Money and Banking

For those of us who arrived in Japan in the previous decade or before, the country’s fastidious adherence to its reputation for a nation in which cash was king was something of a frustration. Having to wander around with huge piles of cash when shopping, or when the restaurant bill arrives, realizing that you are 100 yen short and nip running around the streets trying to find your bank’s ATM was a major hassle. Fortunately, times they are a’changing. Sparked by a younger generation recognizing the convenience of paying with cellphones, encouraged by a government targeting a doubling of cashless payments to 40% by 2025, and entrenched by fear of sharing currency in the pandemic environment, Japan is going through a cashless revolution. What Are Your Options? Banking institutions in Japan have not always been so amenable to foreigners, in the past insisting that we jump through all sorts of hoops to open even the simplest of bank accounts, often requiring a hanko stamp to do so. Furthermore, until recently, debit cards were virtually unheard of, and accessing credit cards – filling out all the forms in Japanese, aside – was prohibitively difficult. Fortunately, the situation is beginning to improve,…