A Comprehensive Guide to Opening a Bank Account in Japan
Are you considering opening a bank account in Japan? Navigating the financial landscape in a new country can be daunting, but fear not! This guide is here to walk you through the process, from required documents to recommended banks.
Which Japanese Bank to Choose?
Japan offers a variety of banks to choose from, each with its own unique advantages. Here are some of the top picks:
- MUFG, SMBC, and Mizuho: Japan’s largest banks, offering a wide range of account options.
- Japan Post Bank: Popular among foreigners, offering a wide range of financial products.
- Rakuten Bank and SBI Shinsei Bank: Japan’s largest online banks, offering online and phone application with English language support.
Why Choose Rakuten Bank?
Among the options listed, Rakuten Bank stands out as a top choice for international residents in Japan. Here’s why:
- English Website: Rakuten Bank offers an English website, making it easy for non-Japanese speakers to manage their accounts.
- Online Banking Convenience: As an online bank, Rakuten Bank provides a seamless and efficient banking experience, allowing you to manage your finances from anywhere.
- No Maintenance or Hidden Fees: Rakuten Bank has a transparent fee structure with no maintenance fees or hidden charges.
- Easy Online Account Opening: Opening a Rakuten Bank account is quick and hassle-free, with the entire process being completed online.
- No Personal Seal Required: Unlike traditional banks in Japan, Rakuten Bank does not require a personal seal (hanko) for account opening, making it more accessible for those who may not have one.
Unlike banks in the US, Japanese banks typically do not offer high-yield accounts, with interest rates usually ranging from 0.01% to 0.2% (2024). As a result, many Japanese citizens choose to save their money in tax-exempt brokerage accounts, known as ‘NISA,’ which are also available for foreign residents. The NISA guide will be featured in this blog soon.”
In conclusion, Rakuten Bank’s English website, online banking convenience, transparent fees, easy account opening process, and lack of a personal seal requirement make it a highly recommended option for international residents in Japan.
How to Open a Bank Account with Rakuten Bank
Opening a bank account with Rakuten Bank is a straightforward process that can be done online. Here’s a step-by-step guide:
Step 1. Access the Rakuten Bank website
Go to https://www.rakuten-bank.co.jp/account/ and click on the “English” column on the right above.
Step 2. Follow the English instructions
Complete the online application form, providing the necessary information and documents for identification.
- Telephone Number: If you do not have a Japanese telephone number yet, you can request permission to temporarily use the number of a friend or colleague–Rakuten Bank asks for a telephone number for formality. Once you obtain your own number, you can update it in the app.
- Cash Card (ATM Card): Choose a VISA Basic Debit Card, widely accepted in Japan, and with no annual fee.
Step 3. Submit Required Documents
Depending on your nationality and age, you may need to provide two required documents.
- One must be either a Residence Card (zairyū card) or a Special Permanent Resident Certificate.
- The other must be one of the followings:
- My Number Card with photo
- Driver’s License or Driving History Certificate with photo
- Basic Resident Register Card with photo (jūmin kihon daichō card)
- Card-type Health Insurance Card or Later-stage Elderly Medical Insurance Card (with address and filled in)
- Various Pension Books or Welfare Books (such as Disability Certificates)
- Receipts for Public Utilities (water, electricity, or gas)
- National or Local Tax Receipts
In approximately 1-2 weeks, you will receive the ‘ThankYou Letter Initial Setup Guide’ from Rakuten Bank via simple registered mail.
Conclusion
By following these steps, you can open a bank account with Rakuten Bank quickly and easily, allowing you to manage your finances in Japan with convenience and peace of mind.
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