Want to save bank fees? Use Japan Post Bank

photo by pionline

Japan Post Bank is popular among foreign residents living in Japan as it is easy to open accounts. Because it used to be publicly owned, their account management system is a little different from other city banks. Their bank fees are rather cheaper while their transaction fee setting is more complicated compared to other banks’, including ATM usage fees. Japan Post Bank can be the best bank to save costs if you use it effectively.

About funds transfer into Japan Post Bank account

Firstly, you need to know about accounts of Japan Post Bank. There are two types of accounts. Comprehensive account (総合口座 Sogo Koza) is designed to deposit, withdraw and transfer money, similar to ordinary savings account of other banks. Checking account (振替口座 Hurikae Koza) which is used for commercial payment and receipt of money, similar to current deposit account of other banks. Comprehensive accounts are for all users including individuals and businesses, while checking accounts are mainly used by businesses.
With these in mind, funds transfers into Japan Post Bank are classified as follows.

Ordinary Cash Deposit (通常払込 Tsu-jo Haraikomi): Cash deposit into checking account (振替口座 Hurikae koza)
Electronic Cash Deposit (電信払込 Denshin Haraikomi): Cash deposit into checking account (振替口座 Hurikae koza) or comprehensive account (総合口座 Sogo Koza)
Electronic Transfer (電信振替 Denshin Hurikae): Electronic transfer between those accounts

*払込 (Haraikomi): cash deposit into accounts. 振替Hurikae: funds transfer between accounts.
* Ordinary Cash Transfer (通常払込 Tsu-jo Haraikomi) takes a few days before the money is settled into payee’s account as it involves paper documentation.

Fees for cash deposit, and funds transfer between JP Bank accounts

Fees for cash deposit

Unlike other Japanese banks, Japan Post Bank does not have “branches” in their operation system. Therefore, which branch payee’s account was opened does not affect the amount of transaction fee. The fees for cash deposit is decided by type of cash deposits and teller/ATM. Note that you cannot send money exceeding 100,000yen from ATM.

		Amount
		Under 50000yen	50000yen or more
Ordinary Transfer	Teller	130yen	340 yen
Ordinary Transfer	ATM	80yen	290 yen
Electronic Transfer		540yen	756 yen
Transfer Card	Teller	216 yen	432 yen
Transfer Card	ATM	123 yen	339 yen

Fees for Electronic Transfer

Money transfers between Japan Post Bank accounts are electronic transfer only and can be done by the internet banking. Note that you need to make an application before transferring money exceeding 100,000yen.

		Fees
Electronic Transfer	Teller	144 yen
	ATM	Free up to 3 times a month, 123yen 4 times a month on
	Internet Banking	Free up to 5 times a month, 113 yen 6 times a month on

Fees to transfer money to other bank’s account

The amount of Fees of transfer to other bank’s accounts also varies based on the amount of money to be transferred and transferring methods. Again, you need to make an application before transferring money exceeding 100,000yen.

Fees for funds transfer

		Fees
		Amount
		Less than 50,000yen	50,000 or over
To other bank	Teller	648yen	864 yen
	ATM	216 yen	432 yen
	Internet banking	216 yen	432 yen

ATM Usage Fees

Japan Post Bank’s ATMs are free of charge to use all times if used with Japan Post Bank card or bank book, while all other banks charges ATM usage fees outside their trading hours. However, fees apply when using other financial institutes’ ATMs with Japan Post Bank card.

Fees of other bank’s ATM

	Hours
Deposit/Withdrawal	Mon-Fri 8：45 – 18:00	108yen/transaction
	Sat 9：00 – 14:00	108yen/transaction
	Other than above	216yen/transaction

※No charge for checking account balance

Many a little makes a mickle

The predecessor of current Japan Post Bank started in very unique forms that a publicly owned post office took a role as a financial institute. It has been a while since Japan Post became a privately owned body, and there are no significant differences in services and operations of Japan Post Bank and other banks. However, Japan Post Office still keeps charging rather cheaper transaction fees comparing to other institutions. Above all others, Japan Post Bank’s free ATMs are outstandingly convenient when considering its coverage across Japan. There are some minor downsides, for example, you have to make an application to start sending money that exceeds 100,000yen. But it can be said that Japan Post Bank is the most cost saving bank in Japan.