Raising the Money to Bring Over

by **akdashboard** » Wed Mar 28, 2012 3:02 am

Hello Everyone,

I have been reading the forums for a while now and finally decided to post something.

I have had a car that hasn't ran since last summer but have been paying insurance for it in the event that it one day would hopefully run. Well it's a POS that I really didn't want to put time or money into so today I decided to scrap it and finally cancel my car insurance for it. Luckily I am getting a full refund on the insurance I have been paying into it (well only for the last 6 months, but still).

Total of new income...
$250 from insurance
$250 for scrapped car
$500 total!

I know this is a bit premature since results haven't been announced, but I hoping to save this money for the Japan in order to have some of the start up money for Japan. And if I don't get into the JET Programme (which would be devastating) at least I can mark this off my to-do list.

by **hatefulsandwich** » Wed Mar 28, 2012 3:33 am

I'm actually doing the same. I have a fair amount of money saved from when I was working, but I would always be comfortable with more. In fact, I want to leave some money back home to take care of my pets' vet and food bills. So I'm going about my business fixing up some musical equipment so I can sell it. It's been a long time coming, to be honest.

by **richaado** » Wed Mar 28, 2012 4:32 am

Finally, a topic I am interested in. LOL

Since January 2012 and last year, I have been slowly saving up money from my part-time jobs. What I do is put a percentage (about 35%) of my paycheck into my savings account, and only use what I leave in my checkings. I do not touch anything in my savings account, for the sake of saving it for Japan (if I get in).

I read that every person who goes on JET needs AT LEAST 200,000-250,000 yen with them for start-up costs. I am sure this excludes the plane ticket to go to Japan too (around $500-$800). At the USA conversion rates today, this is around $2500-$3100 that needs to be saved up, on top of the plane ticket. The only place that I found to have the best rates for converting money is Wells Fargo, who consistently has the best exchange rates when I look for exchanging money. The best thing of all is that if you are low in actual money to be converted, they accept credit cards to convert money, which is a BIG PLUS for me, since I may be short of saved funds for Japan and may need to use my credit card just in case.

If there are other reputable banks that have good exchange rates, please tell!

Plan B of desperate measures is to ask my parents for money, but I don't think anyone here would want to put a burden on their parents for a job overseas. Actually, I don't think my parents would even give me a cent, since I am the one who wants to go on JET. That's what happened for me in college, where I had to pay for everything since they did not really approve of where I went. Same thing this time.

For me, I am almost at my goal of saving up money, so I really need to work hard these next months! And find any other possible ways of saving up more money!

BUT this is the thing too. I don't know if many people are even thinking about what happens AFTER getting accepted. And if they even have the money to go in the first place. When I applied last year, I didn't even think of it, since I was so busy studying for my classes. That is why this topic is SO GREAT! Let's give thanks you to akdashboard for bringing up such an important topic that we all should be thinking about!

by **Gekishinken** » Wed Mar 28, 2012 5:02 am

I suggest against transferring all your money before going to Japan. I actually spoke to a personal banker at my bank (Wells Fargo) and he point blank told me that I would get a better exchange rate within the country I was traveling to. I appreciate his honesty on the matter. I would suggest taking in between $500 and $1000 transferred into yen with you, then transfer the rest when you get to Japan via ATMS/online transfers (after getting set up)/whatever. I hear Citibank is easy to do international transfers with, but don't know much about them (their min. required balance of $1500 at all times otherwise incur a fee kind of turned me off).

On a personal note...If I get in...I plan on taking roughly $5000 worth of money total with me to Japan. My reasoning for this is I will have no expenses to pay back in the USA, and I want to make sure that I don't have to worry about money on top of the already stressful moving abroad experience. Truthfully though, to an extent anyway, how much you need is going to vary a little based on person to person. Some prefer to spend all their money on the nicest stuff, others can get by on bare essentials, it really just depends on the person. I would take AT LEAST the recommended amount though.

by **hatefulsandwich** » Wed Mar 28, 2012 5:02 am

Your plane ticket is provided for if I'm not mistaken. That start-up amount is a recommendation and ESID, but I do believe a fair amount of people don't start off with that amount. I also imagine you could always make a plan to get a bit of cash from your BoE if you're desperate and then pay it back as you earn money. Again, ESID, ESID, ESID.

