A bank account is necessary for the exchange of money that is essential for life, such as receiving salaries and paying utility bills. What should foreigners do if they want to open a new bank account in Japan? We will introduce the conditions and documents required for opening an account, how to open an account, and 6 recommended banks to open an account.
What are the conditions for a foreigner to open a bank account (ordinary account) in Japan?
Not all foreigners can open a bank account (ordinary account). Many banks have requirements. Let’s see who can open an account.
Those who are staying for work or study abroad with a period of stay of 6 months or more
When a foreign national opens a bank account in Japan, a residence card or certificate of residence is required. However, if the period of stay is less than 3 months (such as a tourist visa for 90 days or less), a resident card will not be issued and you will not be able to register as a resident, so you will not be able to obtain a resident card.
In addition, those whose period of stay is less than 6 months are considered “non-residents” and are not allowed to open an ordinary account according to the law (Foreign Exchange and Foreign Trade Law).
Those who meet the above two conditions are those
who have a period of stay of 6 months or more and are staying in Japan for the purpose of work or study .
Those with a period of stay of 3 months or more and less than 6 months cannot open an ordinary account, but can create a non-resident yen deposit account.
If you have a residence card but your period of stay is 3 months or more and less than 6 months, you are a “non-resident” and cannot open an ordinary account. increase.
What is the difference between an ordinary account and a non-resident yen deposit account? What you can do with a non-resident Yen savings account is limited compared to an ordinary account. Depending on the bank, overseas remittance is restricted, there is no cash card (ATM cannot be used), bank withdrawals (rent, utility bills, credit card usage amount, etc.) are not possible, processing fees are high, Limited branches for deposits and withdrawals. In other words, you can only deposit and withdraw money, and there are various inconveniences when you think about actually using it.
- Documents required for foreigners to open a bank account in Japan
Let’s take a look at what documents are required for a foreigner to open a bank account in Japan.
Identity verification document (identification card)
Foreign nationals need to prove their identity and permission to stay in Japan, so they will be asked to present their residence card, passport, and special permanent resident certificate (if applicable). In addition, some banks require a health insurance card, a driver’s license (if you have one), a student ID card, or an employee ID card. We recommend that you bring whatever you can to prove your identity.
Address verification
You need proof that you actually live at the address you declare to your bank. For example, a residence card with your address, a certificate of residence, and the original utility bill (electricity, gas, water).
Signature stamp
When signing an important contract overseas, you sign by hand, but in Japan, you stamp your seal instead of signing. Some banks only require a signature, but most banks require a personal seal. You may also need a seal for other purposes, such as renting a house or applying for utility bills. You can make a seal in katakana or romaji, so if you don’t have one, we recommend that you take this opportunity to make your own seal.
Contact phone number
You need a phone number to contact your bank, and if you don’t have one, you may not be able to open an account. A cell phone number is fine.
- How to open a bank account in Japan (flow until opening)
Once you have everything you need to open an account, it’s time to open an account.
1. Visit the store
Go to the bank with the necessary documents to open an account (identity verification documents, address verification, personal seal, contact information). Large banks have branches in various places, but since you will be opening an account at the branch you visit, we recommend going near your home or work. If you visit a store far from where you live or work, you may be asked why, and in some cases your account opening may be refused.
Also, depending on the bank, you can apply online, or there are net banks that only accept applications online, so once you have decided on the bank you want to open an account with, please check the specific procedure.
2. Application procedure
Follow the instructions of the person at the bank teller to complete the procedure.
Your name, address, and date of birth will always be checked, so prepare in advance so that you can speak and write in Japanese. Also, you will need a 4-digit PIN for your cash card, so think about it in advance.
Currently, Japanese banks are tightening procedures such as identity verification when opening an account to prevent money laundering and terrorism financing. Since it is related to the contract, there is a possibility that you will have to do difficult exchanges in Japanese. If possible, we recommend that you have a Japanese friend or acquaintance accompany you.
3. Receipt of cash card
Once you have completed the account opening procedure, you will be able to receive your bankbook on the spot, but your cash card will be delivered at a later date by limited receipt (you will need to show your identity verification documents such as your residence card or passport when receiving it). increase. It takes about a week to 10 days for the card to arrive.
