transferring money in japan between banks-reducing fees

[bryanc]

hi,
dont know if anyone can help but bank accts situation is a little complicated and i wondered if anyone experienced could advise any good work arounds.

1.have ideco and nisa accts with monex.

2.money is in local yamagata bank (salary can only be paid to here)

3. monex acct has different name to yamagata bank acct..(no middle name on yamagata bank acct ,this cannot be changed)

this means i cannot send money into monex acct as wont accept in different name.
work around i came up with is having money sent from an SBI acct (has middle name) into monex acct..
This is automatic and free for the ideco each month,but as doing lump sum for NISA then cannot do automatically.

still have to send money to fill the SBI acct from the yamagata bank acct..this cant be done automatically because of the name issue..
currently seems only way to do is just to send a large lump sum from the yamagata bank to sbi(limit is 100man at one time) and pay the charge...
then to transfer from sbi to monex

dont know if anyone knows of a better way round this-rather a pain!!
thanks!

[zeroshiki]

I looked up Yamagata Bank and they don't have free 7-11 withdrawals sadly. 110 yen when done between 9AM and 6PM on weekdays.

If you're ok with that, just eat the 110 yen cost and withdraw physically from a 7-11 machine (daily max is apparently 500k) and then immediately deposit it into your SBI account using your ATM card. Its incredibly manual but if you're allergic to bank transfer fees that's the best you can do. (Alternatively withdraw from a Yamagin ATM for 0 yen fee and then deposit to SBI using 7-11 but that's if you're ok walking around with 500k on your person)

[bryanc]

many thanks-why didnt i think of that!?
happy to take it from the yamagin atm to the 711 machine to save the money,but
i dont think i quite understand the sbi fees for atm..
it seems that would need to pay 110yen each time after the first one if only rank one-is that correct?

[bryanc]

seems putting over 30man in the acct would get me to level 3.can use 10times a month...

just a general question-are there other banks which offer better free ATM usage?

[zeroshiki]

Well, 7bank obviously has infinite usages for its own ATMs. I checked Rakuten and deposits over 300k are free at 7-11 no matter what. You should get a Rakuten account if you're planning on using Rakuten securities (and Rakuten card).

[fools_gold]

What's the actual problem with the name change? Is it that they won't process a name change unless you've actually changed your name, or is it that the system can't cope with adding your middle name?

The reason I ask is that I had a similar issue at SMBC bank when taking out a mortgage. In the end I opened new account with my full name.

[zeroshiki]

I assume its because when they opened their account, Japan wasn't a stickler yet for the name having to match exactly to the residence card. Now that they are, the bank has no means of changing the name other than opening an entirely new account.

[bryanc]

name change is not impossible but very difficult.
firstly there is a 2.5man fee.
secondly,seems very difficult to change as it would affect the name on the mortgage (1yr left to pay off)
this would incur other fees and bank were unclear if they could do it.
the bank is the one who told me to set up a new acct with middle name with a different name as easier option...

as zeroshiki says ,originally it didnt need to be the same name as the residents card..i think the change in emphasis is a result of the changes to the
juuminhyou system.for foreigners.. originally i was registered for pension,shakai hoken etc without my middle name.

whatever the reason,complete pain in the arse

[bryanc]

and zeroshiki,
have now taken your kind advice after having 100man cash in my bag this morning now deposited at the atm!
seems i have now used up by free atm usages for this month though.at Sbi.


seems various conditions for going up the ranks to get more free atm usage..
im presuming not,but would leaving money in the acct til next month qualify for the below condition?

外貨預金と仕組預金の月末残高合計が、500万円以上

[zeroshiki]

and zeroshiki,
have now taken your kind advice after having 100man cash in my bag this morning now deposited at the atm!
seems i have now used up by free atm usages for this month though.at Sbi.


seems various conditions for going up the ranks to get more free atm usage..
im presuming not,but would leaving money in the acct til next month qualify for the below condition?

外貨預金と仕組預金の月末残高合計が、500万円以上

It would, yes. I was gonna mention that. Your rank doesn't improve until the next month so your free deposits don't start until then.