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View Full Version : Interac says you need 500k start-up money?



lemsip
November 19th, 2011, 05:31
That equates to over £4,000!

Are they insane?

Merkypie
November 19th, 2011, 08:55
Well, considering your apartment is not subsidized (think those LeoPalace things are around 400 - 600 a month), you have to pay some fees and stuff, and you're responsible for a lot of the travel expenses to and from the hotel, and then the fact that you're not going to be paid for at least a month...

4k doesn't seem like a stretch at all.

oneokbunny
November 19th, 2011, 12:47
Try getting paid after 2 months or 3. I started in early July and my first paycheck was the end of September. Also you have to pay a good £1,300 in move in cost.

Tyr
November 19th, 2011, 15:49
£500 a month rent, maybe for 2 months if you don't get paid that long. Plus 1-3 months deposit/key money. There's half the money already.
Then there's buying the stuff you will need to live and general living costs.
500k is probally OTT, such recommendations always are. But you do need a fair bit. Especially with a private company, they won't help you as much as Jet would.

lemsip
November 19th, 2011, 19:59
I know people don't say to put all your eggs in the JET basket but I may have to now. There's no way I can afford £4k plus the cost of a flight on top of that.

<prays>

Rz1
November 19th, 2011, 23:03
That equates to over £4,000!

Are they insane?

I guess years of being cheap will finally pay off. :)

AnyaAway
November 20th, 2011, 10:26
Most Interac people I know didnt need the whole amount Interac suggested. If you get placed in the money-sucking big cities, you may need it. I guess its better to be prepared. Also remember that Interac offers that loan....
My JET friends had said they were instructed to bring a similar amount when they first got here, so I dont know if you'll avoid the money by going with JET.
MY SUGGESTION: bring as much as you can, get the Interac loan (if you need top up), and live as cheaply as you can for the first 2 months.
ALSO: in certain cases Interac will pay your airfare....

Tyr
November 20th, 2011, 12:55
For the record: Food is actually rather cheap in Japan except for a few things, e.g. milk, bread, cheese, fruit.
Meat and rice and the like is cheap.

Theory
November 25th, 2011, 11:42
My JET friends had said they were instructed to bring a similar amount when they first got here, so I dont know if you'll avoid the money by going with JET.

I believe the official JET reccomendation was around ¥250,000 this year. It's a lot less because almost no one on JET has to pay for key money, deposits or airfare, and you get paid within one month of arriving.

MJN
December 2nd, 2011, 11:22
For the record: Food is actually rather cheap in Japan except for a few things, e.g. milk, bread, cheese, fruit.
Meat and rice and the like is cheap.

Mind some of the meat here is absolutly rancid. Unless you pay through the teeth, chances are it'll be 50% fat. I've almost given up with meat here.

Fish is delicious though, and I'm usually not a fan of fish.

uthinkimlost?
December 2nd, 2011, 17:16
Mind some of the meat here is absolutly rancid. Unless you pay through the teeth, chances are it'll be 50% fat. I've almost given up with meat here.

Fish is delicious though, and I'm usually not a fan of fish.

It's called 'marbling'. They just let it get beyond the 'prime' amount westerners expect.

Murasaki Ookami
January 29th, 2012, 16:38
ALSO: in certain cases Interac will pay your airfare....

What cases are those?
anyone heard of this too?

lexa1010
January 30th, 2012, 08:40
You have to pay key money at interac?! That's nuts!

Merkypie
February 1st, 2012, 16:35
You have to pay key money at interac?! That's nuts!

You have to pay key money everywhere else in Japan so.....

Alphabet
February 2nd, 2012, 08:04
I had to pay key money with JET. ESID dudes.

