Here’s all you need to know about opening a bank account in Japan and a detailed comparison of fees and services available with the most popular banks.
1. General requirements for opening a bank account in Japan
While you can’t open an account if you are on a 90-day tourist visa, foreigners that are here on other visa types, like work or student visa, are eligible to open an account with most banks. Generally, you would open a futsu yokin, the Japanese term for a general deposit account. Here is the skinny on what you need to bring and how to do it.
Required documents
- ID (some banks might accept a driver’s license or residence card, but bring your passport to be safe
- Hanko – your personal seal (some foreigner-friendly banks accept your signature, see below)
- A small amount of cash for the initial deposit (from ¥1,000)
- Juminhyo — certificate of residence (including your “My Number”, the Japanese ID number)
Depending on the bank, the following might also be required
- Often, a recent utility bill showing your current address is required
- A business card and contract may sometimes be required as proof of your place of employment
- Tax identification number is sometimes required if it’s issued in your home country
How to apply
- At the bank counter (most Japanese banks are open from 9 am to 3 pm, Monday to Friday, except for national and year-end holidays)
- By phone (most banks offer this service in Japanese only, see below for exceptions)
- Online
- By mail (if you are so inclined)
2. Closing your account
If you are leaving Japan, here is what you need to close your account for good.
Required documents
- ID (bring your passport to be safe, some banks might accept a driver’s license or residence card)
- Your bankbook and cash card associated with your account
- Hanko – your personal stamp (some foreigner-friendly banks may accept your signature, see below)
How to close your account
Generally only accepted at the bank counter.
3. Overview of Japan banks
International banks in Japan (or somewhat international ones)
If you have not been in Japan for very long and/or do not have very good Japanese language skills, then these international, or “foreigner-friendly”, banks are usually your best option.
Shinsei Bank
Shinsei had long been every foreigner in Japan’s favorite bank. Recently it’s been knocked off its pedestal as it, along with many other banks in Japan, now requires that clients live in Japan for at least 6 months in order to open an account, in line with regulatory changes. If you can hold out that long, the pros include being able to open an account with your signature (not a hanko) as well as telephone and online banking in English and Japanese. Note: This waiting period can be waived if you are employed by a company in Japan. Recent experience by our Cheapo team suggests that Shinsei is still one of the easiest Japanese banks to get set up with, especially for new arrivals.
More about the 6-month wait: For detailed information on the waiting period mentioned above, we recommend contacting the banks you are interested in directly. Some Japanese banks may allow you to open a basic bank account which you can have your salary transferred into, and withdraw from, immediately—but put a 6-month waiting period in place before you can do any transfers from your account. That can be inconvenient if you’re needing to send money home.
SMBC Prestia
SMBC Prestia Trust Bank is a bank with Japanese and English banking services. You won’t need a hanko to open an account, your signature will do. The biggest relief is probably that telephone and online banking is in English. They also offer the option of a savings account with a separate foreign currency account.
Japan Post Bank
Instead of the standard futsu account (general deposit account), many opt for a post bank savings account. JP Banks are very no frills in their banking, but the fees are generally low. They are welcoming to foreigners, and many branches, especially larger ones, will have English staff who can assist you.
Traditional Japanese banks
Here are some options if you like to keep it very Japanese.
MUFG
MUFG is Japan’s largest bank and a global financial institution. English-speaking staff may be at your assistance, but don’t forget that hanko. Yet, it is still popular with a lot of international residents as many everyday services like withdrawals and in-bank transfers are free.
Mizuho
Mizuho is a very traditional domestic bank. Bring both your hanko and a Japanese speaker if you aren’t fluent.
SMBC
This bank’s official name in English is Sumitomo Mitsui Banking Corporation (SMBC), not to be confused with SMBC Prestia Trust Bank above, which is an off-shoot of this more traditional banking house. Their trust bank is more foreigner-friendly and generally more geared toward individual customers, while SMBC itself is rather domestic and focuses on corporate clients.
Online banks
Some online banks have recently entered the Japanese market. Seven Bank (of 7-11 convenience store fame) is proving popular with foreigners. Rakuten Bank is another notable option.
One that recently caught our attention is Sony Bank. While it has been around for a couple of years, they recently expanded their service to full English online banking and cheap or even free international remittances. They allow you to hold multiple foreign currencies in one account, making it an ideal choice for international residents. The basic account is free and opening an account can be easily done online with just your residence card.
4. Fees and services comparison
Here is an overview of the most requested services by foreign residents, including the times and fees for cash withdrawals (ATMs can actually be closed during certain hours in Japan!), international transfers, and online banking.
