Congratulations on moving to Japan! Now that you’re here, one of the first things to do is to open a bank account. There’s a lot of choices but the best bank may be different for every situation. This article will explain everything you need to know so you can make a smart decision when choosing your bank.
Requirements
Passport With a Valid Visa
In order to make a bank account, one needs to have a valid visa and proof of it in their passport. Unfortunately, you cannot open a bank with a 90 day tourist visa. Most banks will also require that you have lived in Japan for at least 6 months which is also confirmed with your passport.
Hanko
The hanko is the Japanese form of a signature. It’s required for most traditional banks and online banks may require a signature instead. Once you sign with your hanko, it becomes your ginko-in(link) which essentially the only valid “signature” for that bank account. The Ginko-in is very important so make sure to never lose that hanko since it can be a hassle to replace.
Residence Card
The residence card is an absolute must for any type of bank in Japan. Not only is it your main form of ID in Japan, it also confirms your visa type and Japanese address.
Japanese phone number
Having a Japanese phone number is also required for many banks. They might call to verify your identity and ask some questions by phone call as part of the process.
Student ID / Proof of Employment
If you haven’t lived in Japan for at least 6 months, another option that some banks accept is to show proof of student status or employment. Students and employees need a bank account from the beginning to receive school funds or salary, so they are able to make an account in most places.
How to apply?
There are several ways to apply and this may depend on the bank as well. Some banks may also provide english applications in some methods but not others.
Apply Online
All online banks and some traditional banks allow online applications. Although it's the most convenient method, not every bank has an English option available.
At the bank
The traditional way to apply is to go directly to the bank and apply in person. However, most banks in Japan are only open on weekdays 9:00am - 3:00pm which is in the middle of normal work hours. In addition, there is often a long wait time and process so when applying in person, make sure that you allocate a couple of hours to make the account. Alternatively, you can ask for an application form and come back another time with the completed form and necessary documents.
Send your application by mail
When you take the form home to complete, you can also send it by mail instead of going back in person. Make sure to double check the complete form and supplementary documents before sending it off.
Notes of caution
When applying for a bank account, it’s important that your name is spelled correctly and that its consistent with your ID. This is especially true when you're writing your name in katakana. Make sure that there are no variations between your bank application and other forms of ID. Even the slightest difference may prevent you from having access to your bank account in the future.
Another piece of advice is that some web forms don’t allow you to put spaces within your first or last name, so if you do have spaces in your name, it may be a better idea to eliminate it for your katakana name in your application.
Receiving the Cash Card and Passbook
Once your application is finished, you will receive a cash card and a blue book called a passbook.
In Japan, you cannot deposit and withdrawal cash from an ATM with a debit card. The debit card can only be used to make payments and cash withdrawals and deposits are done via the cash card.
In the past, the passbook was used to manage and record your bank transactions, but now, technology has advanced and everything can be checked online or through an app. For some banks, your passbook can still take the place of your cash card and you can perform withdrawals and deposits so it’s good to keep it in a safe place even if you don’t use it.
Useful Vocabulary for the Bank
- Basic
- Actions
Withdraw - 引き出し
Deposit - 預入
Bank Transfer - 振込
Bank Transfer to same bank - 振替
Balance Check / inquiry - 残高照会
Review of Japanese Banks
Shinsei Bank
Pros
- Online Banking available.
- English application available.
- English assistance available in store, online, and phone banking.
- Can use signature instead of Hanko when applying.
- Can withdraw and deposit from major convenience stores.
- No account maintenance fee.
Con
- Requires living in Japan for at least 6 months and have visa status 1 year or longer in order to apply.
- There's always a 110 yen ATM transaction fee unless your status is upgraded to gold or platinum member.
