Japan – Banking

What are the main banks in Japan?

Japanese banks fall broadly into three distinct groupings. The first consists of the megabanks — sometimes called “city banks” — which are large national institutions comparable to the major banks found in most developed economies. Their ATMs and branches are concentrated in urban centres, and locating them in rural parts of the country can require more effort.

There are five city banks operating in Japan: Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation (SMBC), Resona Bank, and Saitama Resona Bank. MUFG is the country’s largest financial group and ranks among the world’s biggest banks by total assets, with roughly 2,000 locations spanning more than 40 countries. These megabanks are the institutions most commonly used by large employers when processing payroll, with many corporations designating one of them as their designated salary bank.

Regional banks form the second category, serving customers within specific geographic areas. Hokkaido Bank and Kyoto Bank are well-known examples. Within their home territories, regional banks typically offer excellent branch and ATM coverage — a real advantage for residents outside major metropolitan areas. However, travelling beyond those home regions can mean struggling to find their facilities elsewhere in Japan.

The third group comprises non-traditional institutions that have gained considerable ground in recent years. Fully digital banks such as Rakuten Bank and Seven Bank operate without any physical branches. Japan Post Bank, one of the country’s largest financial institutions and a subsidiary of the national postal service, also belongs to this broader category. It is particularly popular with newly arrived foreign residents due to its comparatively straightforward account-opening process.

Contact details and service offerings change regularly. Always verify current information directly with each bank or via the Financial Services Agency of Japan (FSA) and the Japanese Bankers Association, which also provides a bank search tool by prefecture.

Do any major international banks operate in Japan?

A number of global banks maintain operations in Japan, though the majority focus on corporate and wholesale clients rather than providing full retail services to individual account holders. Citibank Japan is a notable example: it exited the retail market by transferring those operations to SMBC Trust Bank, which now trades as SMBC Trust Bank PRESTIA and continues a tradition of internationally oriented retail banking in the country.

SMBC Trust Bank (PRESTIA) stands out among conventional banks for the depth of its English-language support. One feature that sets it apart from most Japanese institutions is the acceptance of handwritten signatures in place of the personal seal (hanko) that other banks routinely require. English-speaking staff are available at selected branches and via telephone, making PRESTIA a strong choice for those who regularly send or receive funds internationally.

HSBC has a presence in Japan but concentrates on corporate and private banking rather than general retail customers. Deutsche Bank, BNP Paribas, and other international names similarly maintain Japanese operations that are wholesale in nature. Barclays does not presently offer retail banking services in Japan. Because the scope of any bank’s activities can shift, it is always worth confirming current services directly with the institution. The FSA’s website holds a register of all licensed banks in Japan, making it the most reliable reference point for up-to-date information.

For expats whose day-to-day priority is retail banking with strong international connectivity, domestically incorporated options such as SMBC Trust Bank PRESTIA or SBI Shinsei Bank tend to be more practical than seeking out a foreign bank’s Japan branch, since both were designed with internationally minded customers in mind.

Do banks in Japan offer accounts or services specifically for expats?

A growing number of Japanese banks are responding to the country’s expanding international community by introducing services such as multi-currency accounts, reduced-cost international transfers, and English-language assistance. These features are far from universal, but several institutions distinguish themselves in this area.

SBI Shinsei Bank has built a strong reputation among foreign residents by offering English-language online banking and customer support. Its product range covers yen deposit accounts, foreign currency deposits, loans, and cards, and it provides round-the-clock foreign currency exchange across multiple currencies. The bank has also been exploring tokenised, multi-currency payment solutions for cross-border transactions.

SMBC Trust Bank PRESTIA ranks closely behind SBI Shinsei Bank in terms of expat-friendliness. For those looking to deposit substantial sums in foreign currencies, PRESTIA may actually be the more attractive option, as it allows savings to be held in 17 different foreign currencies. Its application process also does away with the personal seal (inkan/hanko) requirement that continues to apply at many other Japanese banks.