Recommended banks for foreigners to open a bank account
From here, we will introduce recommended banks for foreign nationals who want to open a bank account in Japan. We will explain the characteristics of each bank and the documents and procedures required to open an account.
Japan Post Bank
If your period of stay is 3 months or more, you can open an ordinary bank account. There are branches and ATMs all over the country, and it is attractive that it is easy to use.
In addition, we provide information for foreigners who want to open an account and a service that allows you to create an application form in advance on the Internet in the following 14 languages.
English/Chinese (Traditional, Simplified)/Korean/Tagalog/Vietnamese/Khmer/Thai/French/Spanish/Portuguese/Nepalese/Sinhalese/Burmese
Required documents
Residence card (must be valid for at least 3 months before the expiry date of your stay. If you plan to renew your visa, open an account after completing the renewal)
Those whose status of residence is “Technical Intern Training”)
Flow of account opening
Go to the nearest post office and submit the application form for opening an account with the necessary items and necessary documents.
ATM withdrawal fee: Free regardless of day of the week or time
Overseas remittance fee: 7,500 yen
Important point
It may take some time to confirm, and you may not be able to open an account on the day of acceptance. In that case, the passbook will be sent by mail at a later date.
For details, please check the Japan Post Bank website below. https://www.jp-bank.japanpost.jp/kaisetu/kat_gaikokujin.html
Bank of Mitsubishi UFJ
One of the largest banks in Japan with branches and ATMs nationwide. Recommended for reliability and stability.
Required documents
- Residence card or special permanent resident certificate (if applicable)
- Seal (delivery seal) * Shachihata (seal with ink inside) is NG.
Flow of account opening
Go to a branch near your home or workplace and submit the application form for opening an account with the necessary information and necessary documents.
ATM withdrawal fee: Free from 8:45 to 21:00. Other times: 110 yen per
transfer International remittance fee: To overseas branches/subsidiaries → 7,000 yen To
other banks → 7,500 yen .
Important point
There are a limited number of stores that accept overseas remittances. Before you go to the bank to complete the procedure, check the bank’s official website to see if the branch accepts overseas remittances.
For details, please check the following MUFG Bank website. https://www.bk.mufg.jp/kouza/index.html
Mizuho Bank
It is a major bank with branches and ATMs all over the country. In addition to over-the-counter services, you can also apply to open an account online.
Required documents
- Residence card (with at least 3 months left until the expiry date of your stay. If you plan to renew, open an account after completing the renewal.), special permanent resident certificate (if applicable), personal
seal
Flow of account opening
There are two ways.
(1) Opening an account at a branch
Go to a branch near your home or workplace and submit the application form for opening an account with the necessary information and necessary documents.
(2) Open an account on the Internet
Access the account opening page on the official website and enter the necessary information.
If you have a printer at home, proceed with the input work on the page “print out the application form yourself”, print the application form, sign and seal it, put it in an envelope together with your identity verification documents and mail it. .
If you do not have a printer at home and cannot print, please fill out the application form from the “Receive application form by mail” page. After about a week, you will receive an application form by mail.
ATM withdrawal fee:
- Monday-Friday 8:45-18:00 Free 8:00-8:45 18:00-23:00 110 yen 23:00-8:00 220 yen
- Saturdays and Sundays 0:00-8:00 220 yen 8:00-22:00 110 yen 22:00-24:00 Not available.
- Holidays/substitute holidays 0:00-8:00 220 yen 8:00-23:00 110 yen 23:00-24:00 220 yen
- International remittance fee: Head office → 8,000 yen Other banks → 8,500 yen
Others A handling fee of 1/20% of the remittance amount (minimum 2,500 yen) will be charged.
For details, please check the Mizuho Bank website below. https://www.mizuhobank.co.jp/retail/products/account/index.html
Sumitomo Mitsui Banking Corporation
One of Japan’s three major megabanks, with branches and ATMs nationwide (the other two are Mitsubishi UFJ Bank and Mizuho Bank, which I introduced earlier).
Required documents
Residence card (with at least 3 months left until the expiry date of your stay. If you plan to renew, open an account after completing the renewal.), special permanent resident certificate (if applicable), personal
seal
Flow of account opening
There are 3 ways.
