If you're moving to Japan, here's how to manage your money
Before you move to Japan, understanding the local banking system can save you weeks of frustration and unexpected fees.
Banking Overview in Japan
| Feature | Details |
|---|---|
| Currency | Japanese yen (JPY) ¥ |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Japan
Foreigners can open bank accounts in Japan. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Japan. While you may be able to send money to Japan, full local account features may not be available. Check their website for the latest on Japan-specific services.
N26
N26 is not currently available in Japan. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Japan, consider these factors:
- Exchange rate: The currency is JPY. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Japan is approximately €2,083 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Key Institutions and Services
Based on current expat reports, the following organisations and services are relevant for newcomers to Japan:
- Japan Post Bank
- The Japan Post Bank
Additional Data Points
Recent reports and expat sources provide these additional figures for Japan:
- Usually, the bank may take 1 to 2 weeks to review your application and documents. When attending an in-person appointment at the bank, don't forget to bring the necessary documents, and be prepared to sincerely answer questions about your business.
- In a February 2022 survey, around 30.7% of people in Japan mentioned that they now use online banking more frequently than before the COVID-19 outbreak.
- When sending money abroad with Japan Post Bank, the transfer fees are 3,000 JPY if done through online banking or 7,500 JPY at a branch. It's important to note that Japan Post Bank, like other banks, includes a markup in their exchange rates. Additionally, intermediary banks may charge fees.
- To be eligible for a Shinsei Bank account, you must have lived in Japan for 6 months or worked there. Additionally, you will need a Japanese cell phone. You can input your personal details and check if you meet the requirements on the Shinsei Bank website .
- To open an account at Seven Bank, you need to have lived in Japan for at least 6 months. You also must provide a photocopy of your residence card. After you submit the application form, Seven Bank will send a cash card to your registered address within 1 or 2 weeks using simple registered mail.
- To open an account at Sony Bank, you must have lived in Japan for at least 6 months. In addition, you must have a valid residence card, a valid Japanese health insurance card, a Japan-issued driver's license, an Individual Number Card, and Proof of employment or a document with your full name in Katakana.
- One must hold a long-term visa to open a bank account in Japan . In that sense, WHP holders, students, workers, entrepreneurs, and permanent residence visa holders can open an account. It is, therefore, impossible to do so with a tourist visa.
- Also note that in Japan, one has only one family name and only one first name. If you have more than one, write them all down. Do not hesitate to specify it in case you are asked.
- You may be charged a fee if you withdraw or transfer money from a convenience store or a different bank or even use your card at your bank's ATM. The amount of this fee depends on the time of use and the policies of each bank. For instance, if you use an SMBC card at the main branch ATM on weekends or outside of regular hours, you must pay 110 yen .
- Paying the total amount of monthly credit card bills is mandatory in Japan, and the payment is usually automatically deducted from a bank account. When making purchases, you can pay the entire amount without any interest (ikkatsu barai) or divide it into equal installments over several months (bunkatsu barai), in which case interest will be applied.
- To successfully open your corporate account in Japan, you should thoroughly audit your business to ensure it meets the requirements, gather and prepare all the required documents for the application process, fill out the application form in Japanese, and include all the correct documents.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
Is cryptocurrency banking available in Japan?
Cryptocurrency regulation in Japan varies. Some banks allow crypto-related transactions while others restrict them. Dedicated crypto exchanges operate in many countries. Check local regulations before trading or holding crypto assets in Japan.
Can I receive my salary in a foreign bank account in Japan?
Technically yes, but most employers in Japan prefer paying into a local bank account. Using a local account avoids international transfer fees and delays.
Does Wise (TransferWise) work in Japan?
Wise has limited functionality in Japan. You may need to rely on traditional banks for transfers.
Are there any fees for maintaining a bank account in Japan?
Many banks in Japan charge monthly maintenance fees ranging from ¥2 to ¥15. Some offer free accounts if you maintain a minimum balance or receive a regular salary.
How long does it take to open a bank account in Japan?
Opening a bank account in Japan typically takes 1-3 weeks depending on documentation readiness and the bank chosen. Digital banks may be faster.
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