Starting a new life in Japan, I had to learn how to open a bank account. The Japan Post Bank was a great help since it doesn’t require foreigners to live there for six months. This is unlike other banks. Also, most banks in Japan close early, by 3 PM. This made me organize my money matters better1.
I discovered that ATMs are everywhere in Japan and available all the time. Yet, it’s important to watch out for the fees when taking out money1. Sony Bank made things easier with its services in English. It offers a Visa debit card and a cashback program which has benefits up to 2%1. When looking to open a bank account, Rakuten Bank stood out. It has a wide ATM network and offers high-interest rates, which is great for saving money2.
Understanding the Japanese Banking System for Expatriates
When I move to Japan, learning about the local bank system is key, especially for expats. Japan’s top-notch healthcare and education make it perfect for families and singles. It feels just right for settling down3. Knowing about ‘key money’ and how real estate works here can make things easier3. Even though rent might change depending on where you live and what you get,3 being able to buy a place without too many rules feels good, no matter if I’m a resident or not3. Yet, getting a mortgage might be hard if you don’t have a steady job in Japan. This makes some foreigners think about paying in cash or getting a loan from back home3.
Now, about my experience with banks here that are good for expats. For most of us from other countries, we often go for general deposit and savings accounts because they’re everywhere and simple to use4. Some banks, like PRESTIA, Sony Bank, and others, make things even easier by letting you open an account online in English4. Also, paying utilities directly from my bank account is a small, yet nice part of living here as an expat4.
Opening a bank account here wouldn’t be complete without talking about cheap and fast international money transfers with services like Wise. These services help us avoid the big fees that banks usually charge4. Banks like Rakuten Bank offer better interest rates on savings, which is great compared to many traditional banks5. They’ve also moved to an online process for opening accounts, which is very modern5.
| Bank | Languages for Account Opening Guides | International Remittance Fees | Notable Online Banking Features |
|---|---|---|---|
| Japan Post Bank | 14 languages, including English and Spanish | JPY 7,500 | Free ATM withdrawals anytime5 |
| SBI Shinsei Bank | Full English support for online procedures | ¥2,000 via GoRemit | Expatriate-friendly services5 |
| Rakuten Bank | Japanese (Online process in English via Rakuten Group services) | Competitive rates | Higher savings interest rates; Entirely online account opening5 |
Banking in Japan as an expat is much easier now, with new services for us. Whether it’s local banks like Hokkaido Bank or big city banks like MUFG, I have lots of options. These banks help me manage my money well while I live and work in this diverse country4.
Guide to Open Bank Account in Japan as a Foreigner
Opening a bank account in Japan is key for foreigners setting up their life there. If you have a residence card and passport, you’re ready to explore financial options. You can choose from large banks like Sumitomo Mitsui for their broad reach6, regional banks such as Hokkaido Bank for local services6, or an online bank like Rakuten Bank to avoid branch visits6.
Remember, bank hours are usually from 9 am to 3 pm on weekdays. ATM services are available longer7. Watch out for fees when using ATMs outside regular hours, which can cost between 100 to 600 JPY6. Some banks ask you to live in Japan for at least six months before opening an account7. On the other hand, Japan Post Bank lets you set up an account quickly with their app and is great for its wide ATM network67.
For international dealings, banks like Sony Bank are beneficial, allowing transactions in 12 different currencies8. Sony Bank has no account fees and provides round-the-clock customer service and trading8. In short, finding the right bank in Japan means thinking about your needs, knowing the rules, and making a wise choice.
Source Links
- https://www.sng.ac.jp/sng-news/open-bank-account-japan
- https://www.studyjapan.jp/en/topics/life/bankaccount.html
- https://bambooroutes.com/blogs/news/japan-expat-guide
- https://www.japanlivingguide.com/dailylife/money/bank/
- https://japan-travelife.com/opening-bank-account-for-study-in-japan/
- https://japan-dev.com/blog/banking-in-japan
- https://sup.bureau.tohoku.ac.jp/en/after-arrival-e/bank-e/
- https://moneykit.net/en/guide/fc/