ATM Withdrawal and Deposit Table
ATM | Hours | Fee |
|---|---|---|
Seven Bank ATM | 24 hours | withdrawal - 110yen deposit - free |
Enet ATM (Family Mart) | 24 hours | withdrawal - 110yen deposit - free |
Lawson ATM | 24 hours | withdrawal - 110yen deposit - free |
Aeon Bank ATM | 24 hours | withdrawal - 110yen deposit - free |
Japan Post ATM | Weekday/Saturday 12:05am - 11:55pm Sunday/Holiday 12:05am - 9:00pm | withdrawal - 110yen deposit - free |
Transfers
Transfer Type | Transfer Method | Fee |
|---|---|---|
Same Bank | Online Banking | Free |
Branch | 629 | |
Other Bank (domestic) | Online Banking | Free once/month Fees are 105, 210, 314 subsequently |
Branch | 629 | |
Overseas Transfer | App | 2000yen |
Additional Info
- Withdrawal limit is 500,000 yen
- Gold membership and above can do withdrawal free at all the above ATMs by meeting requirement:
- Average monthly balance of 1,000,000 yen or more
- From opening, first 3 months you automatically gain gold membership.
Yucho Bank
(Japan Post)
Pros
- English assistance available in major branches and online.
- Quick and easy application.
- Yucho ATMs are available nationwide and no transaction fee.
- Can create multiple accounts.
Con
- ATM hours vary by location.
- Savings account has a limit of 13,000,000 yen.
ATM Withdrawal and Deposit Table
ATM | Hours | Fee |
|---|---|---|
Japan Post ATM | Weekday/Saturday 12:05am - 11:55pm Sunday/Holiday 12:05am - 9:00pm | withdrawal - free deposit - free |
Enet ATM (Family Mart) | Weekdays 8:45am - 6:00pm Saturdays 9:00am - 2:00pm | withdrawal - free deposit - free |
Every other time/weekday | withdrawal - 220yen deposit - 220 yen |
Transfers
Transfer Type | Transfer Method | Fee |
|---|---|---|
Same Bank | ATM | Free once/month 125 yen subsequently |
Branch | 146 yen | |
Online Banking | free once/month 115 yen subsequently | |
Other Bank (domestic) | ATM | 220 yen (less than 50,000 yen) 440 yen (50,000yen or more) |
Branch | 660 yen (less than 50,000 yen) 880 yen (50,000 yen or more) | |
Online Banking | 220 yen (less than 50,000 yen) 440 yen (50,000yen or more) | |
Overseas Transfer | All | 4,000 yen |
Additional Info
- Transfers exceeding 100,000 requires an application form.
- Low-tier bank, without cost, great for students.
SMBC Prestia
Pros
- Online Banking is available.
- English application available.
- English assistance available in store, online, and phone banking.
- Can use signature instead of Hanko when applying.
- Great for foreign currency deposits.
Con
- Gold members can make oversea transfers for free but require average monthly balance of 10,000,000 yen.
- Account maintenance fee 2,000 yen per month.
ATM Withdrawal and Deposit Table
ATM | HourS | Fee |
|---|---|---|
SMBC ATM | 24 hours | withdrawal - free deposit - free |
Any other ATM | 24 hours | withdrawal - 100-300yen deposit - 100-300yen |
Transfers
Transfer Type | Transfer Method | Fee |
|---|---|---|
Same Bank | ATM (cash card) | Free |
Online | Free | |
Branch | 300 yen | |
Other Bank (domestic) | ATM (cash card) | 200 yen (less than 30,000 yen) 400 yen (30,000yen or more) |
Online | 240 yen | |
Branch | 800 yen | |
Other Bank (international) | Online | 3,500 yen |
Branch | 4,000 yen |
Additional Info
- New customers can make ATM withdrawals and deposits for free at Seven Bank, Yucho Bank, E-net ATM for the first 3 months.
- Account maintenance fee can be waivered by one or more of the following
- Average monthly balance of 500,000 yen or more.
- Average foreign currency balance of 200,000 yen or more.
- If you have a loan balance by the end of previous month.