Ini
February 2nd, 2012, 08:31
When you're a pimp like me all your keys are money
http://yaplog.jp/cv/luxury-nail/img/107/img20090814_p.jpg

AVN
February 5th, 2012, 10:23
When I came with GEOS I had to buy my own ticket, but they helped me find a cheap one 900CAD.
Then I didn't get paid until the end of August and I had to pay my rent both months, 48 000yen.
I didn't have to pay key money but I had barebones furnishings which included a moldy matress.
I got paid 250 000 and I survived fine.
I brought 2500CAD - 900CAD with me and I was fine. I had to live cheaply for the first bit but I think it all depends on key money.

leftbanke7
May 28th, 2012, 19:59
From my personal experience, it's best to bring every damn penny you can possibly scrounge up. I have read on various sites that some people have been able to survive just on the loan that Interac gives and be perfectly fine. I don't deny that they could but it's my guess that they just needed the loan for the start up costs and they had other money to pay for incidentals. I had to live on just the loan money (I had $200 when I came) and it has been pure hell.

Just to walk into your place, you will pay in the neighborhood of 200,000. My costs were 190,820. There is no negotiating key money costs or other things with the landlord because Interac has already set this up with (mostly likely) Leopalace before or soon after you get there. I suppose you could always tell Interac you would prefer to find your own place but my guess would be that wouldn't be well received by them (after 6 months, you are free to find your own place). You pay your first three months rent up front (prorated for the first month and full for the 2nd and 3rd). While that doesn't sound like a bad thing, one thing that isn't said by Interac until you get here is that they take your rent in advance. So they will take rent for June from your first check rather than wait for June's check to take it.

And while Interac says they will offer you a loan for up to 250,000, in actuality, they will only loan you the amount of the above costs (however, if you have a legitimate financial need, you can ask for the full amount. I had to do this). Also, there are most likely transportation costs. Unless you are one of those lucky few that gets a placement where all your schools are within walking/biking distance, you will have to shell out money for trains/busses/gas. Interac will reimburse you, you won't get that money until later (April's costs will be given to you the end of May). There are also your utilities/insurance (total about 4000-5000 plus just to have the gas turned on, the gas company wanted 10,000 the day I moved in).

You will also have these small little costs. I have to pay for my school lunches (4500 a month, not reimbursed by Interac as I am being paid for the time I am at lunch). Unless you want to sleep on the floor or on wooden planks, you will need about 10,000 to get something even resembling a bed. 2 pillows, 4 1-1/2" inch thick mattress pads, pillowcases and a sheet cost me around 10,000 (I brought a blanket from home). There are also various things like cookware, silverware and if you're fancy, a plate and cup. Finally, you may possibly be invited to a beginning of the year party by your school(s) (which isn't mandatory but it's a real good idea to do so to make a good first impression) that will cost you anywhere in the neighborhood of 5000 yen.

I am living proof that you can, if necessary, live just on the loan money (not taking into account that my student loans and credit card bill haven't been paid in 2 months) but in my very honest opinion, you need to come with at least 200,000 in addition to getting the loan from Interac to make your life so much easier. If you can bring 500,000, do it! Seriously, you have enough to worry about with the teaching and getting acclimated. Don't add another stressor to what will be a pretty stressful time anyway!

pika
May 29th, 2012, 13:14
I would like to hear from someone who did ask to find their own place. I think it'd be better if you know the language/can navigate dealing with a Japanese real estate agent. I think I would like to do that, so I'm very curious what other people's experiences have been.

Leo Palace is a generally good deal considering utilities and internet are included, but I know a couple websites to look for apartments through that are in 日本語 and have significantly cheaper rent/key money/deposit prices than would be seen with an LP place.

saritajuanita
May 30th, 2012, 08:33
If you're concerned about bringing soooo much cash, your credit card from home should work at any store you will be buying furniture, clothes, or things for the house at, including second hand shop chains like Off House and Eco-mall. There are a lot of places that don't take credit cards compared to home, but they are there if you are looking.

pika
May 30th, 2012, 12:14
I'm not concerned about having to bring cash. I have more than enough saved for the move, and I still have to sell my car. I'm just concerned that I'll be put in a LeoPalace apartment for 60,000yen/month when I might be able to get a similar place for 40,000yen/month that might be in a more convenient location for me.

