The Hassles of Everyday Banking in Japan
I just came back from a tiring day trip to the city of Mito in Ibaraki Prefecture. The round trip from my home in Kamata took more than five hours; I was totally surprised by how far the place is...but the fall leaves are coming in really nicely in Kairaku Garden, one of the Big Three historical gardens in Japan (with today's trip to Mito, I have now been to all three). But, as is the case for Japan, the transportation fee ate up a huge chunk of the budget, forcing me to withdraw more money to support myself for the near future.
I take my passbook (通帳, or the record book that can be used for ATM instead of a cash card) to the local ATM to get some cash...but I show forget my password (a totally random 4 digit number I wrote on a piece of paper in my room) during the use of the ATM. So unsuccessful tries later, I was told that my passbook has been locked and I now need to go to the local bank branch during business hours to get it unlocked and withdraw cash.
Now, this whole fiasco is occurring while I am constantly reminded that my cash card (much easier to carry around than the passbook) has not arrived after opening the bank account for more than three weeks, and that I have absolutely no time to visit a bank during its business hours (outside of my measly one hour lunch break) since the banks in this country all seem to close at 3 or 4pm (even the bank ATMs are done by 9pm...which totally defeats the purpose of having ATMs)
This sort of irritation I have right now is rather ironic since I have been complaining how bad services are in China and the US are only a few months ago. Back then I was using Japan as the "good example," describing the services here as fast, efficient, and attentive to details largely due to some elusive cultural reason. Looks like I kind of have to take back my words after this particular situation with the banks.
My little problem with getting cards and using passbook here is overshadowed by much more perplexing state of everyday financial services in Japan. For one thing, it is interesting to see that people tend to pay in cash for almost anything below around 200 USD. The concept of using credit or even debit cards to save the hassle of carrying and counting cash does not seem to be accepted widely by the people.
Furthermore, the saving system also seem to stay in a much more backward period inconsistent with the high rate of monetary transactions for an economically developed country like Japan. Interests on savings can only be generated for fixed date savings of more than half a year and the interests are only payable when the full time commitment for fixed savings is fulfilled before the total saved amount is withdrawn or placed in another savings plan or bank account.
To me, all these little hassles regarding money seem to come together to act as a sizable barrier preventing the Japanese public from spending more money. Of course, the economic problems the country is going through and the lack of consumer confidence serve as the primary reasons for lack of consumption, but if, as Rakuten always says, shopping can become more of an entertainment, in this case, through the simplification of monetary transactions for purchases, wouldn't the people be lured to spend more because it is more convenient to do so?
Some would argue that the convenience of spending money is already existent with the myriad choices of contactless cards like Suica and Edy that can be used in most convenience stores, shopping centers, and public transport. But with the need of constantly charging the cards (the upper limit is only around 200 USD) with cash and absolutely no guarantee of getting back the charged money when stolen, how are these cards even helpful in anyway? (especially for a guy short on cash and has no way to withdraw more, like me)
I take my passbook (通帳, or the record book that can be used for ATM instead of a cash card) to the local ATM to get some cash...but I show forget my password (a totally random 4 digit number I wrote on a piece of paper in my room) during the use of the ATM. So unsuccessful tries later, I was told that my passbook has been locked and I now need to go to the local bank branch during business hours to get it unlocked and withdraw cash.
Now, this whole fiasco is occurring while I am constantly reminded that my cash card (much easier to carry around than the passbook) has not arrived after opening the bank account for more than three weeks, and that I have absolutely no time to visit a bank during its business hours (outside of my measly one hour lunch break) since the banks in this country all seem to close at 3 or 4pm (even the bank ATMs are done by 9pm...which totally defeats the purpose of having ATMs)
This sort of irritation I have right now is rather ironic since I have been complaining how bad services are in China and the US are only a few months ago. Back then I was using Japan as the "good example," describing the services here as fast, efficient, and attentive to details largely due to some elusive cultural reason. Looks like I kind of have to take back my words after this particular situation with the banks.
My little problem with getting cards and using passbook here is overshadowed by much more perplexing state of everyday financial services in Japan. For one thing, it is interesting to see that people tend to pay in cash for almost anything below around 200 USD. The concept of using credit or even debit cards to save the hassle of carrying and counting cash does not seem to be accepted widely by the people.
Furthermore, the saving system also seem to stay in a much more backward period inconsistent with the high rate of monetary transactions for an economically developed country like Japan. Interests on savings can only be generated for fixed date savings of more than half a year and the interests are only payable when the full time commitment for fixed savings is fulfilled before the total saved amount is withdrawn or placed in another savings plan or bank account.
To me, all these little hassles regarding money seem to come together to act as a sizable barrier preventing the Japanese public from spending more money. Of course, the economic problems the country is going through and the lack of consumer confidence serve as the primary reasons for lack of consumption, but if, as Rakuten always says, shopping can become more of an entertainment, in this case, through the simplification of monetary transactions for purchases, wouldn't the people be lured to spend more because it is more convenient to do so?
Some would argue that the convenience of spending money is already existent with the myriad choices of contactless cards like Suica and Edy that can be used in most convenience stores, shopping centers, and public transport. But with the need of constantly charging the cards (the upper limit is only around 200 USD) with cash and absolutely no guarantee of getting back the charged money when stolen, how are these cards even helpful in anyway? (especially for a guy short on cash and has no way to withdraw more, like me)
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