Study in Japan

ShinigamiTakahiro

As part of my degree I have a compulsory year abroad studying at a university in Japan. The year in Japan starts this October.

I looked at a few pages on here and thought it was a good idea to apply for a Nationwide FlexAccount so that I can receive my student loan & grant and have access to it in Japan as there are no charges (I'd withdraw money from ATMs in 7-11s). Obviously I will be opening a bank account in Japan, but as transferring the money incurs fees, I thought that this method would be the best for me. However, I have been declined the account because my credit rating doesn't meet their minimum standards... (I don't know why... I've never got a loan and I always re-credit my account as soon as I notice that I've gone into my overdraft. I have no creditcards, etc. Anyway... I've applied to experian to have a look at my credit rating (for free, cause I'll cancel within 30 days) so I'll just wait to see why.

Does anyone have any helpful suggestions if I still cannot get this account by October? (Also, if you think opening this account is a bad idea anyway, please say so). What do you think the best way to get access to my student loan & grant from Japan would be?

GlasweJen

your lack of a loan and credit cards is your down fall here. To get this sort of bank account you need to prove that you can handle money and the bank obviously aren't seeing enough of this. There is advice online on improving your credit rating so give it a google.

456789

Look in the 'Budgeting and Current Accounts' subforum

Daveyboy80_2

I agree, the best way to improve your credit rating is to actually get credit in the first place. I think a lot of people think because they are debt free they also have a good credit rating. This is not the case as you have found out. Although this may seem like a viscious circle, you will be able to get some credit out there no matter what your circumstances. I would try and get a credit card. Buy a couple of things a month on it and pay off the whole balance at the end of the month. This should start to build you a nice credit rating and in a few months the nationwide will probably accept you.

:cool:

ShinigamiTakahiro

What sort of credit card? Any particular type? Are student credit cards worth getting? I guess it would be a good idea if I buy the plane tickets (when I do) on a credit card, just in case.

ShinigamiTakahiro

Do you think I would be able to get the Abbey Zero credit card? That way I kinda kill 2 birds with one stone, [strike]since I've heard that its difficult to get a mobile phone in Japan unless you have an international credit card.[/strike] since I can be covered on purchases over £100 in Japan. I intend to get a mobile phone out there, as its relatively inexpensive and will no doubt be very useful. So if I could get it, it may help. Does anyone advise against getting this card? (I found the info about it from http://www.moneysavingexpert.com/travel/cheap-travel-money)

The_Grandmaster

I've heard it's difficult to make bank accounts in Japan in general as many people made accounts with false identities, especially people from abroad. Not sure if that's a helpful comment but

Surely you could look for a bank which will allow you to open an account? I'm sure there's more companies (banks) present thank in the UK.

ShinigamiTakahiro

Nah it should be fine getting an account in Japan cause I'll have an alien registration card, etc. As to which one I'll apply for... it'll probably be whatever is within reasonable distance from the University I'll be studying at. And, the point of me applying for this account is so that can access my loan while I'm in Japan without incurring any fees in the process (transfers to foreign accounts have quite a charge on them). I have accounts with other banks in the UK, but the cards I have for them charge a lot for usage abroad (the Halifax Visa Debit, and the Natwest Maestro)... they're even listed as the worst ones to have on here. The Nationwide account is the only UK account which has a debit card with no fees on usage abroad. Once I've withdrawn the money from an ATM, I'll probably deposit it in my Japanese account so I can pay the bills, etc.

aqueoushumour01

Daveyboy80 wrote: »

I agree, the best way to improve your credit rating is to actually get credit in the first place. I think a lot of people think because they are debt free they also have a good credit rating. This is not the case as you have found out. Although this may seem like a viscious circle, you will be able to get some credit out there no matter what your circumstances. I would try and get a credit card. Buy a couple of things a month on it and pay off the whole balance at the end of the month. This should start to build you a nice credit rating and in a few months the nationwide will probably accept you.

:cool:

that's some good advice. until a few months ago I had never gone into an overdraft/had a credit card etc... but when i needed credit i couldn't get it due to my flawless fiancial history! get a student credit card from your current bank, ask for a tiny limit (<£500) buy some sweets or whatever with the credit card and pay it off on time. do that a few times and you'l have a credit history, and apply again for the account.