American banks in Japan: branches and more

Americans moving to Japan or traveling there often look for familiar US banks. This is a logical approach – using a bank you already know and trust while abroad. It can make ATM withdrawals more convenient and help you save on fees.

However, while there are some American banks in Japan, such as Bank of America and Wells Fargo, they mainly serve big businesses, not regular customers. These branches focus on services like investment banking and managing assets for wealthy clients.

For everyday banking, you'll need a Japanese bank account, which usually requires a residency status. Here's everything you need to know about banking in Japan.

Which US banks have branches in Japan

There are a few American banks in Japan that have a presence in the country, but these branches primarily serve corporate clients and large institutions.

They generally don't offer personal checking accounts, savings accounts, or other consumer banking services that you might be looking for.

Here's where you can find some US banks in Japan:

These US banks in Japan have physical locations, but they likely won't be able to assist you with everyday banking needs.

For example, Wells Fargo Securities Japan only serves large financial institutional clients, such as megabanks, trust banks, life insurance companies, government-related entities, and asset managers.⁶

This means that you won't be able to walk into these branches to open a checking account, get a debit card, or handle everyday banking.

If you're an average American living in or visiting Japan, you'll need to use Japanese banks for your regular banking needs - which is typically not possible without residency.

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Can a US citizen open a bank account in Japan?

Yes, US citizens can open a bank account in Japan - but only if you have a residence card. You can't open a bank account on a tourist visa. You need to be living in Japan for work, study, or family reasons with proper documentation.

Most Japanese banks also require you to visit a branch in person to open an account. That said, there are a few options that allow you to open an account online, such as Sony Bank, but you still need a residence card.

Here's the full list of documents that you'll typically need:

• Residence card
• Passport
• Japanese address and phone number
• Hanko seal (a stamp that you use instead of a signature)
• Valid visa
• Relevant tax compliance documents

Sometimes, you may also need to show proof of employment or student status.

Which bank is best in Japan for foreigners?

Japan has several banks that are more foreigner-friendly, with some even having websites in English and English-speaking staff.

Here are a few banks where you can open an account as an American:

Since American banks in Japan typically don't offer consumer services, these Japanese banks can meet your needs - as long as you have a residence card.

Tips on banking in Japan

Japan's banking system can sometimes look different from what you're used to in the US. It's also important to be aware of foreign transaction fees and currency exchange rates because they can be steep.

• Cash-based society: Japan remains largely a cash-based society, and many restaurants, shops, and other businesses don't accept credit cards

• ATMs: ATMs can sometimes be closed for a few hours, especially at night or on the weekend. It’s a good idea to carry more cash than you normally would in the US

• International transfers: Sending money between US and Japanese accounts is typically expensive, and these transfers aren't immediate. Plan for them to take 1 to 5 business days

• Credit cards and loans: If you have a residency card and open a bank account in Japan, it can still be difficult or impossible to get a Japanese credit card or loan

• Currency exchange: More often than not, banks set their own exchange rates that include a markup - it's one of the ways they make money on your transactions. If you're using your US card, check if it charges foreign transaction fees

• Tax considerations: You'll have to file FBAR forms if your Japanese account exceeds 10,000 USD, and the interest you earn is something you'll likely have to report as well⁸

If you don't have a residence card in Japan, banking there can be challenging for Americans.

There are a few American banks in Japan, but they typically don't offer consumer banking services and focus on investment banking and asset management.

If you're in Japan long-term, such as for work or family reasons, you can open a Japanese bank account and use it for your daily spending. If you're not a Japanese resident, you'll have to use your US cards, which will likely trigger expensive foreign transaction fees.

There's an easy alternative - Wise. You can use it to send high-speed, low-fee transfers and spend like a local with no currency exchange rate markups.

Sources

1. Bank of America - Connect with our offices around the world
2. Citigroup - Japan
3. Goldman Sachs - Locations
4. J.P. Morgan - J.P. Morgan in Japan
5. The Bank of New York Mellon - BNY Japan
6. Wells Fargo - Wells Fargo Securities Japan
7. U.S. Embassy & Consulates in Japan - Visas to Japan for U.S. Citizens
8. IRS - Report of Foreign Bank and Financial Accounts (FBAR)