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Why would Japan be a good country to have an american bank branch?

Why would Japan be a good country to have an american bank branch?

  • briely what are the goods and bads?

  • Answer:

    In my opinion as an American living in Japan～Because it would make things easier for a lot of people (like myself) who do frequent, large bank transactions between Japan and the US, from yen to dollar. I wouldn't have to wait for the time difference when my CA bank opens to deal directly with them. ★Actually, Japanese people CAN open a US bank account, in dollars, directly from Japan. They don't even have to go to the USA.★ Go to The Baｎk of Tokyo-Mitsubishi UFJ and you can open a US bank account at their "sister" bank, Union Bank of CA. You can open a personal checking account and get personalized checks and an ATM card. You can open a savings account as well. My hubby and various friends, clients and associates (all Japanese nationals) have US bank accounts this way. The paper work is filled out at UFJ and your yen is exchanged to dollar for the deposits. You receive your checks, ATM card....by registered mail from the USA. You can get all the details at UFJ. UFJ is NOT an American bank but the sister bank-UBC is.... The goods about that↑? You can sign up for bank transfers, to accounts of your choice, after hours done BY telephone. VERY convenient! You don't have to go into the office. You receive regular statements by mail (or e-mail, if you choose) just like regular accounts. You can do Internet banking as well. You can have access to dollars by ATM anytime you travel to the USA and use UBC banking services while in the USA. You can cash travelers checks, personal checks....in the USA. They have some bilingual staff when calling from Japan. If there is a doubt about a check or transaction on your USA account, they contact you by telephone. ～The bad? There is a limit to the dollar amounts you may keep in your accounts. You must make a certain amount of transactions to keep the accounts active, which is hard to do if you can't write checks in Japan or make frequent dollar deposits. For more precise details you can call your nearest UFJ bank. ～★IF I misunderstood your Q., excuse me in advance, but... Hope this helps a bit! ☆VERY interesting question! !☆

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The bads: Not many people having access to it, not to mention due to federal regulations 99.9% of the people in Japan can't open US bank accounts to begin with. The number of Americans living in Japan consists of less then one percent of the one percent of the overall foreigners in Japan. Citigroup already has Citibank in Japan, however a Citibank Japan account is different from a Citibank USA account. The two cannot be tied together. Eg. An American cannot open a citibank japan account from the USA, and a Japanese person cannot open a USA citibank account from Japan. So as mentioned, because the relatively few Americans who live in Japan, NOT TO MENTION it is incredibly hard if not impossible for foreigners to open a US bank account to begin with, especially with all the laws after 9/11, it wouldn't make much asense for a US bank to open a branch in Japan. Its easier for them to open a branch that deals with Japanese accounts only for Japanese residences, or have a partner with a Japanese bank eg UFJ, but not an actual US branch itself. Sure it sounds like a great idea on the surface, but then if you look at the actual data, and read the actual banking laws and federal regulations, you can see how there are more bads to open such a branch.

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