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.
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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 in Japan on other visa types, like a 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 yen)
- Juminhyo — certificate of residence (including your “My Number”, the Japanese ID number)
Depending on the bank, the following might also be required
- A recent utility bill showing your current address
- 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. Overview of Japan banks
Banks targeting foreigners in Japan
If you have not been in Japan for very long and/or do not have very good Japanese language skills, then these more international, or “foreigner-friendly”, banks may be your best option.
SBI Shinsei Bank
SBI Shinsei (formerly just 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 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 SBI 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 that 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.
Prestia SMBC Trust Bank
Prestia SMBC 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. If you have a regular account, they will charge you a monthly “maintenance fee” of 2,200yen, unless you fulfill one of the waiver requirements—such as having an average balance of over 500,000yen, holding a loan from Prestia, or having a Prestia affiliated credit card. There is also a “GOLD” account with no fees which is geared towards people on expat packages with more money than they know what to do with.
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
These are the largest and most well-known banks in Japan. Although they used to lag behind the likes of Shinsei and Prestia, most now have English online banking and surpass the smaller boutique banks in terms of service. For example, all the majors offer 24-hour/365-day-a-year real-time domestic transfers. With smaller banks, you might be limited to weekdays and business hours.
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, but SMBC still has a lot to offer. They have a fully functional English language smartphone app (Prestia doesn’t!), and if you have any problems that you can’t resolve online, there’s probably a branch within a 15-minute walk of your apartment.
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 probably the most traditional domestic bank. Bring both your hanko and a Japanese speaker if you aren’t fluent.
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, it recently expanded its service to full English online banking and cheap or even free international remittances. Sony Bank allows 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.
Beyond banking: In search of some plastic? Check out our guide to credit cards in Japan.
3. 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 yen | Free | 110 yen | |
| MUFG Bank | At MUFG Trust Bank ATMs | Free | 110 yen | 110 yen | 110 yen | |
| 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 yen | 110 yen | 110 yen | 110 yen | |
| Seven Bank | At Seven Bank ATMs | 110 yen | Free | 110 yen | Free | |
| Sony Bank | At 90,000 partner bank ATMs | Free 4 times per month, 110 yen thereafter | Free 4 times per month, 110 yen thereafter | Free 4 times per month, 110 yen thereafter | Free 4 times per month, 110 yen thereafter |
Service fees for transfers from an ATM
| Bank | ATM transfer fee |
|---|---|
| Prestia (SMBC ATMs) | By cash: 220 yen–440 yen By cash card: 165 yen–330 yen |
| SMBC | By cash: 220 yen–440 yen By cash card: Free |
| MUFG Bank | By cash: Free between 08:45 and 18:00 (not available outisde these hours) By cash card: Free between 08:45 and 21:00 (110 yen outside those hours) |
| Japan Post Bank | By cash: 152 yen–366 yen By cash card: 152 yen–366 yen |
| Rakuten Bank (at partner bank ATMs) | By cash: Depends on the ATM 0 yen–275 yen) By cash card: 0 yen–262 yen |
| Shinsei Bank | Only online transfers available |
| Seven Bank | By cash card: 55 yen–220 yen |
| Sony Bank | Not available |
Fees for receiving money from overseas
Pro tip: Wise launched a multi-currency account in Japan, allowing you to receive money in six different currencies, including GBP and USD, for free. Read more about this and other ways to send money to Japan.
