Opening a Bank Account in Japan: A Step-by-Step Guide for Foreigners

TOKYO – By following this guide, you can ensure a smooth transition into the Japanese banking system, making your stay in Japan more convenient and enjoyable.

KEY TAKEAWAYS:

Necessary Documents: Foreign residents need a residence card, passport, proof of address, and a Japanese phone number to open a bank account.
Foreigner-Friendly Banks: PRESTIA, Sony Bank, Rakuten Bank, Seven Bank, Shinsei Bank, and Japan Post Bank offer English services and online application options.
Process Steps: Choose a bank, prepare documents, apply online or visit a branch, make an initial deposit, and set up online banking for convenience.

Table of Contents

Why Open a Bank Account in Japan?
Requirements & Eligibility
Choosing the Right Bank
Step-by-Step Guide to Opening a Bank Account
Types of Bank Accounts
Bonus: Banking Tips for Expats & Foreigners
Conclusion

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Why Open a Bank Account in Japan?

Having a Japanese bank account is essential for everyday life in Japan. It facilitates transactions such as paying bills, making purchases, and withdrawing money from ATMs. Most employers in Japan require employees to have a bank account for direct salary deposits. Additionally, a Japanese bank account is often necessary for renting an apartment, as landlords typically prefer automatic deductions for monthly rent payments.

Requirements & Eligibility

To open a bank account in Japan, typically, only those with long-term visas (over 6 months) are eligible to apply. Here are the common requirements (our sample photos of each documents are below):

① Residence Card (Zairyu Card): This card proves your legal status in Japan.

② Proof of Address: A certificate of residence (juminhyo) from your local municipal office or a utility bill.

③ Personal Seal (Hanko/Inkan): While some banks accept signatures, many require a personal seal (you can order-make your own names in Katakana with roughly 2,000 JPY of cost and as quickly as 2 days).

④ Telephone Number: A Japanese phone number is necessary for bank communication.

Sometimes, some additional documents below would be needed, so we’d better to be prepared:

⑤ Passport (Sometimes): Ensure your passport is valid and up-to-date.

⑥ Additional ID (Sometimes): Some banks may require an extra form of identification, such as a driver’s license or health insurance card.

Click on each image to view it in a larger scale ☟

Choosing the Right Bank

Selecting a bank is a critical step, and factors such as English-language services, online banking options, fees, and the proximity of branches and ATMs should be considered. Here are some expat-friendly banks in Japan:

PRESTIA: Offers English telephone and online banking services. No personal seal required.
Sony Bank: Allows account opening via an English app. No physical branches.
Rakuten Bank: An online bank with an English application process.
Seven Bank: Provides services through an online app and is linked with 7-Eleven ATMs.
Shinsei Bank: Offers extensive English services and has partnerships with many ATMs nationwide.
Japan Post Bank: Popular for its widespread ATM network and does not require a personal seal.

Step-by-Step Guide to Opening a Bank Account (General)

1. Choose a Bank

Research and select a bank that meets your needs. Consider language support, online banking capabilities, and the convenience of branch locations and ATMs.

2. Prepare Your Documents

Gather all necessary documents, ensuring they are up-to-date and accurate. Commonly required documents include your residence card, passport, proof of address, personal seal, and a telephone number.

3. Visit the Bank or Apply Online

Depending on the bank, you may apply online or need to visit a branch. If visiting in person, confirm the bank’s business hours and whether English-speaking staff are available.

4. Fill Out the Application Form

Complete the application form accurately. If applying in person and you do not speak Japanese, consider bringing someone who can translate.

5. Make an Initial Deposit

Some banks require a minimum deposit to open an account (At least 1,000 JPY would work). This amount varies, so check with your chosen bank for specific requirements.

6. Receive Your Bank Card

After your application is approved, you will receive your cash card, usually within ten days. This card allows you to make withdrawals and transactions.

7. Set Up Online Banking

Activate online banking if available, which simplifies managing your account and conducting transactions.

Types of Bank Accounts

Understanding the types of bank accounts available is crucial:

General Deposit Account (Futsu Yokin 普通預金口座): Common for everyday banking needs.
General Savings (Tsujo Chokin 通常貯金口座): Usually offered by post offices with slightly higher interest rates.
Time Deposit Account (Teiki Yokin 定期預金口座): Higher interest rates but may require notice for withdrawals.
Current Account (Toza Yokin 当座預金口座): Typically used by businesses for check transactions.
Foreign Currency Accounts: Useful for handling transactions in foreign currencies.

Bonus: Banking Tips for Expats & Foreigners

Language Barrier: While many banks offer English-language support, having a basic understanding of Japanese banking terms can be helpful. Consider carrying a translation app or notes with essential phrases.
Japan – A Cash-Based Society: Japan remains a largely cash-based society. It is advisable to carry some cash for transactions, especially in rural areas where card acceptance may be limited.
Banking Fees: Be aware of potential fees for ATM withdrawals, especially from out-of-network ATMs, and for money transfers. Check your bank’s fee structure to avoid surprises.
Credit Cards: Obtaining a credit card in Japan can be challenging for expats. Many banks require permanent residency or a Japanese guarantor. Consider using international credit cards initially.
International Remittance: If you need to transfer money internationally, check the fees and exchange rates offered by your bank. Some banks, like Sony Bank and PRESTIA, offer competitive rates for international transfers.

Conclusion

Opening a bank account in Japan as an expat involves several steps, but with the right preparation and understanding of the process, it can be a straightforward experience. Choose a bank that meets your needs, prepare the necessary documents, and be mindful of language barriers and banking fees. By following this guide, you can ensure a smooth transition into the Japanese banking system, making your stay in Japan more convenient and enjoyable.

References

Tokyo Portfolio Real Estate. (2024). Opening a Bank Account in Japan: A Step-by-Step Guide for Expats.
Japan Dev. (2024). Banking in Japan: Complete Guide for 2024.
Japan Mobility. (2024). Opening a Bank Account in Japan for Foreigners.
Wise. (2024). How to Open a Bank Account in Japan.
ExpatDen. (2023). A Guide to Open a Bank Account in Japan as an Expat.