- If you hold an SMBC Trust Bank credit card.
- Gold members can transfer overseas for free.
- Requires an average monthly balance of 10,000,000 yen or more
Seven Bank
Pros
- No account maintenance fee.
- Earn nanaco points for bank transactions and using debit card.
- Easy to get debit card.
Con
- Low savings interest rate.
ATM Withdrawal and Deposit Table
ATM | HourS | Fee |
|---|---|---|
Seven Bank ATM | 7:00am - 7:00pm | withdrawal - free deposit - free |
All other times | withdrawal - 110yen deposit - free | |
Yucho ATM | Weekdays 8:45am - 6:00pm Saturdays 9:00am - 2:00pm | 110 yen withdrawals and deposits |
All other times | 220 yen withdrawals and deposits |
Transfers
Transfer Type | Transfer Method | Fee |
|---|---|---|
Same Bank | Seven Bank ATM | 55 yen |
Other Bank (domestic) | Seven Bank ATM | 220 yen |
Other Bank (international) | Western Union Exchange | 1 - 10,000 : 990yen 10,001 - 50,000 : 1,500yen 50,001 - 100,000 : 2,000 yen 100,001 - 250,000 : 3,000 yen 250,001 - 500,000 : 5,000 yen 500,001 - 1,000,000 : 6,500 yen |
Additional Info
- Transfer cheaper to the Phillipines BDO Unibank.
- Costs at most 2,000 yen (send up to 500,000)
Rakuten
Pros
- Japan's #1 online banking
- Happy program has many benefits and easy to get into (just set up salary)
- good savings interest rates if set up "money bridge" and Rakuten securities (0.1%, 10x higher than usual)
- Easy to use App
- No maintenance fee.
Con
- Although easy to get into, if not in happy program then not much better than others.
ATM Withdrawal and Deposit Table
ATM | HourS | Fee |
|---|---|---|
Seven, Aeon | 24 hours | Withdrawal free 5/month with happy otherwise 220 Deposit <30,000 - free >30,000 - free 5/mo with happy otherwise 220 |
E-net, UFJ, Mizuho, Yucho | 24 hours | Withdrawal free 5/month with happy otherwise 220 Deposit <30,000 - free >30,000 - free 5/mo with happy otherwise 220 |
Transfers
Transfer Type | Transfer Method | Fee |
|---|---|---|
Same Bank | Online | free |
Other Bank (domestic) | Online | free 1/mo with happy program Standard <30,000 - 168 >30,000 - 262 |
Other Bank (international) | online | 1 Piece |
Additional Info
- Happy Program standard requirements
- Average monthly balance over 100,000 yen.
- The more money you have in your account, the more free ATM uses you get.
UFJ Bank
Pros
- Japan's #1 traditional bank
- Everyday services like withdrawals and deposits don't require a fee and operate late.
- No maintenance fee
Con
- Other online banks come with better benefits
ATM Withdrawal and Deposit Table
ATM | HourS | Fee |
|---|---|---|
MUFG ATM | Any Day 8:45am - 9:00pm | withdrawal - free deposit - free |
Any other times | withdrawal - 110 yen deposit - 110 yen | |
MUFG Trust Bank ATM | Weekday 8:45am - 6:00pm | withdrawal - free deposit - free |
Any other times | withdrawal - 110 yen deposit - 110 yen |
Transfers
Transfer Type | Transfer Method | Fee |
|---|---|---|
Same Bank | ATM | Free |
Online | Free | |
Other Bank (domestic) | ATM | 110 yen |
Online | Free | |
Other Bank (international) | Online | 2,500 yen |
Additional Info
- Probably the safest bank to have. Withdrawal and deposit is free and at times that are normally not for other banks. However, doesn't come with any additional merits.
- Jibun Bank is the online bank version of UFJ. exchanges between these accounts is free so it's good to make Jibun bank as well as a side bank.
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