photo by Sean MacEntee
If you stay and live in Japan, a Japanese bank account is one of the convenient tool to make your life easier. Direct deposit from your bank account is the easiest way not only to get paid but also to pay your rent and other utility bills. However, it is not always easy for foreigner to open a bank account. We will point out and explain what foreign people need to open a bank account and what they can do when they open one.
What you can do with a bank account
Get paid
If you get a job and work in Japan, a bank account is the first thing you need. In most case, your salary will be paid by direct deposit not only by cash.
Direct deposit
In most case in Japan, rent payment is done by direct deposit. You can go to a bank teller to make a deposit but if you have a bank account in the same bank where you transfer money often, you save a lot money because transaction fee is free for account to account transfer within the same bank.
Withdrawal at ATM
You can find ATM everywhere in Japan. One of the most accessible ATM are located in convenience store. Open for 24 hours a day so you don’t have to worry about time and days but it usually have a high transaction fee
Savings
It is very unsafe to carry all your money with you or keep in at home. Use savings! But don’t expect earning money from interest because Japanese bank only offers very low interest rate.
Keep record on your bank passbook
When you open a bank account you receive your bank passbook to keep a track on your banking activities.
Limitation for foreigner to open a bank account
If you stay in Japan only for short time period(less than 90 days) you cannot open a bank account. Furthermore, even with VISA for long stay (more than 90 days) opening a bank account is not allowed until you stay in Japan for more than 6 months. But, each branches have their own policy slightly different from others even within the same bank so you could try to apply for couple of different banks. If you try to open an account in the branch which is far away from your address, you might get questioned for the reason or even your application might be declined so it is better to apply for the ones close by where you live.
What you need to open a bank account
Identification document with picture (photocopy is not accepted)
Residence card, special permanent resident certificate, passport, any form of identification with picture and address such as driver’s license. In case you don’t have any form of identification with picture, proof of current residency with address such as utility bills or receipts are required as additional documents.
Personal seal
Some bank accept hand written signature but it is safe and sure if you prepare to have one.
Phone number you can be reached
Cell phone number is acceptable.
Recommended bank: “Japan Post Bank”
This bank has the least restriction for foreign applicants. An account can be opened even if you stay in Japan for less than 6 months. However, in this case, transfers and direct deposit are not available until you stay in the country for more than 6 months. That means, only deposit and withdrawal can be done and direct deposit for getting paid or for paying your rent cannot be done. You need additional applications after passing 6 months of stay to add transfer and direct deposit functions.
Pros of opening a bank account
- Branches are located everywhere in Japan
- You can use ATMs in convenience stores anywhere in Japan
- No transaction fee for deposits and withdrawals done within operational hours of ATMs located in banks.
- Account can be opened even if you are staying in japan less than 6 months (with limited functions)
- Foreigner can use their hand written signature to open an account
What you need to open an account
- Identification documents
- Personal seal (Foreigner can use their hand written signature)
- Phone number you can be reached
What you need to do to open an account
- The person himself need to apply with. And teller at the bank
- Application form need to be filled by himself (use katakana for where you need to write your name in kana)
- Takes about 2weeks for procedure to be done
- Apply at branch located close by where you live
Japan Post Bank: http://www.jp-bank.japanpost.jp/en_index.html
Recommended bank: “Bank of Tokyo-Mitsubishi UFJ”
Pros of opening a bank account
- Branches are located everywhere in Japan
- You can use ATMs in convenience stores anywhere in Japan
- No transaction fee for deposits and withdrawals done within operational hours of ATMs located in banks.
- Internet banking which has lower transaction fees is available to apply for free
What you need to open an account
- Identification documents
- Personal seal
- Phone number you can be reached
What you need to do to open an account
- Apply at bank, by mail, or by videophone located within the bank
- Application form need to be filled by himself (use katakana for where you need to write your name in kana)
- Takes about 1 week for procedure to be done
- Apply at branch located close by where you live
Bank of Tokyo-Mitsubishi UFJ: http://www.bk.mufg.jp/global/
Recommended bank: “Mizuho Bank”
Pros of opening a bank account
- Branches are located everywhere in Japan
- You can use ATMs in convenience stores anywhere in Japan
- No transaction fee for deposits and withdrawals done within operational hours of ATMs located in banks.
- With more than 100 thousands yen in balance, no transaction fees at ATMs in convenience stores for up to four times a month
- Internet banking which has lower transaction fees is available to apply for free
What you need to open an account
- Identification documents
- Personal seal
- Phone number you can be reached
What you need to do to open an account
- Apply via internet or smartphone Apps
- Application form need to be filled by himself (use katakana for where you need to write your name in kana)
- Takes about 1 week-2 weeks for procedure to be done
- Apply at branch located close by where you live
Mizuho Bank: http://www.mizuhobank.com/index.html
Recommended bank: “Sumitomo Mitsui Banking Corporation”
Pros of opening a bank account
- Branches are located everywhere in Japan
- You can use ATMs in convenience stores anywhere in Japan
- No transaction fee for deposits and withdrawals done within operational hours of ATMs located in banks.
- With direst deposit of your salary, no transaction fees at bank ATMs and also no transaction for for ATMs in convenience store up to 4 times a month
- Internet banking which has lower transaction fees is available to apply for free
What you need to open an account
- Identification documents
- Personal seal
- Phone number you can be reached
What you need to do to open an account
- Apply at bank, by mail, internet or smartphone smartphone Apps
- Application form need to be filled by himself (use katakana for where you need to write your name in kana)
- Takes about 2-3 weeks for procedure to be done
- Apply at branch located close by where you live
Sumitomo Mitsui Banking Corporation: http://www.smbc.co.jp/global/
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