(1) Open an account with the app Take a photo of your identity verification document (residence card or special permanent resident certificate), upload it, and enter the necessary information. The cash card will arrive in about 1-2 weeks, and you will sign and seal the enclosed seal registration form and return it.
(2) Opening on the Internet- To apply, you will need a mobile phone that can use SMS (Short Message Service) and an e-mail address. In addition to your residence card (special permanent resident certificate), you will also need a driver’s license (driving history certificate), My Number card, or health insurance card as identity verification documents.
Access the official website of Sumitomo Mitsui Banking Corporation and follow the procedures on the homepage account opening page.
Take a photo of your identity verification document (residence card or special permanent resident certificate), upload it, and enter the required information. The cash card will arrive in about 1-2 weeks, and you will sign and seal the enclosed seal registration form and return it.
(3) Open at a store – Take the necessary documents and go to the counter of a branch near your home or work. In order to prevent criminal use of your account, you will be asked about your name, purpose of use of the account you opened, occupation, etc. It is recommended that you prepare answers in advance so that you can answer firmly.
ATM withdrawal fee:
- Monday to Friday: before 8:45 and after 18:00 110 yen 8:45 to 18:00 free
- Saturdays and Sundays: 110 yen
- International remittance fee: overseas branch, local subsidiary, affiliated bank → 7,000 yen Line address → 7,500 yen
For details, please check the Sumitomo Mitsui Banking Corporation website below. https://www.smbc.co.jp/kojin/open-account/
Shinsei Bank
Since it is an Internet bank, transactions can be made at affiliated ATMs or on the Internet. It is one of the banks where it is easy for foreigners to open an account. There is a page on the official website where you can check whether it is possible to open an account for foreigners (with English description), so please check before applying.
Required documents
Residence card (within the expiration date) or special permanent resident certificate (if applicable)
When applying by mail, one of the following three items is also required.
(1) A copy of your driver’s license (issued more than 6 months ago)
(2) Original utility bill (fixed-line, electricity, water, gas, NHK) receipts *Copies are not accepted
(3) Residents A copy of the certificate or a certificate of registered items in the resident card *Copies are not accepted
Flow of account opening
There are two ways.
(1) Open an account by mail – Access the account opening application form on the Internet and enter the necessary information. You can choose to print the application form on your home printer or have it sent to you by mail from Shinsei Bank.
Sign (or seal) the application form and send it to Shinsei Bank after enclosing your personal documents.
After completing the procedure, you will receive a cash card/security card (simplified mail) and PIN notification (specific record) from Shinsei Bank by separate mail.
(2) Opening at a store -Bring the necessary documents to a branch near your home or work and complete the necessary procedures. If you want to report your personal seal, please bring your personal seal with you. At Shinsei Bank, in addition to a personal seal, signatures can be delivered.
ATM withdrawal fee:
- It depends on which affiliated ATM you use, but here we will pick up and introduce some that we think you will use often.
- Seven Bank ATM 110 yen
- Aeon Bank ATM 110 yen Japan
- Post Bank 110 yen (cannot be used from 23:55 to 0:05 on weekdays and from 0:00 to 0:05 on weekends and after 21:00) International
remittance fee: Go ¥2,000 when using the Remit International Money Transfer Service
For details, please check the Shinsei Bank website below. https://www.shinseibank.com/powerflex/?intcid=mega_aopc_000_01
Rakuten Bank
An Internet bank operated by the Rakuten Group, characterized by higher interest rates compared to other banks. In addition, there are many ATMs that can be used because it has tie-ups with many banks and convenience stores, so it can be said that it is an easy-to-use bank among Internet banks.
Required documents
Residence card (within the expiration date) or special permanent resident certificate (if applicable)
Flow of account opening
You can apply online (computer/smartphone). Enter the information required to open an account, such as your name and address. Select the desired card (cash card with debit function, prepaid card without cash card function, cash card with integrated credit card, cash card), and method of confirming personal identification information.
There are three ways to confirm your identity.
(1) App
Download the Rakuten Bank app, take a photo of your identity verification document, and send it to us. After about two days to two weeks, you will receive a “ThankYou Letter Initial Setting Guide” (simple registered mail). Once you receive it, your account will be opened.
