Can Foreigners Open Bank Accounts in Japan?

Japan, as an important economic and cultural hub in Asia, attracts a large number of foreigners to study, work or travel every year. When first arriving in Japan, if you want to live a stable life and keep your finances in order, opening a bank account as soon as possible is of utmost importance. It enables you to smoothly receive living expenses and tuition fees remitted by your family members, as well as the monthly salaries paid by your employers. This article presents you with a detailed guide to opening bank accounts in Japan. It will deeply analyze various mainstream accounts of local banks, the essential documents for foreigners to open accounts, and the details of the whole process. It will also focus on the popular accounts of several major banks and elaborate on the account opening conditions and capital thresholds.

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Can Foreigners Open Bank Accounts in Japan?

Foreigners can open accounts in Japan, but there are many restrictions.

In terms of the length of stay, short-term tourists usually cannot open ordinary bank accounts because the Ministry of Justice in Japan does not issue residence cards to those whose stay is less than 3 months, and they cannot pass the bank’s identity verification. For those with long-term visas, if their stay in Japan is less than 6 months, it is also difficult for them to open regular accounts. The Foreign Exchange Law regards those who stay in Japan for more than 6 months as residents, and non-residents with a shorter stay are restricted.

However, those who hold residence cards and whose stay is more than 3 months but less than 6 months can open “Non-Resident Yen Deposit” accounts with limited functions.

In terms of identity and documents, both the residence card and the residence certificate are indispensable. The former is the key to identity verification, and the latter contains important information such as the residential address.

Each bank also has quite a number of additional requirements. Some set a minimum account balance threshold. For example, for some accounts of Mitsubishi UFJ Bank, the average daily balance needs to be more than several hundred thousand yen. If it is lower than the standard, management fees will be charged. When depositing large amounts of funds, banks will conduct strict audits on the source of the funds. It is difficult to pass the account opening application if the source is unclear. However, as long as you are familiar with the rules, have all the required documents, and meet the policies, it is not impossible for foreigners to open accounts.

Essential Documents for Opening an Account

1. Valid passport: The passport is the primary credential for identity recognition. The remaining validity period should be more than 6 months. Banks will carefully check the visa pages. Whether it is a student visa, a work visa or other types of residence visas, the relevant information such as the validity period and the scope of permission is crucial to the success of opening an account. Meanwhile, clear and complete copies of the personal information page and the visa page should be prepared.
2. Depending on the situation, documents for the residence qualification in Japan:

Student visa: Attach the certificate of enrollment issued by the school, which clearly shows the student status; the original admission notice or a certified copy; the dormitory check-in certificate or the registration document of the off-campus address, such as a rental contract.

Work visa: Carry the original employment contract, which details the position, salary and working hours; the employment certificate, which should be updated regularly to ensure the continuity of employment; for employees dispatched by multinational companies, submit the dispatch instructions from the headquarters and the registration materials of the Japanese branch in addition.

Other long-term visas: For example, for the family stay visa, attach a copy of the visa materials of the main applicant and the notarized certificate of kinship; for permanent residents, present the permanent residence qualification certificate and key documents of previous stays.

4. Proof of residential address: Utility bills for water, electricity and gas within the recent 3 months, or a formal rental contract. The name and address on the bills and the contract should be consistent with those of the applicant to ensure that the bank can conduct smooth communication and verification.
5. Personal seal (seal impression): It is usually a circular seal with a diameter of 10 - 15 mm. The seal impression should be reserved on the spot when opening the account. Subsequent important financial operations will be based on this seal, so it should be properly kept to prevent loss.
6. Local mobile phone number in Japan: It is used to receive various notices from the bank, such as account balance change reminders and verification codes. The identity registered for mobile phone network access should match the identity for opening the account to ensure smooth communication and financial interaction.

Which Bank Is Better for Foreigners to Open an Account?

Mitsubishi UFJ Bank

As the core bank under Japan’s largest financial group, it has strong strength and its outlets are spread all over the world. Its foreign currency exchange and cross-border remittance services are extremely convenient, with clear and reasonable handling fees, making it suitable for business people who have frequent international fund transfers.

For high-quality foreign customers, it can provide exclusive financial advisors and customize personalized asset allocation plans. However, it has relatively high requirements for the account balance. If it is lower than the standard, considerable management fees will be charged.

Sumitomo Mitsui Banking Corporation

It has in-depth cooperation with many Japanese local enterprises. If you are employed by such enterprises, one-stop services such as salary payment and social security withholding will be smooth and efficient.

It has preferential packages for overseas students. For example, specific savings accounts can enjoy higher interest rate subsidies, and the account management fees for a certain period will be waived. However, its account opening review is relatively strict, and the preparation of materials needs to be particularly meticulous.

Regional Banks

Such as Hokkaido Bank and Fukuoka Bank, they are rooted in the local area and offer friendly services. They have relatively loose reviews on the residence qualifications of foreigners, are friendly to small accounts, and have no strict balance restrictions. They often cooperate with local merchants to launch consumption discounts, which is beneficial to daily consumption and savings.

However, their international business functions are relatively weak, and the handling fees for overseas ATM withdrawals are relatively high. If you have less demand for cross-border business and focus on optimizing the cost of local life, they are good choices.

New Digital Banks

For example, Rakuten Bank has an extremely simple account opening process and can be completed entirely online with just a few clicks.

The accounts integrate multiple functions, allowing you to complete shopping, payment and financial management with one click. New users can also receive generous registration rewards.

However, its offline service points are scarce. When encountering complex business, you need to rely on online customer service for communication and solution. Those who pursue an extremely convenient digital experience can consider it preferentially.

If you are managing finances in Japan and conducting cross-border remittances, besides the traditional bank channels, don’t forget the multi-asset wallet Biyapay.

If you encounter obstacles in the traditional account opening process or hope for simpler and clearer operations, Biyapay is an excellent choice. It has no burden of account opening funds and maintenance fees, enables same-day remittances with low handling fees, helps you easily manage your fund transfers in Japan, and allows you to firmly establish yourself in Japan and start a new journey in life, study and career.