1988 was the year I opened my first Japanese bank account. Wait! Did I say “I”? It wasn’t all me, actually. With no functional Japanese at the time and little English infrastructure in Japan, I wouldn’t have had much luck at a bank on my own. It was thanks to my senior colleague at the Japanese company where I worked that I was able to find one, be welcomed there and open an account. It didn’t hurt that my employer was one of the bank’s largest customers. I’m sure my connection with an important client was pretty much the only reason I was able to open an account in those pre-internationalization days. Can you remember those days? Yes, when all of us Western-looking people were “Americajin” or “Eigo no Sensei”?
I don’t remember having a hanko (stamp seal) and my colleague did all the paperwork. I didn’t speak or read Japanese, and had just recently arrived from the US, but my connection to my company smoothed that over. It was also not until after I married a Japanese national and had a Japanese name that I was finally able to achieve the level of trust required for my bank to issue me a credit card. I’m sure my Japanese name helped me pass the in-house review. But what would happen if I had not worked at the Japanese company, or never had a Japanese name? How would I have ever opened an account or received a credit card? I think I may have given up, just like a bunch of my friends at the time.
Through the years, I’ve experienced many challenges at banks in Japan: long waits for traveler checks, limited hours at ATMs, bill payments that have to be done in person before 3pm, long lines, no English support, feeling awkward and uncomfortable under the stares of security staff or much rewriting of documents because of small mistakes in my written Japanese. Overseas transfers were costly and I could never fully understand what the bank teller was trying to get me to sign or agree to. I’ve dreaded going to the bank here and have actually burst into tears out of sheer frustration at least three separate times.
Recently though, my love-hate relationship with Japanese banks came to an end. Something changed that I never would have imagined back in 1988. It was due to a boom in “inbound tourism” that spurred an increase in appreciation for the international customer, a government-led push toward cashless transactions, more and more non-Japanese choosing to live here long term and the realization by Japanese banks that we internationals are here to stay. Many banks (even conservative ones) have introduced English support and are much more welcoming to non-Japanese clients.
However, one aspect of banking that remains at 1988 levels is the difficulty in acquiring a credit card. Sony Bank is close to solving this with their newly introduced Visa-enabled debit card. This card works similarly to a credit card but without the loan aspect, and of course, no interest. It offers the ability to open accounts in different currencies, pay for online purchases in local currencies directly from my Japanese bank account, and use my debit card overseas wherever VISA is accepted. Wait, can this be true? It’s just too modern! So now, I can pay a bill in USD online to my tax preparer in the US. Finally!
My debit card has the same number and security format as a credit card, and funds are withdrawn from my USD currency account located in Japan. Next time I go home to the US, I can pay for something and that payment will be withdrawn from my USD account in Japan. No currency exchange at all. Doing the same with bills in Euros or Australian dollars? No problem. Can this really be happening? I’m now glad that I went through the difficult times. I appreciate the improvements so much more. Although there are still frustrating steps and challenges that might make me want to cry, Japanese banking as a whole for internationals is definitely improving. New options keep coming online, our adopted home increasingly takes us more seriously as clients, and as our community expands, much of the banking frustrations of the past may truly be behind us.