Banking and Finances in Japan Managing your money in Japan can seem complicated when you first arrive, particularly if you are unfamiliar with the banking system or Japanese financial terminology. Opening a bank account, withdrawing cash, applying for a credit card and sending money overseas all involve procedures that may be different from those in your home country. The good news is that once you understand the basics, everyday banking becomes much easier. This guide explains the main things foreign residents should know about banking and personal finances in Japan, from opening your first account to using ATMs, exchanging currency and transferring money abroad. Opening a Bank Account in Japan Before visiting a Japanese bank to open an account, make sure you have the identification and other documents you may be asked to provide. A passport and residence card are particularly important for foreign residents. Some banks may also ask for a personal seal, known as an inkan or hanko. Although some banks accept a signature instead of an inkan, requirements can vary between financial institutions. If you already have a personal seal, taking it with you can avoid unnecessary problems. Your chosen seal effectively becomes your personal seal for banking purposes unless you later change it. Traditional bank branches in Japan generally operate during weekday daytime hours, so people who work full time may need to arrange time away from work. The exact opening process and waiting time vary between banks and branches, so it is worth allowing plenty of time for your first visit. The Bank Account Opening Process Opening an account is generally a straightforward process, although the amount of Japanese required can depend on the bank and branch. The following steps provide a general idea of what to expect. Step 1: Ask to Open an Account When you reach the counter, you can say 銀行口座を開きたいのですが (Ginkou kouza wo hirakitai no desu ga), which means “I would like to open a bank account.” Step 2: Complete the Application Forms The bank will ask you to provide information such as your name, address and employment details. If the paperwork is entirely in Japanese and you are not confident reading it, having someone who can help you understand the forms can be useful. Step 3: Make an Initial Deposit You may be asked to make a small initial deposit when opening the account. The amount required can vary, but it is generally a relatively small sum. Step 4: Choose Your PIN and Receive Your Bank Book You will normally set a four-digit PIN for your cash or ATM card. Depending on the bank and account, you may also receive a 通帳 (tsuucho), or bank book, which records transactions made through the account. Step 5: Receive Your ATM Card If your ATM or cash card is not issued immediately, it may be sent to your registered address. The card will normally contain information such as your name, branch details and account number. What If You Don’t Have a Permanent Address? Proof of address can be an important part of opening a Japanese bank account. For people who have recently arrived in Japan, this can create a practical problem if they are still living in temporary accommodation. Depending on the bank and your circumstances, temporary accommodation or your current registered address may be accepted. Requirements differ between financial institutions, so check with the bank before relying on a particular address. Once you move into your permanent accommodation, make sure your banking information is updated. Japanese Banks to Consider Japan has a wide range of banks, from major national institutions to regional banks and financial services aimed at international customers. The right choice depends on the services you need and how comfortable you are using Japanese-language banking. Mitsubishi UFJ Bank Mitsubishi UFJ is one of Japan’s major banking groups. Services associated with the account options described in the source include a Visa debit card alongside a standard cash card. Online banking services may be primarily Japanese-language, and English-language support can be limited depending on the service. Mizuho Bank Mizuho is another major Japanese bank. Its services include cash and debit card options, while the source notes that online banking is primarily Japanese-language. English-language assistance is available through customer service channels. Resona Bank Resona offers cash cards with Visa debit functionality. Its banking application has included English and Simplified Chinese language options, although English-language customer support may be limited. Shinsei Bank Shinsei has historically been popular with foreign residents because of its English-language services. The services described in the source include a Visa debit option, English online banking and English-language customer support. SMBC SMBC offers Visa debit cards alongside its standard cash cards. Online banking services may primarily use Japanese, while English-language assistance is available on a more limited basis. Japan Post Bank Japan Post Bank has an extensive branch and ATM network, making it a familiar option for many residents. Its services include standard cash cards, although online banking may primarily be offered in Japanese. Suruga Bank Suruga Bank provides standard banking services and cash cards with Visa debit functionality. As with many Japanese banks, customers who do not speak Japanese should check the current availability of English-language assistance before opening an account. Using ATMs in Japan ATMs are widely available throughout Japan, particularly in convenience stores, shopping centres, railway stations and bank branches. Many machines provide English-language menus, while some also offer additional languages. However, not every ATM has the same language options. Smaller or regional banks may have machines that operate primarily or exclusively in Japanese, so learning a few basic Japanese banking terms can make using them considerably easier. Useful Japanese ATM Terms 引き出し (hikidashi) means withdrawal. Choose this option when you want to take cash from your account. お預入れ (oazukeire) means deposit. This option allows you to put cash into your account, although the precise functions available vary between machines. 残高照会 (zandaka shoukai) means balance inquiry. Select this when you want to check how much money is
