Managing your money: an introduction to banking in Japan
A Japanese bank account is a necessity for our Instructors as Gaba can only remit payment to Japanese banking institutions. Although you may try to open an account at major bank if you wish to, we would recommend JP post and PRESTIA a the most convenient options.
Opening a bank account usually requires the following:
- Passport
- Resident Card (Zairyuu) OR Certificate of Registered Matters
If you have not received the actual card yet, you can use the receipt issued at time of application instead. - Telephone number
- Hanko (inkan) stamp (May be required. See the Signature stamp section below.)
Different branches will have different requirements for opening an account, but the documents mentioned above are usually required by most banking institutions. For specific application requirements, please visit the bank branch and speak with a representative. Gaba recruiters can recommend specific branches with English speaking staff.
Prestia (formerly Citibank Japan)
From November 2015 Citibank Japan was incorporated into SMBC and continues business under the name Prestia. Presita may charge a small monthly fee for maintaining an account.
Shinsei Bank
The bank has less branches than other banks in Japan, but you can access your account through a large number of third party ATMs nationwide.
Japan Post Bank
Japan Post Bank Co., Ltd. is a Tokyo-based bank that is a part of Japan Post Holdings postal and financial group. It would be best to try an open an account at the branch closest to your residence. The application form can be filled out in English online in advance. In that case, please print out the completed application form and submit it to the branch.
Passbook: “tsuucho” 通帳 (MUFJ Bank)
For most banks you’ll be able to obtain a tsuucho (bank passbook) at the time you open your account. When opening an account with Shinsei or PRESTIA, please ask the bank staff for an official document stating your full name and bank account number in lieu of the passbook as these bank do not issue them. This document will be required at the time of contract signing to ensure timely remittance of monthly payments.
Signature Stamp: “hanko/inkan” 印鑑
A hanko (also known as an inkan) is a stamp engraved with the bearer’s surname. Hanko are the Japanese version of a signature and subsequently are an important tool for living in Japan. They help when getting a telephone or internet service, when setting up a bank account, joining a gym or anything else that requires you to prove your identity.
Although you are unlikely to use a hanko as frequently as Japanese people do, it is always handy to have one. There are shops which will engrave your name in katakana onto your very own hanko for around 2000 yen. It is probably best to learn how to write your name in katakana beforehand!
Bank Transfers
There are a number of options available for those who are interested in transferring money internationally. Most Japanese banks have an option to do a direct transfer from your bank account in Japan to any account you request. Transferring via your Japanese bank account may require you to submit an application in person or a pin code card for security purposes. Alternatively, you can also do a transfer online via your Japanese bank account if you have a remittance account. See below for a list of options we suggest for sending money home.
Japanese banking institution (direct transfer)
Branch (in person)
| Fee | From 4,000 yen to 7,000 yen (depending on the amount transferred) |
| Process |
|
| More Information | Check the banking institution you have or plan to open an account with |
Online (remittance account)
| Fee | 2,000 yen (payment for the transaction will be automatically deducted from the account you are transferring from) |
| Process |
|
| More Information | http://www.shinseibank.com/goremit/en/ |
Western Union
Branch (in person)
| Fee | From 990 yen to 9,000 yen (depending on the amount transferred) |
| Process |
|
| More Information | http://www.westernunion.co.jp/en/ |
Seven Bank 7-11 via Western Union
Branch (ATM)
| Fee | From 990 yen to 6,500 yen (depending on the amount transferred; payment for the transaction will be automatically deducted from the account you are transferring from) |
| Process |
|
| More Information | http://www.sevenbank.co.jp/soukin/en/ |
Online
| Fee | From 990 yen to 6,500 yen (depending on the amount transferred; payment for the transaction will be automatically deducted from the account you are transferring from) |
| Process |
|
| More Information | http://www.sevenbank.co.jp/soukin/en/ |
Family Mart via Western Union
Branch (ATM)
| Fee | From 990 yen to 7,000 yen (depending on the amount transferred) |
| Process |
|
| More Information | http://www.wu-moneytransfer.com/en/transfer/index.html |
Online
| Free | 990 yen to 7,000 yen (depending on the amount transferred; payment for the transaction will be automatically deducted from the account you are transferring from) |
| Process |
|
| More Information | http://www.wu-moneytransfer.com/en/transfer/index.html |