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Thursday, 30 August 2012
So in my attempt to tick more things off my list of stuff to do I have been researching the financial side of things lately. From what I've gathered there are a few options to transfer money between bank accounts in the UK to ones in Japan, but pretty much all of them incur fees in one way or another. I have read that certain types of credit and debit cards work at post office ATMs and what-have-you, usually ones with a plus logo? I'm not sure my debit card will work when I'm in Japan since mine doesn't seem to be part of the plus network, so I have been looking at other solutions just in case. As for my knowledge of banks and money transfers, my understanding is quite shaky since I have never used any of these methods before (or actually transferred money before) so please double check before you register for anything/transfer any money/etc. Also if any of my info is wrong or if you are familiar with the type of thing do let me know! I'd appreciate it.
Since I live in the UK I've been using the Sending money abroad guide at Money Saving Expert to get a general idea. This is pretty helpful and gives you a few options based on your circumstances.
While I'm abroad I will be able to access my funds via online banking, but in order to transfer money between accounts in Scotland (e.g. transferring my money to my parents' account so they can access my student loan if I can't) I needed to order a card reader from my bank (RBS). It's free, but I'm not entirely sure it will come in time since I am leaving in 11 days and it takes up to 15 to be delivered. Kind of strange that you need one to make payments, I thought it would be less complicated. I will probably have to take it with me to Japan which is also a bit annoying.
Anyway, sending money from my account here to my Japanese one isn't as simple. RBS does provide international transfers but they look quite expensive and are mostly aimed at transfers to places in Europe(?). Although the rates aren't the best I decided to go for the Post Office's international money transfer service. Registration was pretty simple and as far as I know you can pay using a credit or debit card--but it must be registered with a UK address. There are no fees to make transfers (although the minimum amount you must transfer is £250) so it looks like my best bet to transfer money to my Japanese bank account when I eventually get it set up. I've read that opening a bank account can take up to two weeks so I will have to calculate how much money I need to bring with me in case it takes that long. Unfortunately I can't test this method of transfer until I have set up a bank account in Japan so whether or not it actually works is...not for me to say. Yet.
Gaijinpot's forums are a good resource for details about living in Japan and there were a lot of threads discussing banking and transfers, so if you are still unsure you might find something there. GoLloyds have a useful list of ATM vocabulary that might help if you are struggling to use ATMs.
I'm also trying to sort out reimbursement for my flight and medical insurance with SAAS, but they aren't taking calls which is frustrating since I am applying very late and not even sure if they will accept it. Medical insurance at Rits is about £145 for both semesters, and they also make you apply for Liability insurance which covers you if you injure someone or damage their property/whatever. Getting reimbursed for these things would be useful but I'm not sure if SAAS will cover it. I am worried about my first few months in Japan as the cost of getting to my accommodation/paying for rent and the hotel/insurance and so on has already come to ¥140200.
In the meantime, I am going to try and pick up some souvenirs while I am picking up my visa in Edinburgh, just to give my SKP buddies for their help. Maybe best avoiding the really expensive tourist shops though, it'll probably cost £5 for a bit of Edinburgh rock. I should really start packing soon!