賃貸・賃貸マンション|賃貸・不動産情報サイト「at home web (アットホームウェブ)」 (http://www.athome.co.jp/rent/01/) is an awesome website to look up apartments, and many don't charge key money or security deposit. I realize landlords don't really like dealing with foreigners, but I'm really clean and I speak Japanese, so I'll hire a real estate agent and give them a profile of myself with a letter to take to landlords to help convince them to let me rent, as well as offering to pay 6 months up front or a slightly higher rent or something like that, and I'll have Interac as a guarantor. At least, that's what I've been considering doing. Still trying to figure it out. It just doesn't seem to make sense to go with whatever place Interac picks if I think I can get a better value for my money/better location by searching on my own.

pika
May 30th, 2012, 12:15
@.@

[EDIT] Posted same comment twice.

kalliea
May 31st, 2012, 00:58
Also, Leopalace is pretty pricey. Interac has said that most of the current available openings are in very rural areas. I don't think Leopalace is common out in the sticks. However, that might also mean there are less apartments in the area available...

CUPS
June 1st, 2012, 19:20
For the record: Food is actually rather cheap in Japan except for a few things, e.g. milk, bread, cheese, fruit.
Meat and rice and the like is cheap.

Yeah right! The cheapest rice I have ever found is 1,000¥ for a 1kg pack. That's £8. Just had a quick look at the tesco website and it's £1.29 for 1kg

Gezora
June 1st, 2012, 19:24
The price of rice is stupidly inflated.

Eudox
June 1st, 2012, 19:24
The cheapest rice I have ever found is 1,000¥ for a 1kg pack.

lol where the hell were(are?) you living? Bought a 5kg from my expensive local supermarket for 1800 yen yesterday.

Ini
June 1st, 2012, 20:54
You people keep moaning about being in the inaka. Go help your neighbors plant and harvest their rice and you'll never have to buy it again.

Gizmotech
June 3rd, 2012, 19:52
You people keep moaning about being in the inaka. Go help your neighbors plant and harvest their rice and you'll never have to buy it again.

Ini REALLY has a point here.

pika
June 5th, 2012, 06:30
You people keep moaning about being in the inaka. Go help your neighbors plant and harvest their rice and you'll never have to buy it again.

That sounds like a really nice experience even besides getting free rice, and it's probably not something I would think to do on my own. Thanks Ini!

Laevatienn
June 6th, 2012, 06:02
I'm not concerned about having to bring cash. I have more than enough saved for the move, and I still have to sell my car. I'm just concerned that I'll be put in a LeoPalace apartment for 60,000yen/month when I might be able to get a similar place for 40,000yen/month that might be in a more convenient location for me.

賃貸・賃貸マンション|賃貸・不動産情報サイト「at home web (アットホームウェブ)」 (http://www.athome.co.jp/rent/01/) is an awesome website to look up apartments, and many don't charge key money or security deposit. I realize landlords don't really like dealing with foreigners, but I'm really clean and I speak Japanese, so I'll hire a real estate agent and give them a profile of myself with a letter to take to landlords to help convince them to let me rent, as well as offering to pay 6 months up front or a slightly higher rent or something like that, and I'll have Interac as a guarantor. At least, that's what I've been considering doing. Still trying to figure it out. It just doesn't seem to make sense to go with whatever place Interac picks if I think I can get a better value for my money/better location by searching on my own.

Go ahead but I will give you an upfront warning that you briefly mentioned. Landlords HATE dealing with foreigners. Reason range from trash to how loud they are. Likely you will find a lot of gaijin houses but you really don't want to live in a gaijin house. In the event you are unable to find an apartment you will likely be out some for the real estate agent's work and also they may drive up prices because you are a foreigner. Yes it is unethical but they just don't trust foreigners and, I think, with good reason. Be careful and you should get just fine but someone needed to post the apocalyptic warning because it does happen all the time to baka gaijin.