ATM withdrawal fees
| Bank | Locations | Weekday daytime | Weekday after hours | Weekend daytime | Weekend after hours | † |
|---|---|---|---|---|---|---|
| Prestia | At SMBC trust bank or SMBC ATMs | Free | Service not available | Free | Service not available | |
| SMBC | At SMBC ATMs | Free | Free | Free | Free | |
| MUFG Bank | At MUFG Bank ATMs | Free | ¥110 | Free | ¥110 | |
| MUFG Bank | At MUFG Trust Bank ATMs | Free | ¥110 | ¥110 | ¥110 | |
| Japan Post Bank | At Japan Post Bank ATMs | Free | Free | Free | Free† | No service on Sundays from 00:05 to 21:00 |
| Rakuten Bank | At partner bank ATMs | Free up to 5 times a month† | Free up to 5 times a month† | Free up to 5 times a month† | Free up to 5 times a month† | Need to register for the “Happy Program” in advance |
| Shinsei Bank | At partner bank ATMs | ¥110 | ¥110 | ¥110 | ¥110 | |
| Seven Bank | At Seven Bank ATMs | ¥110 | Free | ¥110 | Free | |
| Sony Bank | At 90,000 partner bank ATMs | Free 4 times per month, ¥110 thereafter | Free 4 times per month, ¥110 thereafter | Free 4 times per month, ¥110 thereafter | Free 4 times per month, ¥110 thereafter |
Service fees for transfers from an ATM
| Bank | Weekday daytime | Weekday after hours | Weekend daytime | Weekend after hours |
|---|---|---|---|---|
| Prestia (SMBC ATMs) | By cash: Free + transfer fee ¥216–¥648 By cash card: Free + transfer fee ¥0–¥432 | By cash: Not available By cash card: Not available | By cash: Free + transfer fee ¥216–¥648 By cash card: Free + transfer fee ¥0–¥432 | By cash: Not available By cash card: Not available |
| SMBC | By cash: Free + transfer fee ¥216–¥864 By cash card: Free + transfer fee ¥0–¥432 | By cash: Not available By cash card: Free + transfer fee ¥0–¥432 | By cash: Not available By cash card: Free + transfer fee ¥0–¥432 | By cash: Not available By cash card: Free + transfer fee ¥0–¥432 |
| MUFG Bank | By cash: Free + transfer fee ¥216–¥648 By cash card: Free + transfer fee ¥0–¥432 | By cash: ¥108 + transfer fee ¥216–¥648 By cash card: ¥108 + transfer fee ¥0–¥432 | By cash: Free + transfer fee ¥216–¥648 By cash card: Free + transfer fee ¥0–¥432 | By cash: ¥108 + transfer fee ¥216–¥648 By cash card: ¥108 + transfer fee ¥0–¥432 |
| Japan Post Bank | By cash: Not available By cash card: Free + transfer fee ¥0–¥432 | By cash: Not available By cash card: Free + transfer fee ¥0–¥432 | By cash: Not available By cash card: Free + transfer fee ¥0–¥432 | By cash: Not available By cash card: Free + transfer fee ¥0–¥432 |
| Rakuten Bank (at partner bank ATMs) | By cash: Depends on the ATM By cash card: ¥0–¥216 + transfer fee ¥0–¥258 | By cash: Depends on the ATM By cash card†: ¥0–¥216 + transfer fee ¥0–¥258 †service may not be available depending on the ATM | By cash: Depends on the ATM By cash card: ¥0–¥216 + transfer fee ¥0–¥258 | By cash: Depends on the ATM By cash card: ¥0–¥216 + transfer fee ¥0–¥258 |
| Shinsei Bank | By cash: Not available By cash card: Not available | By cash: Not available By cash card: Not available | By cash: Not available By cash card: Not available | By cash: Not available By cash card: Not available |
| Seven Bank | By cash: Not available By cash card: Free + transfer fee ¥54–¥216 | By cash: Not available By cash card: ¥108 + transfer fee ¥54–¥216 | By cash: Not available By cash card: Free + transfer fee ¥54–¥216 | By cash: Not available By cash card: ¥108 + transfer fee ¥54–¥216 |
| Sony Bank | By cash: Not available By cash card: Not available | By cash: Not available By cash card: Not available | By cash: Not available By cash card: Not available | By cash: Not available By cash card: Not available |
Fees for receiving money from overseas
Pro tip: TransferWise recently launched a multi-currency account in Japan, allowing you to receive money in six different currencies, including GBP and USD, for free.
