I Hate Banks in Japan
July 19, 2008
Back in March, for whatever it was I did, I got a money order from the ELI when Maki came to Japan for an Alumni gathering. I was reluctant to take it because I really didn’t do anything that I felt needed compensation. Regardless, a few weeks later, I received a mail order for 8,832 yen. It’s not a huge amount of money but it’s enough for 4-5 days on my spending habits.
Well this year has kept me rather busy and I put off cashing in this money order until last week. This one little trip to the bank has reaffirmed my hatred of Japanese banks.
First, after a bit of a wait, I get to the regular teller window and the bank girl has no idea what it is I’m holding in my hand. She actually starts turning it around in her hand, ie. turning the paper upside down so that the print is upside down, and turning it back over in a perfect 360. It was like watching a toddler handle a book or a caveman handling a PDA. She starts asking the girls around her and then finally calling what must be the resident answer girl.
The resident answer girl seemed to recognize this financial instrument and told me to go over to the foreign currency area. There, the older seemingly less-intelligent woman now handles the money order. Just as before, she inspects this piece of paper with a very puzzled look – her eyebrows were furrowed, her lips puckered, and her eyes were squinting through those very coke bottle glasses she was wearing. She then goes and asks some boring guy in a suit about it and to see whether or not this bank can continue this transaction.
A bit of a side note.
This money order is from HSBC, the 4th largest bank in the world, (Wiki) not exactly some shitty credit union run by radish farmers. Next, the money order is endorsed by Mitsubishi UFJ Financial Group, the 5th largest bank in the world, and incidentally, the VERY BANK I’M IN! I’m no financial expert but this piece of paper had all the legal requirements to make it a legal financial instrument. In all practical purposes, this is just like a check.
Back to the story.
Well, finally, the older seemingly less-intelligent woman must have gotten clearance to continue this and starts collecting application papers. Yes, to cash a money order you have to fill out an application form. While I’m doing this, the woman calls another branch, presumably head office and asks questions. The one question that stuck in my mind was, “Can we receive these?” You fucking idiot. You work in a bank, remember? I finish the application form and she goes over it and makes another call and asks a few more questions.
Just as I feel a bit better for finishing and hopefully leaving the bank 8,832 yen richer, she starts explaining administrative costs. Shit.
Anyway I’ll cut to the finale:
- I couldn’t receive the money that day because it would take 2-3 days, possibly a week before this would be done. It actually took two days.
- I end up being at the bank for just over an hour.
- The administrative fees would run between 1,500-4,000 yen. The END RESULT: 4,000 yen fee. 1,500 transaction fee, 2,500 currency exchange fee.
What a fucking joke. Of my 8,832 yen I receive 4,432. That’s almost 50% gone because of this fucking bank. Can you imagine paying 40 bucks to get a money order done in your country? What really drives me mad is that when the ELI purchased this money order, they paid administrative fees. Furthermore, the money order was made out in YEN – WHY is there a currency exchange fee? Are they exchanging the yen to Indian Rupees to bushels of wheat and then back to yen?
I can understand that Japan does not use money orders regularly but to have the biggest bank in Japan not know how to deal with them, and then take up 40 bucks to get it done, is just a joke.
I hate banks in Japan.
July 20th, 2008 at 16:10
dude, you are lucky you got something… a year or so back i tried to cash a cheque (proper australian spelling there!) that my grandmother had sent me that totaled around 9000 yen…. i went through the exact same dramas and fees as you did only to be told i would end up getting about 1800 yen!! they then had the cheek to ask me if i wanted to proceed and despite the worthlessness of it, i said yes, just to give them a difficult afternoon and shove their noses it!! banks suck.
July 20th, 2008 at 23:24
Yeah I was half tempted to mail the thing back and just have my former coworkers have a light snack on me. What a load of bureaucratic shit.