Japan Post Bank is especially well regarded among foreign residents and publishes account-opening information in more than a dozen languages, including English, Chinese, Korean, Spanish, and French. It also waives the strict six-month residency requirement that other institutions typically enforce, making it one of the most accessible options for newcomers.

Japan Post Bank, SBI Shinsei Bank, Sony Bank, Rakuten Bank, and SMBC Trust Bank PRESTIA are frequently recommended because they combine English-language interfaces or support with standard yen account functionality. Digitally oriented options such as SBI Shinsei Bank, Rakuten Bank, and Sony Bank are particularly favoured by long-term residents who prefer managing their finances entirely through apps.

SBI Shinsei Bank imposes no minimum deposit requirement, making it open to students and recent arrivals alike (as of 2025; confirm current terms directly with the bank). Foreign currency account options, multi-currency debit cards, and preferential rates on international transfers are common features at the more internationally focused institutions. Always review current fee schedules and eligibility criteria on each bank’s official website, as these are subject to change.

What are typical bank opening hours in Japan?

Traditional bank branches are open from 9am to 3pm, Monday through Friday. They are closed on public holidays, and counter services are generally unavailable at weekends. These hours are considerably shorter than those typical in many other countries, so it is worth planning carefully — particularly if your own working hours align with standard business hours.

Saturday and Sunday branch openings are not the norm, though a small number of larger branches in major urban centres may offer limited Saturday services for specific transactions. This contrasts with countries like Australia or Canada, where Saturday banking is relatively routine. Anyone needing to visit a branch for account opening or document processing will almost certainly need to arrange time away from work on a weekday.

Most major banks now provide internet banking and smartphone apps that are accessible at any hour, which goes a long way towards compensating for restricted branch hours. Online-only banks such as Rakuten Bank and Sony Bank have no physical branches whatsoever, so all services are delivered digitally and available around the clock.

ATMs operate far longer hours than branches — many convenience store ATMs at 7-Eleven, Lawson, and FamilyMart locations run 24 hours a day, seven days a week, though some banks apply small surcharges for withdrawals made outside core hours. Japan Post Bank provides access through more than 30,000 ATMs located at post offices across the country.

What do expats need to know about the banking system in Japan?

Japanese banking law draws a clear legal distinction between “residents” and “non-residents” — and this distinction is the single most consequential factor when it comes to opening a bank account. As a general rule, if you have been in Japan for less than six months you are categorised as a “non-resident” and cannot open a standard account for receiving salaries or paying utility bills. This restriction is rooted in anti-money-laundering legislation.

It is occasionally possible to open a “non-resident yen account” for stays under six months, but such accounts come with significant limitations: overseas remittances cannot be received, automatic bill payments cannot be set up, and a cash card is not issued — rendering them largely impractical for everyday use.

Japan’s deposit protection framework is administered by the Deposit Insurance Corporation of Japan (DICJ). The principal and interest of general yen deposits are protected up to ¥10 million per depositor per institution (as of 2025). Any amount above this threshold may be partially or fully recovered depending on the asset position of the failed bank at the time. Foreign currency deposits, certificates of deposit, and financial bonds fall outside this protection entirely. For context, this differs from schemes like the UK’s FSCS (up to £85,000) or the US FDIC (up to $250,000) — Japan’s nominal threshold is considerably higher, but the complete exclusion of foreign-currency deposits from coverage is an important distinction.

Yen deposits at insured banks are therefore protected up to ¥10 million principal per depositor per institution, plus any interest accrued to the date of the bank’s failure. Foreign-currency savings carry no DICJ protection and additionally expose the account holder to exchange rate risk. This is a material consideration for anyone planning to hold significant balances in multi-currency accounts.

Branches of Japanese financial institutions located outside Japan, government-affiliated financial institutions, and branches of foreign banks operating within Japan are all excluded from the deposit insurance system. If you choose to bank with a foreign bank’s Japan branch, investigate independently what deposit protection, if any, applies to your funds.

