Opening a Bank Account in Japan

Greetings, all:

I'm going to be moving to Japan next month and obviously, one of the things I need to do is open a bank account. I've seen several FAQs and such, but I can't find the answer to one simple question - in what form should I make my initial deposit?

Perhaps this is a dumb question and the answer should be obvious... I will be keeping my US bank account, but I know checks are almost unheard of in Japan so I assume using a personal check for my initial deposit is a no-go. I can get a cashiers check, but I certainly wouldn't want to make a cash deposit of that size as it would entail carrying a large sum with me as I travel. And I wouldn't think a bank in Japan would be able to do a direct international transfer at the time the account is opened.

Again, sorry if this is a silly question but I can't seem to find an answer anywhere so your help is appreciated. In terms of choosing a bank, there seems to be a general consensus that Shinsei is a good choice and pretty gaijin-friendly - if anyone has any insight there that would be helpful as well.

Thanks,
Dan

Please do not bring personal (or even corporate) checks. As you are aware of, inter-bank money transfer system through ATM network (at least among the local banks) developed fast in Japan instead of paper checks, so that checks are seldom used in Japan. If you bring checks, the bank in Japan will have to send it to your bank in the US (through their partner bank) to clear it first, so it would take several weeks to get the money. The same with money order.

One thing that comes to mind is to bring cash, but I have no idea what kind of amount you are talking about. Note that if you intend to bring a seriously large amount, this will cause customs issue, not just your security issue, upon entering Japan as well.

Another thing would be to set up (before you come) online banking with your bank in the US, so that as soon as you open your account in Japan, you can initiate an international money transfer from your account in the US to the one in Japan via internet. This might in any case take a few weeks.


I agree that Shinsei is fine. The Alien Registration system got changed in July, and I do not know what ID (instead of Alien Registration Card) would serve as personal ID when you go open an account. But since you say you are "moving" to Japan, you will be on the New Resident System, so that should serve as an ID once you have an address.

Thanks, AK. I will be living in Tokyo for at least two years, in fact, though that raises an interesting question. Can I not open an account until I have a permanent Japanese address? I will be staying somewhere short-term while I locate a long-term apartment. If you can't rent an apartment until you have a bank account and can't open a bank account until you have an apartment, isn't that a bit of a Catch-22?

In terms of amounts, I'd like to have several thousand dollars in my Japanese account as quickly as is realistic. I suppose I could just use a Post Office ATM and get 30,000 yen in cash to open the account with and then worry about transferring in the rest, though I'd hoped not to have to wait several weeks for a wire transfer (which my bank charges a sizable fee to execute) to go through.

If you are coming into Japan with a visa other than Temporary Visitor Status, you will be issued with New Resident Card upon entry into Japan. Once you have a place to live (be it a guesthouse or a "monthly/weekly" rental apartment, something other than a hotel), you can report the change of your residence, and that should be fine.

If you are initially coming on Temporary Visitor Status and are planning to have that status changed to another longer-temr one, you will not be issued a card upon entry, so you will need to go through the status change process first before you can obtain this ID.

http://www.immi-moj.go.jp/newimmiact_1/en/port-city.html


Shinsei Bank's website has not been updated to incorporate the New Resident Card as an ID (not yet), so you might want to check at one of their branches once you get to Japan.


Several thousand dollars should be fine in terms of customs, even if you brought it over in cash; I thought you might be thinking about something far higher :) . You could simply use the PO ATM to withdraw more (if your bank does not charge any hefty overseas transaction fee), and deposit into your bank account in Japan once you have it set up. Come to think of it, I believe that the Japanese post office ATM allows you to make deposits into Shinsei account, though there is a limit on how much per day you can deposit (in a few thousand dollars range).

Are you under the impression that you have to make a deposit in order to open an account? You don't need to with a basic Shinsei account.

I'd hoped not to have to wait several weeks for a wire transfer

I have a HSBC account in the US. Wire transfers take one business day--all done online. HSBC charges $30 and Shinsei charges zero yen. It's better than checks or atm withdrawals.

This may seem like a dumb question, but are going to be employed here in Japan? If so, you should discuss this with your employer, as they might have a bank in mind. Especially if you will be paid by direct deposit.

Please keep in mind that if you are not employed here, you will not become a resident. And if you're not a resident, you aren't allowed to open a bank account.

I'm coming over on a student visa, which allows me to work 28 hours per week. I don't have an employer yet as I will be waiting a few weeks before I search for work, so that's not an option in terms of help with banking - but I will be a resident, not a tourist.

Does the yuubinkyoku ATM (I've used them many times as a tourist) have a maximum amount for daily withdrawal?

Does the yuubinkyoku ATM (I've used them many times as a tourist) have a maximum amount for daily withdrawal?
http://www.jp-bank.japanpost.jp/kojin/tukau/atm/kj_tk_atm_index.html
お申し出がない限り、ATMでの引出し限度額は1日あたり50万円となっております。
500,000 yen / day
without application to change limit