Money Matter

Frustrated With Poor Returns From Japanese Banks?

Objective Trading
Finding a place to put your money while living in Japan can be a challenge. The banks offer very low rates of interest, and other investment vehicles were not designed with foreign investors in mind. If this sounds familiar, then a Regular Savings plan might be an ideal solution for you. ...
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Money Matter Q&A

Q: My friends tell me I should start investing. I’m in my mid twenties and will probably start in a few years. Is this ok?

Q: My father told me I should build up an emergency fund. How much do I need?

Q: I make a decent salary and should be able to save some money. But more and more often I find myself without anything to put away for saving at the end of the month. I know saving for the future is important, but I keep buying stuff I don’t really need. Any suggestions?

Q: What is the reason for using tax shelters? The government is going to tax you when you take the money out, so what is the benefit?

Q: I started a new job and I’m aiming to save 15% of my monthly salary to put away for investments. Should I invest a small amount each month or is it better to invest it all at the end of the year?

Q: I’ve recently started a regular investment plan. I send US$400 per month overseas for tax free growth. The returns on my plan have been very good, but I’m worried about the weakness of the yen. I earn yen and when I invest in dollars I feel like I’m paying an unnecessary charge. Will the yen strengthen soon?

Q: I just arrived in Japan and I am planning to sign up for National Health. My friends who have been here longer tell me I should get a private health plan instead. What is wrong with National Health? I’m from the U.S. and having a national health plan sounds great to me.

Q: Around my local train station I see companies like Promise, Takefuji, Aiful, Acom and others. My Japanese friend told me they are consumer loan companies, but he didn’t explain how they work. How do I, a foreigner, get a loan from one of these companies?

Q: I’ve nearly finished the training period at my new job and I’m waiting to receive my first full paycheck. I want to have access to my bank account back in Canada so I won’t worry about having enough money to cover my expenses. How do I use a foreign bank card at a Japanese ATM? I tried but I couldn’t get any cash.

Q: I just arrived in Japan to teach English for the next six months to a year. I have heard about the social insurance program but my new employer says I’m not eligible. Why not?

Q: I’ve been in Japan for 3 years now, and am on a specialist in humanities visa. I’d like to buy a home, but I’ve heard that it can’t be done without Permanent Residency. Do I have any options?

Q: Hello, I’m currently working on a Specialist in Humanities visa. I went to the local tax office and they asked me if I’m a Permanent Resident. I explained my visa type, but there was some confusion. What information do they want?

Q: I arrived in Japan last week and need to open a bank account. What is the procedure for a foreigner to open an account, and what documents should I bring with me? Are there any banks that are less hassle than others?

Advisor

Matthew Murray
Independent Financial Advisor,
Managing Director,
Objective Trading Ltd,
Tel: 03-5936-2944