The personal seal (inkan) requirement can catch newcomers off guard — rather than a handwritten signature, some banks expect customers to use a rubber or stone stamp. However, not every institution insists on this, and expat-friendly banks such as SMBC Trust Bank PRESTIA and Japan Post Bank have moved away from the practice. It is worth confirming the policy of your chosen bank before you apply. Language barriers present another genuine practical obstacle: many institutions offer little or no English support, so some degree of Japanese proficiency — or assistance from a Japanese speaker — may be necessary.

Expect a 20.315% withholding tax on interest earned in Japan (as of 2025). If you maintain accounts in other countries, you may also face reporting obligations under your home country’s tax regime. For guidance specific to your circumstances, consult the National Tax Agency of Japan and a qualified tax adviser. The FSA is the primary regulatory authority and an essential resource for authoritative information on the Japanese banking system.

How Do I Open a Bank Account in Japan as an Expat?

Sequencing matters in Japan: secure your housing first, then register your address at the local city hall and obtain your Residence Card and Juminhyo (certificate of residence), and only then proceed to open a bank account. Following this order will save you considerable time and potential frustration.

1. Secure accommodation and register your address.
   Anyone intending to stay in Japan for more than three months will be issued a Residence Card (Zairyu Card). Once you have moved into accommodation, you are required to register at your local city hall. Registration enables you to obtain a certificate of residence (Juminhyo), which confirms that you have a fixed address in Japan — a document that banks will need before they will open an account for you.
2. Choose the right bank for your situation.
   Digitally oriented institutions such as SBI Shinsei Bank, Rakuten Bank, and Sony Bank suit long-term residents who prefer English-friendly, app-based banking. Foreign workers whose employers use megabanks like MUFG, Mizuho, or SMBC for payroll may find it most convenient to bank with the same institution. If you have been in Japan for fewer than six months, Japan Post Bank (Yucho) is one of the most accessible options — applicants with a permitted stay of three months or more are generally able to open a standard account.
3. Gather your documents.
   You will typically need your passport, your Residence Card (Zairyu Card), a certificate of residence (Juminhyo from your local municipal office), a personal seal (inkan/hanko) where required, a telephone number, proof of your address such as a utility bill or addressed correspondence, and a document displaying your name in katakana. Requirements differ between banks, so confirm the specifics in advance.
4. Visit a branch or apply online.
   The majority of banks still require applicants to attend a branch in person, though the number offering online applications is growing. Banks like Sony Bank and Rakuten Bank provide fully online, English-language applications. Check what documents are needed before you go, as requirements can vary considerably from one bank to another.
5. Complete the application form.
   SBI Shinsei Bank is one of the few institutions in Japan that allows applicants to complete the entire process in English, supported by a toll-free English-speaking customer service line. You can submit your application form by post, avoiding a branch visit altogether. At banks where documentation is Japanese-only, consider bringing a Japanese-speaking acquaintance or using a translation app.
6. Receive your cash card and passbook.
   Once your application has been approved, your cash card will either be issued immediately at the branch or sent to your registered home address by tracked mail, typically arriving within about a week. Some banks also issue a passbook (bankbook) alongside — or instead of — a card.
7. Set up online and mobile banking.
   As soon as your account is active, register for internet banking and install the bank’s mobile app. Both SMBC Trust Bank PRESTIA and SBI Shinsei Bank provide English-language online banking platforms and English chat support, enabling you to make transfers, pay bills, and monitor balances without returning to a branch.

There is no universal minimum deposit requirement across Japanese banks, though some may request a small initial deposit when the account is opened. SBI Shinsei Bank, for instance, requires no minimum deposit (as of 2025). Always confirm the current requirements with the bank directly. The FSA’s “Living in Japan” guidance page (updated September 2024) contains useful official information on opening accounts and sending money internationally.

