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Money Matters

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?

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Money Matters

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  1. Money Matters By Liz and Tim

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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.

  7. 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

  8. 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. ? X

  9. 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.

  10. 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

  11. 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

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