Anyone knows how to open a Japanese yen account in Canada?

Question

I am planning to study in Japan next month. For my convinent, I wish to open a Japanese bank account in here in advance so that I can use it right away when I am in Japan. Is there anyway that you can open a Japanese yen account here (by buying from CA$) or any suggestion? Thanks.

I think I need to pay for portions of accommodation and tution fees before hand, so I am thinking to transfer money using Japanese bank account since I believe transfer money in local should cheaper than sending money from foreign countries. Last time it costed me $35 to send money from Canada for only one transaction.

Answer 1

I believe Canadian government's banking regulations prohibits all Canadian banks from holding personal or business acccounts of currencies other than U.S. and Canadian Dollar. Various Japanese and international banks have offices in Canada, you could consult with them regarding opening up an off-shore account but you will be bound to the regulations of that particular country; provided that you are allowed to open an account there. Japan, for example, you are required to have a alien registration card in order to open up an account.
Here are some information of Japanese banks' offices in Canada:

Mizuho Corporate Bank (Canada)
100 Yonge Street, Suite 1102, Toronto, Ontario, Canada M5C 2W1
Tel.[phone]

Bank of Tokyo-Mitsubishi UFJ (Canada), Toronto Head Office
Suite 1700, Royal Bank Plaza, South Tower, Toronto, Ontario, Canada M5J 2J1 416-865-0220

In your situation, I think you should just keep the Canadian money and hope that the loonie stays strong in the foreign exchange market and exchange it for yen when you are moving to Japan. After that, you will have the sufficient status to open up a personal account there.

Hope this helps.

Answer 2

In order to open a bank account in Japan you are going to have to go to the bank in person. There are some banks in Japan that will allow a foreigner to use a signature, but most require that you have a personal seal (hanko). It costs about 1200 yen to have a seal made. Just take travellers cheques with you and then open an account once you get there would be my advice.

It's possible to have a yen denominated account at a Canadian bank, but the minimum deposit would be high and there's not much point if your going to Japan next month.

Answer 3

Another option is just keep all your money in the account in Canada and bring your ATM card. When you get money from an ATM machine you get a better exchange rate than from a bank or a money exchange since you get a whole sale exchange rate. However since you get charged an ATM fee unless you have an account in that bank you should take out large amounts when you do take money out. Keep sure that your ATM is either Cirrus or Plus. Japanese postal ATMs are international ATMs.

Answer 4

Tourist can not open an account in Japan today, especially after 911.
I guess you don't need a Hanko (personal stamp or seal), just signature is ok. But you need to show your Alien Registration Card to open.

Save you money in Canada and bring all with T/C, travellers cheque, when you come.