How to open a bank account in Japan
Written by Mingzhi Yin
Japan is located in East Asia. Japan means “Land of the Rising Sun”. Its territory consists of four large islands — Hokkaido, Honshu, Shikoku, and Kyushu — and more than 7,200 small islands. Its resources are scarce and extremely dependent on imports, and its developed manufacturing industry is the main pillar of the national economy. Its scientific research, aerospace, manufacturing, and education are among the highest in the world. In addition, the cultural industry, led by the animation and game industries, and the developed tourism industry are also important symbols. Japan is a highly developed capitalist country and the third largest economy in the world, where the banking system is relatively tight and well-developed, and a series of compliance certificates are required to have your bank account in Japan.
Banks in Japan
In general, the three major local banks in Japan are (MUFG) Mitsubishi UFJ Bank, (SMBC) Sumitomo Mitsui Banking Corporation, and (Mizuho) Mizuho Corporate Bank. Bank of Tokyo-Mitsubishi is the largest commercial bank in Japan. Sumitomo Mitsui Banking Corporation (SMBC) is the second largest commercial bank in Japan and one of the top ten commercial banks in the world, and its predecessor, Mitsui Bank, was the first private bank in Japan. Mizuho Corporate Bank is a bank with major corporations, financial institutions, and important overseas companies as its main customers.
Next, this article will provide you with the account opening process and recommendations about these banks.
Account Opening Process Overview
First of all, whether you are an overseas person coming to Japan, a local resident, or a permanent resident, the document you must prepare is an identification document.
1. Opening an account in Japan
There are three types of applications: app application, online application, and offline application
App application process: fill out the online application form — provide identification documents and facial photos — fill out the cell phone verification code or use email verification — to account opening successfully.
Network application process: fill out the online application form — provide identification documents and facial photos — fill out the cell phone verification code or use the mailbox verification — account opening success.
Offline application: bring identification documents and personal seal to the offline process — successful account opening
It should be reminded that there are restrictions on opening an account at different banks, and the type of visa and visa period will affect the possibility of opening an account at certain banks. For example, Sumitomo Mitsui Banking Corporation requires that the account holder must have lived in Japan for at least 6 months before opening an account. Also, the identification documents required to use different bank apps vary, and some do not even require a facial photo.
2. Open a Japan account overseas
Setting up a bank account in Japan from abroad is not possible as you will need to present your personal visa and residence card in person to your chosen Japanese bank. Only those with a residence permit may open a bank account in Japan.
Open an account as a resident of Japan
As a resident over 18 years of age, you must be prepared to open a bank account with the following documents.
●Valid identification documents
●Documents that can confirm the personal number
●personal seal
1. If you already have a bank account with Mizuho, SMBC and MUFG
If you already have an account with all three banks and want to open a new account with the same bank, all three banks do not offer smart account opening, which means you must visit the branch closest to your home or place of work to do so. If you do not go to the bank closest to your home or place of work, then you may be denied the process. The supporting documents you will need are shown above.
2、If you have never opened a bank account with one of these three banks
If you have never opened an account with one of these banks, you will need to follow the following process: fill out the online application form — provide identification documents and a facial photo — fill out the cell phone verification code or use email verification — account opening is successful.
The information required for the online application form is.
1. Valid identification documents (choose from two of the following materials: driver’s licenses with current address, MyNumber, and health insurance certificate)
2. Valid Japanese phone number
3. Valid personal information and the SMS verification number received
After opening an account online, the card number will be sent to the user via email as early as possible on the same day. Regardless of whether the account is opened online or offline, the physical card will be sent by registered mail to the user’s home address about a week after the application is made. Note: You will not be able to access your card number via the URL provided in the email after a certain period of time has elapsed since your application. The bank card will not be forwarded after confirming the address information, even if the mailing address is changed to the post office.
3、For users under 18 years old
14&under
You can apply for a bank account in place of your child. The bank will verify your and your child’s identity, address, and proof that you are the child’s parent or legal guardian.
Documents that must be prepared for the relative-in-lieu process include.
● Identification documents for you and your child (one photo ID and two non-photo IDs are required, see official website)
Proof of your relationship (if the child’s last name and address are different from those of the substitute, you will need to bring documentation proving the relationship, but not if the last name and address match)
● The child’s seal
Under 14 years old can also apply in person, and the documents to be prepared include.
● Personal identification documents (one photo ID and two non-photo IDs are required, see the official website for details)
● A personal seal
15–18 years old
Relatives cannot help in lieu of a bank account and need the child to bring personal identification documents to the nearest bank and open a bank account on their own.
4、Recommendations
●Mizuho: The easiest bank to open an account, and the ATM fee is 0 yen.
●SMBC: The lowest fee for transferring money to other banks
Find more details at https://www.smbc.co.jp/kojin/fee/furikomi.html
●MUFG: Annual fee is 0.
Find more details at https://www.bk.mufg.jp/tsukau/debit/index.html
Open an account as a student studying in Japan
The main groups of students discussed in this paper are mainly international students and local students. For these two different groups, there are different account opening choices and program recommendations.
1. International students haven’t entered Japan
You cannot open an account in advance or online. You need to go to an offline counter with your driver’s license or various health insurance certificates after you arrive in Japan. You will also need to bring your pension handbook, maternal and child health handbook, or proof of tax payment to do so. (Note: All types of health insurance cards, pension handbooks, and maternal and child health handbooks must be issued or received within 6 months)
2. International students and local students in Japan
Both international and local students can apply for a local bank account. Local students (universities, vocational schools, trade schools, etc., excluding high school and junior high school students) can apply for Mizuho’s student discount card, which can be found at https://www.mizuhobank.co.jp/retail/products/mmc/tokuten/jyouken_gakuwari.html. However, for international students, you have to provide a resident card and can only apply for an electronic account. Note: If a foreign student has been in Japan for less than 6 months, you may not be able to open an account with SMBC because in order to open an SMBC account, the applicant must have been in Japan for 6 months.
International students need the following documents.
● Resident card (if the period of stay is less than 3 months at the time of application for account opening, the account will not be opened and the period of stay will need to be extended before it can be processed)
● Student ID card (not required)
● Personal seal (excluding rubber stamps such as Shachihata)
Local students will need the following documents.
● Personal identification (such as a driver’s license)
● Mynumber
● Personal seal (excluding rubber stamps such as Shachihata) (If you are opening an account without a seal, you do not need a seal, but some services cannot be handled)
For local students:
Mizuho account: Students under 25 years old can apply for a student discount card, and the fee for using the ATM outside of working hours is 0 for a fixed number of times per month. SMBC account: Japanese students over 18 years old can apply for a student credit card. The annual membership fee is waived and points are doubled. Look for more info at https://www.smbc.co.jp/kojin/credit/studentplan/
For International students:
All three banks offer bank account opening services for international students. However, there are no special offers and only electronic accounts are available. For more details, please visit each bank’s website.
Open an account as a visitor in Japan
You can only open the account after you enter Japan
1. Here is a list of the documents you will need to prepare if you choose to open an account:
●Proof of personal identity (e.g. Certificate of Residence, Special Permanent Resident Certificate, personal number card or passport)
●Personal Seal
2. Recommendations
The website offers leaflets in different languages to help foreigners who need to open an account.：https://www.zenginkyo.or.jp/article/tag-f/14746/
The rest who needs the service for opening the bank account business can directly visit the official website of each bank at:
●MUFG: https://www.bk.mufg.jp/global/
●SMBC: https://www.smbc.co.jp/
●Mizuho: https://www.mizuhobank.co.jp/
This article was written by Mingzhi Yin, a graduate student at NYU.