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How to open a bank account in Japan: Required documents
If you’re considering opening a bank account in Japan you’re in the right place. This guide covers the documents you need, the basic process to follow, and some banks to check out.
We’ll also introduce the Wise multi-currency account - the international account for people without borders.
How to open a bank account in Japan
Japanese banks may require foreigners to have lived in Japan for at least 6 months to be able to open bank accounts. But Japan Post Bank, for example, accepts applications from foreign residents who have lived in Japan for less than that.
If you need to send, receive and spend money in Japan and cannot wait for 6 months, you may consider an alternative like Wise multi-currency account, which you can register in minutes⏱
Required documents
Here’s common required documents for foreign residents to open bank accounts in Japan:¹
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Steps of opening a bank account in Japan
- Visit your local bank branch
- Fill in the application form (take a friend if you can’t speak Japanese yet😌)
- Usually you can get your passbook immediately
- Your bank card will arrive a few days later by mail
It’s worth noting that some banks now allow online or even in app account opening processes for eligible customers. This can be easier than visiting your local branch, so see if your preferred bank has this service.
Bank branch opening hours
If you’re opening an account with a traditional bank, opening hours are usually 9am to 3pm, Monday to Friday. Public holidays may mean your bank branch services are not available.
Useful Japanese banking words
| English | Japanese |
|---|---|
| Transfer | 振込(furikomi) |
| International transfer | 海外送金(kaigai soukin) |
| Withdrawal | 引き出し(hikidashi) |
| Passbook | 通帳(tsuuchou) |
| Deposit | 預金(yokin) or 預ける(azukeru) |
Opening a bank account in Japan as a non-resident?
Most Japanese banks require you to be a resident if you want to open a bank account. Even if you can open a bank account as a non-resident, what you can do with the account will be probably pretty limited compared to the usual account.¹
Which Japanese bank should you choose?
| Bank | Best feature |
|---|---|
| MUFG | Japan’s largest bank - with plenty of account options to save, spend and invest |
| SMBC | Another large, trusted bank |
| Japan Post Bank | Popular with foreign customers - full range of financial products and services to choose from |
| Sony Bank | Offers multi-currency accounts and has English website and account opening process |
| Rakuten Bank | Biggest online bank in Japan - apply online or using your phone, with English language account registration available |
| Wise (not a bank) | Free mobile and online multi-currency accounts for 50+ currencies - up to 14x cheaper to make an international transfer compared to major Japanese banks |
| Read also Guide to the best bank for foreigners in Japan |
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Beware of banks’ international transfer fees
One important point for most expats is the cost of international transfers. Chances are that you’ll still need to send and receive money internationally from time to time - and that can be expensive. Banks often have both an upfront transfer fee and a markup added to the mid-market exchange rates available for retail customers, which adds up quickly. Let’s take a look:
For people without borders: Wise💡
Need a better way to send and receive cross border payments? Meet Wise.
Open a free online Wise multi-currency account to get international transfers which can be up to 14x cheaper than some Japanese banks. You’ll also get your own local receiving account details for major foreign currencies including USD, EUR, GBP, SGD, AUD, NZD and more, so you can get paid fee free no matter where you call home.
Use your Wise account to hold 50+ currencies and switch between them using the real mid-market exchange rate with no markups and no sneaky fees. There’s just a low, transparent charge per transaction. You’ll also have a Wise debit card you can use for spending all over the world.
The Wise website and app are available in 15 languages including English, Japanese, Spanish, Portuguese and Cantonese🌎.👩💻
Join the 10 million+ people and businesses using Wise already - and see how Wise customers save a total of 1 billion GBP a year compared to using their regular banks.
Summary
Opening a bank account in Japan isn’t difficult - but it might not be a familiar process if you’re new to the country. Use this guide to start your research and find the perfect account for your needs. And don’t forget - for international transactions and currency conversion, you could save with a free online Wise multi-currency account.
Source
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Money without borders
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