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| Money and Banking How much is my salary? You will receive a base salary of Y3,600,000 per year (Y300,000 per month). After your health insurance, pension, rent, and school lunch deductions, you should net about 220-240,000 yen per month. You can arrange to have the money deposited in your bank account automatically, or you can receive it in cash, or a combination of both. Please remember that, although Japan is safe, it is not perfect. Don't be carrying all that cash around, get to the bank or post office as soon as possible. Please be aware that your first pay check is not until August 21st. You must bring some money to tide you over until then. A rough estimate of how much you'll need would be Y200,000. Japan is very expensive and you'll need that amount of money to cover food, nights out, things for your apartment, and perhaps a telephone line. Medical Benefits Every month a premium for medical coverage is deducted from your salary. This is not optional. Upon every doctor's visit, you are responsible for the 30% portion which the insurance does not cover. All ALTs also have travel and accident insurance which covers them while they are travelling outside of Japan. The details of this coverage is in the health section of this website and will be discussed further at Sendai orientation. If possible, it would be a good idea to maintain some health insurance in your home country as well. Banking Your supervisor will help you open an account at either a bank or the post office. The banks and post offices are only open Monday to Friday (banks 10-3, post office banking 9-4). ATMs are open for limited times during the week (, Mon-Sat, 9am-7 pm; Sun 9am-5pm). 24 hour banking is a rarity in Japan but there is a 24 hour ATM in downtown Sendai that allows withdrawals but not deposits outside of normal business hours. Sending Money Home Some of you may be worried about making credit card or university loan payments from overseas. If you keep an account open in your home country, you will find it fairly easy to maintain a good credit rating and make your monthly payments on time. It is a good idea to give a close friend or relative authority to act on your behalf with your home country financial institute, just in case your institute requires some face-to-face contact. This is usually done by applying at the institute and signing a form or two. Bank transfers are available, but include a charge. The post office offers a service whereby you can send international money-orders, (not to New Zealand, Ireland, South Africa, Trinidad & Tobago, or Jamaica). It takes between 7-10 days for some countries and up to 30 days for others. See http://www.yu-cho.japanpost.jp/e_s0000000/ssk20000.htm for more information. Lloyd's bank offers electronic wire services for those holding accounts in the UK. You can wire money to a bank account in ANY country via the ATM. Lloyds guarantees the money to be wired within 48 hours. Cash vs. Plastic Japan is a cash society. You'll soon get used to carrying a lot of cash with you. Credit cards are gaining momentum for purchases, but the system is a little different in Japan, only select stores will accept your cards from home. You can get a cash advance on your credit card at post office ATMs (be aware that credit card companies usually charge higher interest on cash advances, compared to purchases). Be sure to bring your cards and PINs. ***We cannot emphasise enough the need for you to bring a sufficient amount of money to keep you financially afloat until your first payday (the 21st of every month). Y200, 000 in cash and /or traveller's checks should be more than adequate.*** |