convenient.

Unsurprisingly the Japanese government has detailed information on precisely that. As it turns out, Japanese post offices have both savings banks and ATMs. Given that I will be traveling by train and on foot most of the time, convenient locations are important. There are post offices near my apartment and near campus. So that’s cool.

But if I did open a savings account in Japan, how would I transfer funds from my US bank? And what are the costs of doing so? Are there tax implications?

Or maybe I should keep the funds in a US bank and withdraw cash as needed. It’s one thing to make a cash withdrawal once during a short vacation. But those fees could add up over an entire semester.

At any rate, I have more digging to do.