How to open a bank account in Japan? Introduction of necessary belongings and recommended banks.
Many foreign residents who have moved to Japan may have trouble understanding how to open an account in Japan. Opening an account will be easy if you bring the necessary belongings with you. In this article, we will introduce how to open an account in Japan for foreigners. After reading this article, you will know how to open an account in Japan.
If you would like to know more about the requirements for opening an account, the following article is also recommended.
▶︎ Explanation of conditions and recommended banks for foreigners to open bank accounts.
What you need to bring to open an account
To open an account in Japan, first make sure you have the necessary belongings to open an account. The following is a list of personal belongings required to open an account.
- seal
- Identification documents (residence card, driver's license, etc.)
- Fees required to open an account
Once you have all the necessary documents, choose the company you want to open an account with and go to a nearby branch to open an account.
Procedures for opening an account
Many people may have the impression that it is difficult for foreigners to open an account in Japan. Opening an account in Japan is relatively easy. To open an account in Japan, select the bank company you wish to apply for and go to the nearest branch.
Once at the branch, follow the instructions of the teller. First, fill out the application form. After filling out the application form, a staff member will check it. Please follow the instructions to present your identification documents and affix your personal seal. After confirmation, you will most likely receive your account card on the same day, depending on the financial institution.
Also, please note that there is a fee of about 1,000 yen to open an account.
There is also a way to open an account online without going to a branch. For those who cannot afford to visit a branch in person, it may be a good idea to proceed online.
Bank Hours
The following is an overview of general Japanese bank business hours. Japanese banks are generally closed on Saturdays, Sundays, and holidays. Most are open on Monday, Tuesday, Wednesday, Thursday, and Friday.
Business hours are from 9:00 a.m. to 3:00 p.m. Most branches are open until 6:00 p.m. ATMs can be used until 6:00 p.m.
Recommended Banks
If you are a foreigner and are not sure which company to open an account with, here are some recommended banks for you to check. We will divide the list into major banks, English-speaking banks recommended for foreigners, and online banking, so please refer to the list only for reference.
Major banks
Let us introduce you to some of the major banks recommended for foreigners. If you speak some Japanese, you may want to consider a major bank. Recommended major banks are listed below. We will introduce each bank along with its features.
- Mitsubishi UFJ Bank...No.1 in the industry. No seal is required to open an account.
- Sumitomo Mitsui Banking Corporation...2nd in the industry. A card with a distinctive green color.
- Japan Post Bank...No ATM fees at any time. If you want to save a little on fees, Japan Post Bank is recommended.
Banks recommended for foreigners (English-speaking banks)
Here are some recommendations for foreigners when opening an account in English at a financial institution. The following banks are recommended for foreigners. The names are listed along with their characteristics.
- SMBC Trust Bank Prestia...You can open an account by filling in your signature without a seal. Also, online, accounts can be opened in English.
- Shinsei Bank...Easy to open an account because of its English website, telephone banking, or online.
- Sony Bank...has an English application. Accounts can be opened through the English application.
net banking
An online bank is one that does not have a specific branch and acts as an online bank. Net banking is recommended for busy people because all procedures can be completed online.
The main well-known online banks in Japan are listed below. The names are listed below, along with their characteristics.
- Rakuten Bank...because it can be linked to Rakuten Securities. Recommended bank for those who want to invest.
- Aozora Bank...boasts a savings account interest rate of 0.2 percent and is popular for its high interest rates.
Useful Terms to Know
Many foreigners may be able to open an account, but may have trouble with many words they have never heard before. Here are some terms that are useful for foreigners to know when opening an account.
withdrawal
This is the term displayed on the ATM screen. When you withdraw money from your account and transfer it to yourself, the term withdrawal is used.
deposit
Like withdrawals, this is a term that comes up on ATM screens. It refers to the transfer of money from your hand to your account.
passbook entry
The history of transfers of money from one account to another, and vice versa, is entered in a bankbook. This history is called a "passbook entry.
summary
In this article, we have introduced how foreigners can open an account in Japan. We will summarize the important points introduced in this article.
- Identification documents and a personal seal are required to open an account. (Required personal belongings vary from financial institution to financial institution.)
- Bank teller hours are Monday, Tuesday, Wednesday, Thursday, and Friday from 9:00 am to 3:00 pm. ATMs are open until 6:00 pm.
- There are many types of banks, so it is advisable to check carefully before choosing one. The most famous major banks are Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Japan Post Bank. Banks recommended for foreigners are SMBC Trust Bank Prestige, Shinsei Bank, and Sony Bank. Some banks, such as Aozora Bank and Rakuten Bank, also offer online banking services.
If you are not comfortable with Japanese, you should open an account at a bank that supports English. Please look at many banks and open an account to your satisfaction.