| Bank | Payments in yen | Payments in other currencies |
|---|---|---|
| Prestia | Free | Free |
| SMBC | ¥1,500 + 5% of remittance amount (min. ¥2,500) | ¥1,500 |
| MUFG Bank | ¥1,500 + 5% of remittance amount (min. ¥2,500) | ¥1,500 + 5% of remittance amount (min. ¥2,500) |
| Japan Post Bank | Service not available | USD $10 / EUR €5 |
| Rakuten Bank | ¥2,450 | ¥2,450 |
| Shinsei Bank | Currently free, ¥2,000 from December 16, 2019 (free for platinum and gold customers) | Currently free, ¥2,000 from December 16, 2019 (free for platinum and gold customers) |
| Seven Bank | Service not available | Service not available |
| Sony Bank | Free | Free, but the bank’s currency exchange rate will be applied |
Fees for sending money overseas
International transfers can be quite costly in Japan. Here are the fees charged by the different banks.
Pro tip: Read about the best ways to send money out of Japan.
| Bank | Payments in yen | Payments in other currencies | † |
|---|---|---|---|
| Prestia | ¥3,500† | ¥3,500† | †via online banking |
| SMBC | ¥2,500–¥4,500 + ¥2,500 + + 5% of remittance amount (min. ¥2,500) | ¥2,500–¥4,500 + ¥2,500 | |
| MUFG Bank | ¥2,500–¥3,000† + 5% of remittance amount (min. ¥2,500) | ¥2,500–¥3,000† | †via online banking |
| Japan Post Bank | Service not available | ¥2,000† | †via online banking |
| Rakuten Bank | ¥750 + ¥3,000 (+ ¥1,000†) | ¥750 (+ ¥1,000†) | †intermediary bank fee |
| Shinsei Bank | ¥2,000† + 0.1% of remittance amount (min. ¥1,500) | ¥2,000–¥4,000 | †when using their partner GoRemit |
| Seven Bank | Service not available | ~¥950† | †depends on the remittance amount |
| Sony Bank | ¥3,000† | ¥3,000† | †free up to 3 times a month with Club S membership |
Online banking services and fees
Internet banking has not been widely available in Japan for all that long (not a big surprise in a country where many companies still use faxes a lot). But by now, most banks have caught up and offer the full breadth of online services for banking.
| Bank | Language | Hours | OS | Browser | App | Fees |
|---|---|---|---|---|---|---|
| Prestia | Japanese and English | 24 h | Windows, MacOS X | IE, Google Chrome, FireFox, Safari | No, but allows mobile banking | Monthly fee: Free (a ¥2,000 monthly account maintenance fee is required) Transfer fee to Prestia: Free Transfer fee to other banks: ¥259 |
| SMBC | Japanese only | 24 h *except from Sun 21:00 to Mon 07:00 | Windows only | IE, Microsoft Edge, Google Chrome, FireFox (browser and OS must be in Japanese) | Yes | Monthly fee: Free Transfer fee to SMBC: Free Transfer fee to other banks: ¥216–¥432 |
| MUFG Bank | Japanese only | 24 h (depending on service) | Windows, MacOS | IE, Microsoft Edge, Google Chrome, Safari | Yes | Monthly fee: Free Transfer fee to MUFG: Free Transfer fee to other banks: ¥216–¥324 |
| Japan Post Bank | Japanese only | 00:05–23:55 | Windows, MacOS X | IE, Microsoft Edge, Google Chrome, FireFox, Safari (browser and OS must be in Japanese) | Yes | Monthly fee: Free Transfer fee to JP Bank: Free for up to 5 transactions a month Transfer fee to other banks: ¥216–¥432 |
| Rakuten Bank | Japanese only | 24 h | Windows, MacOS X | IE, Microsoft Edge, Safari (browser and OS must be in Japanese) | Yes | Monthly fee: Free Transfer fee to Rakuten: Free Transfer fee to other banks: ¥165–¥258 |
| Shinsei Bank | Japanese and English | 24 h | Windows, MacOS X | IE, Microsoft Edge, Google Chrome, FireFox, Safari | Yes | Monthly fee: Free Transfer fee to Shinsei: Free Transfer fee to other banks: ¥103–¥308 |
| Seven Bank | Japanese | 24 h | Windows, MacOS X | IE, Microsoft Edge, Google Chrome, Safari | Yes | Monthly fee: Free Transfer fee to Seven Banks: ¥54 Transfer fee to other banks: ¥216 |
| Sony Bank | Japanese and English | 24 h | Windows, MacOS X | supports most browsers | Yes | Monthly fee: Free Transfer fee to Sony Bank: Free Transfer fee to other banks: Free twice per month, thereafter ¥220 |
Credit: https://tokyocheapo.com/living/japan-banks-comparison/