by **Cliodhna** » Wed Mar 28, 2012 5:09 am

I was gifted a 20 year old car in october that I have permission to sell once school's out and if I get accepted that should bring in at least $3,000-$5,000, so I'm sort of betting all my chips on that working out since I'm not currently employed. :roll:

As for exchanging money, I was told by BoA a couple years back that trying to change money to yen at the bank was a pretty bad idea. One, on top of the rates, there's fees because they have to actually order the money from japan because of course they don't keep tons of foreign money hanging around, so you'd have to pay for that to be shipped and any fees associated with that (tariffs for example), etc. They told me that it would be better to change money at the last airport I'd be in before embarking to Japan. I found this to be a pretty good strategy, personally. Bring maybe $375 with you to the airport to exchange at the booth (I try to aim for ¥30,000 in my pocket, so between the dollar being in the hole right now and the obligatory booth fee that you cannot avoid, I try to greatly overestimate), then after that you can pull out funds with your foreign debit card from 711 with no fees or small fees (depending on your bank). 711, if memory serves, does not charge any fees for foreign card withdrawals. I was even able to talk BoA into waiving all bank fees for international transactions back then, but I'm not sure they do this anymore. None the less, it is ALWAYS worth calling up your bank and telling them what you're doing and asking them if they can hook you up some how and maybe take mercy and waive international transaction fees (especially if your bank does not have a partner japanese bank). You will have to call your bank anyway to let them know that you will be abroad for a year or two so that your card is not temporarily suspended for unusual use. So, take full advantage of the call and see if they can cut you a break while you give them the dates you believe you'll be gone for.

There's also an extremely competitive currency exchange booth right outside of akihabara station in Tokyo that you could try to pay a quick visit to during orientation that always gives you a little more bang for your buck even if the current rate is a little less advantageous for your currency.

So, for those worrying about it, that's been my personal experience and it's worked out quite well.

Save up your money, keep it in your home country's bank account, take out around $375 USD to exchange at your last port of call before you leave your country so that you have cash on hand and don't have to think about it for your first two days or so so that you can adjust, and then just pull from your home country's account as needed from a 711 ATM once in Japan.

There are probably other strategies for going about this, haha. I just thought I'd share what's worked for me.

by **richaado** » Wed Mar 28, 2012 5:21 am

Gekishinken is totally correct. The exchange rate in Japan is much better than exchanging at banks before going to Japan. I've been to Japan twice on study abroad programs, and I can say that withdrawing from an ATM in Japan is MUCH cheaper than exchanging money before going. I totally forgot about this, I don't know why. :shock:

It's also true that the plane ticket is paid for participants. I read that you have to pay for it first, and then reimbursed later at Tokyo Orientation or much later, when you get to your city when your CO reimburses you. However, if the program or your CO does pay for it all before going to Japan, that's even better for all of us.

Also, I DON'T recommend exchanging at the airport. The exchange rates at the booths are always VERY high, and you really lose a lot of money. If you decide to exchange actual dollars in Japan, look for a major post office or bank that exchanges foreign currency for foreigners, because they have the best rates. It also helps if you know Japanese too.

by **Cliodhna** » Wed Mar 28, 2012 5:29 am

richaado wrote:Also, I DON'T recommend exchanging at the airport. The exchange rates at the booths are always VERY high, and you really lose a lot of money. If you decide to exchange actual dollars in Japan, look for a major post office or bank that exchanges foreign currency for foreigners, because they have the best rates. It also helps if you know Japanese too.

This could be ESID. I've never been outrightly gouged at the airport, but maybe I was lucky or I ended up at an independent exchange booth- I can't say. I cannot advise landing without *any* japanese money on you, however, and when it comes down to your local bank or an airport booth before you get on your last flight, the booth will win out, especially when you land after having not slept for around 48 hours, are overwhelmed, and want nothing more than to eat and go to sleep, haha. I feel like money's the last thing you want to stress over, especially if you've never had to navigate narita airport before. :lol:

by **SakuraHoshi** » Wed Mar 28, 2012 6:05 am

I've heard that the best thing to do regarding how much to bring over is to ask your pred as soon as you know who they are. The start up costs that each person will need will vary wildly and the pred should be in a good position to advise you.