| Bank | Payments in yen | Payments in other currencies |
|---|---|---|
| Prestia | Free | Free |
| SMBC | 1,500 yen + 5% of remittance amount (min. 2,500 yen) | 1,500 yen |
| MUFG Bank | 1,500 yen + 5% of remittance amount (min. 2,500 yen) | 1,500 yen + 5% of remittance amount (min. 2,500 yen) |
| Japan Post Bank | Service not available | USD $10 / EUR €5 |
| Rakuten Bank | 2,450 yen | 2,450 yen |
| Shinsei Bank | 2,000 yen (free for platinum and gold customers) | 2,000 yen (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 yen† | 3,500 yen† | via online banking |
| SMBC | 2,500 yen–4,500 yen + 2,500 + + 5% of remittance amount (min. 2,500 yen) | 2,500 yen–4,500 yen + 2,500 yen | |
| MUFG Bank | 2,500 yen–3,000† + 5% of remittance amount (min. 2,500 yen) | 2,500 yen–3,000 yen† | †via online banking |
| Japan Post Bank | Service not available | 2,000 yen† | †via online banking |
| Rakuten Bank | 750 yen + 3,000 yen (+ 1,000 yen†) | 750 yen (+ 1,000 yen†) | †intermediary bank fee |
| Shinsei Bank | 2,000 yen† + 0.1% of remittance amount (min. 1,500 yen) | 2,000 yen–4,000 yen | †when using their partner GoRemit |
| Seven Bank | Service not available | ~950 yen† | †depends on the remittance amount |
| Sony Bank | 3,000 yen† | 3,000 yen† | †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 most if not all banking services online.
One thing to be aware of is that the web versus app experience may be quite different. For example, while both Shinsei Bank and Sony Bank provide banking through the web in English, their smartphone apps are Japanese language only.
| Bank | Language | Hours | OS/Browser | App | Fees |
|---|---|---|---|---|---|
| Prestia | Japanese and English | 24 h | Windows, MacOS X IE, Chrome, FireFox, Safari | Yes | Monthly fee: Free (a 2,200 yen monthly account maintenance fee is required) Transfer fee to Prestia: Free Transfer fee to other banks: 264 yen Transfer other banks (balance >1m yen): 165 yen |
| SMBC | Japanese and English | 24 h *except from Sun 21:00 to Mon 07:00 | Windows, MacOS, Linux IE, Edge, Chrome, FireFox | Yes (English translation is incomplete) | Monthly fee: Free Transfer fee to SMBC: Free Transfer fee to other banks: 216 yen–432 yen |
| MUFG Bank | Japanese only | 24 h (depending on service) | Windows, MacOS IE, Edge, Chrome, Safari | Yes (Japanese only) | Monthly fee: Free Transfer fee to MUFG: Free Transfer fee to other banks: 216 yen–324 yen |
| Japan Post Bank | Japanese only | 00:05–23:55 | Windows, MacOS X IE, Edge, Chrome, FireFox, Safari (browser and OS must be in Japanese) | Yes (limited English translation) | Monthly fee: Free Transfer fee to JP Bank: Free for up to 5 transactions a month Transfer fee to other banks: 216 yen–432 yen |
| Rakuten Bank | Japanese only | 24 h | Windows, MacOS IE, Edge, Chrome, Safari (browser and OS must be in Japanese) | Yes | Monthly fee: Free Transfer fee to Rakuten: Free Transfer fee to other banks: 165 yen–258 yen |
| Shinsei Bank | Japanese and English | 24 h | Windows, MacOS, Linux IE, Edge, Chrome, FireFox, Safari | Yes (Japanese only) | Monthly fee: Free Transfer fee to Shinsei: Free Transfer fee to other banks: 103 yen–308 yen |
| Seven Bank | Japanese | 24 h | Windows, MacOS IE, Edge, Chrome, Safari | Yes | Monthly fee: Free Transfer fee to Seven Banks: 54 yen Transfer fee to other banks: 216 yen |
| Sony Bank | Japanese and English | 24 h | Windows, MacOS Supports most browsers | Yes (Japanese only) | Monthly fee: Free Transfer fee to Sony Bank: Free Transfer fee to other banks: Free twice per month, thereafter 220 yen |
4. Closing your account
Even though you went through all that effort to open your account, you’re about to leave the country and closing your bank accounts should definitely be on your leaving Tokyo checklist. Here’s 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.
Interested in those notes and coins? Check out The Geeky Cheapo’s Guide to Japanese Money.
This article was first published on March 19, 2020 and is regularly updated. Last update: July 6, 2021.
