Banking in Japan SUCKS
May 25th, 2006 at 9:34 pm
So, I love living in Japan, but I have 2 complaints. Everything having to do with driving, and everything having to do with money is TOTALLY RETARDED!!! Quite literally, they are decades behind! I won’t get started on driving, or all my complaints about “things-money”, but I will tell you how inconvenient banking is. So, you live in Japan and think you might want a bank account, eh? WRONG! Ask the other Japanese where they keep their savings, and most will say they hide it somewhere in their house. They don’t understand or trust banks, and in truth, there isn’t much incentive to use them in Japan. No one is going to break into your house, so your savings are safe there anyway. There are no interest-bearing savings accounts, so you won’t make any money by using the bank. But mainly (and this is where it starts getting strange), they don’t have checks in Japan, so it is not convenient to use bank accounts for payments. No, there are no checks in Japan. They don’t trust them!! They ONLY deal in money. You want to pay your bills? Cash only. Want to pay rent? Cash only. Want to BUY A HOUSE? CASH ONLY!! Want to buy a COMPANY!?!?! BRIEFCASE OF CASH… ONLY!!! Oh, and forget about credit cards. You think they’re going to trust credit cards? They don’t even trust checks! It’s like the fucking Middle Ages over here!! If you want to pay for something and the person or company isn’t near you, what do you do? Why, put your wad of money in an envelope, of course!! Just send $5,000 through the mail to pay your exorbitant rent, or bills. It truly boggles the mind!! So here’s a question. If they can trust sending cash in an envelope, and don’t worry about theft… why can’t they trust a check written buy their aunt????????
FUCKED! Yeah, so that’s the lay of the land here. But sometimes you HAVE to use the banks. You don’t need a bank account, but to pay for, say, airline tickets, you have to directly deposit money into the travel agents bank account. This is the process I have gone through many times, and it never ceases to amaze me how complicated they make it for NO reason. To do almost any bank transaction you have to use the ATM machines. But be careful. They close soon after the bank, for your convenience. 24-hour ATMs are a luxury only a few banks in Tokyo offer (and it’s a big bragging point). The ATM machines here are ancient looking. They look like a 30-year-old airplane cockpit. There are slots, and buttons, and doors, and speakers, and lights, and all sorts of things crammed into the small surface area. And that’s just the peripheral stuff. The touch screen is where you have to do everything, and of course I can’t read it. Because no one has a bank account anyway, you do not have to use an ATM card. Just start pressing buttons. There are 12 choices at first, but each choice leads down a rabbit hole of kanji, katakana, and hiragana choices, interspersed with Japanese keyboard touch screens and fields for personal contact info. When I first had to use the ATM I asked a bank manager to help, but he stood there baffled, and finally just walked away (not very Japanese of him…). The next person I asked not only couldn’t help me, but then couldn’t figure out how to do her own transaction!! Whenever I go to the ATM, there is a line. I can’t help but watch in shock and frustration as other Japanese people try in vain to deposit, or withdraw money. NO ONE can figure these machines out!! This is probably a main reason they don’t want to trust checks or credit cards, or online banking, or even NORMAL banking. They just don’t want to complicate things even further! Well, I’m sorry to compare, but in my experience, there is an EASIER WAY! Why do they have to make things so fucking roundabout and complicated?
Oh, and in the end of paying for my $1300 plane tickets… after pressing all those buttons, and entering all sorts of info about me (all in Japanese)… it all boils down to the travel agents bank account and the deposit amount. No verification. No double-checking. No safety whatsoever. What if I entered the account wrong?! There’s literally no accountability. A stranger walks up to an ATM. Puts cold hard cash into it. Enters a bank account number to deposit it into, and their own information so the receiver knows who paid. And that’s it. If there is a mistake, the receiver can’t help. The ATMs bank has no account to check. Stupid! Stupid!! STUPID!!! Some more fun ATM facts: If you do choose to get a bank account (as I did for some reason), the only way to get money is from the ATM (because checks don’t exist)… which charges $2-5 each withdrawal!!! You will also need your ATM card AND bank book which the ATM scans. So where’s the convenience in that? Each bank is regional. You cannot withdraw money from another banks ATM in any way. The only bank that is national is not a bank, but the Japan Post Office. So people who travel around Japan a lot DO tend to open a bank account with the post office… but I didn’t for some stupid reason. So even in Tokyo, if I run out of money, I REALLY run out of money. No backup plan! So that’s one of the STUPID things about money in Japan. There’s a LOT more to complain about regarding the yen, economy, shopping, inflation, and the missing competitive pricing market. But I’ll rant about that another time. I’m just pissed because I had to deal with the ATM again to buy my tickets to Singapore yesterday.
-Christian