If you’re an expat in Japan, you may wonder how to open a bank account in the country. Understanding the process and requirements is essential, and this guide will provide you with all the necessary information.
Important Details for Eligibility
Foreigners can open a bank account in Japan using their valid residence card. However, to prevent money laundering, there’s a general requirement to wait for at least 6 months after arriving in Japan before opening the account.
It’s important to note that individuals with a residence period of less than 3 months won’t be able to open a regular bank account in Japan. In such cases, you can opt for a “non-resident yen deposit”([非居住者円預金]) account, which has limited features and does not support foreign remittances, direct debits, or credit card linkage (the Ministry of Finance Notice No. 4672)
Opting for Wise
If you are unsure about having a bank account in Japan, consider Wise as a more convenient and cost-saving online alternative. As a UK-based international money transfer provider, Wise offers multi-currency handling and simple, cheap, and fast international money transfer services.
Timing for Account Creation
1 – 3 month after arrival
If you need a bank account within 3 months after entering Japan, the only option available is Japan Post Bank (“Yucho Bank” [ゆうちょ銀行]). It allows foreigners with a valid residence card to open a regular bank account immediately upon arrival. However, it won’t allow receiving foreign remittances for the first 6 months after entering Japan, while you can use the account for salary payments and other transactions. Some online banks may also provide account creation options, but you’ll have to wait for 6 months before gaining full deposit and withdrawal capabilities, making this option less practical. Many expats prefer to use cash cards or credit cards linked to their home country’s bank during this period.
3 months or more after arrival
After 6 months of entering the country, any bank allows you to create a regular bank account.
Opening Procedure and Required Documents
To open a bank account, visit the bank of your choice with the necessary documents. In case of JP Bank, the opening process can be initiated online through Japan Post Bank’s account opening page as the below image.
Typically, the process takes about an hour, but it’s better to avoid month-end due to higher traffic for salary transfers. Required documents include:
- a personal seal (hanko/inkan)
- a Japanese phone number
- identification documents (residence card, passport)
- address verification documents (resident certificate, utility fees bill).
Don’t forget to complete your resident registration before you head to the bank, as a resident certificate (“Juminhyo” [住民票]) is required for this purpose. For more details on resident registration, refer to “Japan Moving Made Easy: A Checklist for Stress-Free Relocation.”
Assistance for Non-Japanese Speakers
For expats who don’t speak Japanese fluently, consider banks like Shinsei Bank or Sony Bank, where staff proficient in English can provide support.
Keep Your Information Updated
After successfully creating your bank account, remember to promptly inform the bank of any changes in your address, resident status, or residence period.