Money Matters

By Liz and Tim

US Tax Information

• Timeline:– Now: File form 8822 – Change of Address– December: Get (tiny) earnings statement - Keep it!– By April: Read your handbook for filing instructions!

• Questions?– Read the Tax Guide in your Gunma

Orientation Handbook. Don’t lose it!– E-mail Liz for basic advice

Your Paycheck

• Salary– 280,000 per month

• Money in the bank– ≈238,000 per month, minus:• Taxes (if liable)• School lunch (kyuushoku) fees• “Tea service” fees• Teacher’s association fees

Banks

• Open a Japanese bank account (if you haven’t)– Your CO may require a specific bank for paycheck

deposits– You can open a second bank account of your

choice.• Good way to get a debit card and/or access to an ATM

network that spans the country.

• Close at 3pm

ATMs

• Longer hours, but still limited• Provide most services you need from a bank

• Fees for night, holiday, and weekend usage• Foreign bank cards: Try Japan Post ATMs

Furikomi

• A common type of money transfer• Only offered in Japanese• Need bank, branch, and account holder names

and the account number and type• Take your bill to a teller during bank hours if

you need help the first time.• Print a furikomi card to make recurring

transfers easier.

Paying Bills• Furikomi– Furikomi info will be on the bill

• Payment slips– Pay at a conbini

• Automatic transfer– Have your JTE help with the paperwork to set up

• Postal money order (yuubinkawase)

Bill

Payment slip

Credit Cards

• Foreign credit cards will work (if it’s ‘set up’)• Works at major supermarkets and gas stations– Costco ONLY takes Amex– Restaurants and getting a cash advance is hit and

miss

• Credit cards can make cell and internet signup easier – Payment methods can be switched after signup.

Getting a Japanese Credit Card

• Can be difficult• Credit system in Japan is ‘different’• A good bet is to try to sign up while with a

company that you subscribe to for utilities (Internet/cable)

• Payment methods vary between cards– Make sure you are clear about payment methods

or you may end up paying a lot of interest.

Is A (Japanese) Credit Card Necessary?

• Amazon and Rakuten can generally take furikomi, COD and convenience store payments

• Your home country cards work just as well unless you plan to use payment splitting or point programs

Sending Money

• 2 Main methods– Postal Money Orders• Cheap (~1500)• Slow• Requires someone else to cash

– GoLloyds• Done thru furikomi <- easy, fast• Higher fees (2000 yen flat rate)• Referrals give you a bonus