Money Matters - GunmaJET.net

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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
Bill
– Pay at a conbini
• Automatic transfer
– Have your JTE help with the paperwork to set up
• Postal money order (yuubinkawase)
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
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