Regarding financing, I'd try to save money through my job, sell my worldly possessions and ask for an advance on any financial presents for my birthday in August :lol:

. I'm kinda hoping that if selected, I won't need to take over loads as I'm hoping to go on holiday towards the end of June and will spend money on that. I just want it all! :mrgreen:

by **maulen** » Wed Mar 28, 2012 9:04 am

SakuraHoshi wrote:I've heard that the best thing to do regarding how much to bring over is to ask your pred as soon as you know who they are.

^Best advice so far.

The plane ticket is covered by your BOE. I have not heard of any JET participant having to pay for the ticket and be reimbursed (but never say never...). I have heard some JETs having to pay for their stay at the KEIO Plaza and be reimbursed later, however.

The $2,500 USD is a recommendation. I brought 3k and it lasted me 4 months...but that's with no key money, no pred's crap to buy, no car (at least at first), etc. ESID.

I would suggest bringing over an amount you feel comfortable with and wire the rest later, as necessary. I would avoid using ATMs if you can...if I withdraw money from my American account via an atm, I get hit with my US bank's fee for intl atm, out of network ATM fee, foreign transaction fee, and a really s****y exchange rate.

by **Cliodhna** » Wed Mar 28, 2012 10:25 am

maulen wrote:KEIO Plaza

Oh wow, Keio plaza?? Snazzy! I've been wondering what hotel we might be in!

by **megandd** » Wed Mar 28, 2012 11:48 am

As of this Friday when I add part of this month's paycheck into my savings account, I will have $2000 saved up. I was aiming at having $3000 by the end of July, but now I'm wondering if that goal is high enough. Then again, like Sakura said, the best thing to do would be to wait until we find out if we're accepted, and then ask our predecessors if we are.

by **Gizmotech** » Wed Mar 28, 2012 12:30 pm

You might be surprised by how much (or little) money you need to bring over.

I brought 3k worth (CAD), pre-exchanged, and used maybe 1k worth tops (had to refurnish a few parts of my apartment). I know other ALTs who had to take out loans from their BoE to cover the expenses of their car, key money, local soapland, and apartment rent.

Most important question you can ask your pred is if you NEED a car or not (if you can manage with a bike, or feet, DO IT), as that often is the largest chunk of money consumed when you get to Japan. Other stuff like key money, rent, etc... can often be negotiated through your BoE.

The other thing this money is going to be for is basic stuff when you get there. Food, parties, events, travelling, everything you need/want to do in the first month before pay day.

by **Patryn** » Wed Mar 28, 2012 3:39 pm

yeah... money exchange is gonna be a bit of an ESID thing.
A couple of years ago, I found it VERY difficult to exchange any currency other than USD, Euro and maybe RMB. I ended up having to go to a Travellex which was 10yen lower than the actual exchange rate (when the rate is 66yen, that's really bad - was changing AUD).

Check your home bank's charges to see which fees you'll get hit with if you withdraw from Japan and make the decision. IMO, it's rare to get whatever Cliodhna has and not get charged an international withdrawal fee.

And yeah, asking your pred is the best way to find out what you need.

by **gugik** » Wed Mar 28, 2012 4:09 pm

I'm not sure if this is still the case, but back in 2008 when I went to Spain Frost bank would exchange currency for free if you had an account with them. If not, it was a flat rate $5 fee. I've also heard the same for Wells Fargo. For large amounts (over $500 I think) you needed to call ahead. This could have changed since then, however I remember my sister doing the same thing when she went to Europe a year ago.

Also, does anyone have experience with USAA overseas and their fees? If I remember correctly the only fees I incurred overseas were from the ATM itself and not my bank. I am planning on opening a local account in Japan, but I was wondering if anyone has primarily used a USAA account with a foreign employer. Not too sure how familiar the JET community is with USAA...

Side note: Hooray for graduation! Graduation = grad money = more savings for Japan!