(2) Present it to the delivery person
About 1-2 weeks after application, you will receive the “ThankYou Letter Initial Setting Guide”. The account opening is completed by presenting the identification document to the delivery person and receiving it.
(3) By mail
After applying, you will receive a self-addressed envelope. Following the instructions, we will enclose the identity verification documents and send them back to you. If there are no problems with the content, you will receive a “ThankYou Letter Initial Setting Guide” (simple registered mail) in about a week to 10 days.
When you receive the “ThankYou Letter Initial Setting Guide” (simple registered mail), follow the guide to make the initial settings.
ATM withdrawal fee:
- It depends on which affiliated ATM you use, but here we will pick up and introduce some that we think you will use often.
- Seven Bank ATM ¥220 (If you join the Happy Program service, up to 7 times are free depending on usage)
- Aeon Bank ATM ¥220 (If you join the Happy Program service, up to 7 times are free depending on usage)
- Japan Post Bank 275 yen (If you join the Happy Program service, up to 7 times are free depending on usage) International
remittance fee: 750 yen
Yen remittance fee (when remittance in Japanese yen) 3,000 yen, overseas intermediary bank A fee of 1,000 yen will be charged (you can choose whether the person who sent the money or the person who received it will pay it).
For details, please check the Rakuten Bank website below. https://www.rakuten-bank.co.jp/account/
[Q&A] Frequently asked questions when foreigners open a bank account in Japan
So far, we have introduced the conditions, required documents, the flow of opening, and recommended banks for foreigners to open a bank account in Japan, but we will also introduce some other frequently asked questions.
[Q] When a foreigner opens a bank account, should the name be written in katakana? alphabet?
[A] Basically, based on the information printed on your residence card, passbooks are written in alphabets and cash cards are written in katakana (even Japanese people write cash cards in katakana). Also, for those who have both kanji and alphabet names, it seems that kanji will be written in kanji and alphabet will be written according to the information on the residence card.
However, the rules differ depending on the bank, so please contact the bank you want to open an account for details.
[Q] Can a foreigner who does not have a seal open a bank account?
[A] Some banks do not require a personal seal to open an account. In Japan, a seal is often required for contract-related procedures, so I think you can get one, but if you don’t want to make a seal, you can choose a bank that doesn’t require a seal.
[Q] How long does it take to open a bank account?
[A] If you complete the procedure at the store, the procedure will be completed on the same day in principle. (If it takes time to verify your identity, you will receive your passbook and cash card by mail at a later date.)
If you complete the procedure via the app or on the Internet, it will take about two weeks to open an account, although it depends on the bank and the procedure. .
[Q] Do I need to close my bank account before returning to Japan? Is it possible to keep a bank account?
[A] If you will be returning to your home country and will no longer be using your bank account, be sure to complete the cancellation procedure. If you plan to re-enter Japan and expect to continue using your bank account, please consult with the financial institution where you have your account.
There are many cases where foreigners returning to their home country sell bank accounts for the purpose of earning pocket money, etc. However, this is a criminal act prohibited by law, so please do not do it. In some cases, you may be subject to legal punishment, deportation, or entry ban.
Summary of opening a bank account in Japan for foreign nationals
In order for a foreign national to open an account at a Japanese bank, it is necessary to satisfy the following conditions:
The period of stay is 6 months or longer, and the person is staying in Japan for the purpose of work or study.
The documents required to open an account differ slightly depending on the bank and the method of application, but the absolutely necessary is a residence card (special permanent resident certificate).
The method of opening an account differs depending on the bank, but there are three main methods:
- Proceed at a bank counter・
- Apply online
- Proceed using the app
Regardless of the method, it takes about two weeks from the time you apply until the account is opened.
There are 6 banks that are recommended for foreigners because they are convenient because they have branches and ATMs all over the country, and because it is easy to open an account. If you are not sure which bank to open an account with, you can choose one of these.
- Japan Post Bank
- Mitsubishi UFJ Bank
- Mizuho Bank
- Sumitomo Mitsui Banking
- Shinsei Bank
- Rakuten Bank
Source: studyjapan
