How to Open a Bank Account in Japan
Opening a bank account in Japan is an important step for managing finances while living in the country. Here's a simple guide to help you through the process.
Required Documents
Most major banks in Japan will ask for the following documents to open a bank account:
- Residence Card (Zairyu Card)
- Passport
- Phone Number (Japanese phone number may be required)
- Some banks may also ask for proof of employment or student status.
Popular Banks for Foreigners
Several banks are commonly used by foreigners living in Japan:
- MUFG - One of Japan’s largest banks, offering a wide range of services.
- Mizuho - A major Japanese bank with services in English.
- SMBC (Sumitomo Mitsui Banking Corporation) - Offers services for expats and has English support.
- Japan Post Bank - A reliable option with nationwide branches and ATM networks.
Online Banks
In addition to traditional banks, there are online banks that may offer better flexibility and lower fees:
- Rakuten Bank - A popular online banking service with English-language support.
- PayPay Bank - An online bank with easy-to-use mobile apps and low fees.
Types of Bank Accounts
There are several types of bank accounts in Japan, including:
- Regular savings account (普通預金) - most common type
- Time deposit accounts (定期預金) for higher interest rates
- Foreign currency accounts (外貨預金) for managing foreign currencies
Internal Transfer
Internal transfers are a convenient way to move money between your bank accounts. You can do this through the bank’s website or by visiting a branch ( SWIFT transfers available at all major banks). You can also use alternative services like Wise for better rates.
Required documents: My Number, residence card, and proof of income
Things to Consider When Choosing a Bank
When selecting a bank, consider these factors:
- English Support - Many banks in Japan offer English support, but check in advance to ensure your chosen bank can cater to your language needs.
- ATM Availability - Make sure your bank has ATMs that are conveniently located, especially if you need access to cash frequently.
- International Transfer Fees - If you need to send money abroad, compare the international transfer fees between banks.
Conclusion
Opening a bank account in Japan can be a straightforward process with the right documents. Be sure to consider your specific needs, such as language support and accessibility, when choosing the right bank for you.
Note: Some banks may have specific policies or restrictions for foreigners, so always check with the bank beforehand.