What banking and payment apps are widely used in Japan?

Japan’s digital payments environment is evolving at speed, developing alongside — and increasingly intertwining with — the traditional banking system. Beyond credit and debit cards, customers can now choose from electronic money schemes (including Suica, PASMO, and similar IC card systems) and QR code payment platforms, all of which are accepted at a broad and growing range of merchants.

PayPay is the dominant QR code payment platform in Japan, boasting tens of millions of users and acceptance at an enormous variety of merchants — from convenience stores and restaurants to certain government service windows. Other QR-based services include d Barai, au Pay, and LINE Pay. IC smart cards such as Suica, Pasmo, and ICOCA function as rechargeable contactless cards used across the public transport network and for small purchases at shops and vending machines. They operate much like contactless travel cards in other countries and are particularly handy for minor everyday transactions.

Japan Post Bank, SBI Shinsei Bank, Sony Bank, Rakuten Bank, and SMBC Trust Bank PRESTIA are frequently highlighted for their English-language interfaces or support, and all offer dedicated mobile apps. Rakuten Bank, Sony Bank, and PayPay Bank (formerly Japan Net Bank) are among the most fully digital banking options, offering comprehensive account management entirely via smartphone.

Wise (formerly TransferWise) operates in Japan and is widely favoured by expatriates for international money transfers and multi-currency account functionality. It is regulated in Japan and provides a multi-currency account capable of holding and converting yen alongside other currencies — making it a popular complement to a standard Japanese bank account. Revolut has also entered the Japanese market, though the feature set available may differ from what Revolut users in Europe are accustomed to; check Revolut’s Japan-specific terms directly. PayPal is accessible in Japan for online purchases but is not commonly used as a day-to-day banking tool in the way that domestic QR platforms are.

Entities without a banking licence are generally prohibited from taking deposits or extending loans, except in specific circumstances such as fund transfer businesses registered under the Payment Services Act. Fintech apps operating in Japan are therefore subject to Japanese regulatory requirements — always confirm that any service you plan to use for significant transactions is properly registered with the FSA before proceeding.

How can expats manage money between Japan and their home country?

Most major Japanese banks allow account holders to send money overseas directly from their accounts, but the costs associated with doing so can be substantial, particularly for larger sums. Specialist international transfer services typically offer both faster processing times and lower overall costs than going through a traditional bank.

International transfer fees at the megabanks generally fall somewhere between ¥2,000 and ¥5,000 per transaction, on top of the bank’s own exchange rate margin (as of 2025 — confirm current fees directly with your bank). By contrast, specialist services like Wise apply the mid-market exchange rate and charge a clearly disclosed fee, which can translate into meaningful savings on large or frequent transfers. When comparing options, always assess the total cost — the combination of the headline fee and the exchange rate spread — rather than looking at the fee figure alone.

SBI Shinsei Bank offers around-the-clock foreign currency exchange across multiple currencies, which can be valuable for those who want to time their transfers to take advantage of favourable exchange rates. Sony Bank is also noted by expats for offering competitive foreign exchange rates when making international transfers.

Japan does not impose general capital controls, so money can be moved in and out of the country freely. That said, large international transfers may trigger reporting obligations. Transfers exceeding ¥3 million (approximately USD 20,000, as of 2025) in a single transaction are generally subject to reporting to the relevant authorities under anti-money-laundering regulations. Consult the National Tax Agency or a qualified adviser for current thresholds and requirements, as these may be updated.

If you hold accounts outside Japan, be mindful of any reporting obligations under your home country’s tax rules — for example, FBAR and FATCA requirements for US persons, or HMRC obligations for those with UK tax residency. Japan also requires residents to declare overseas assets above a specified threshold under the Act on Submission of Statement of Overseas Assets. Professional tax advice is strongly recommended to ensure compliance with both Japanese and home-country obligations. The FSA and National Tax Agency are the authoritative sources for current regulatory requirements.

Frequently Asked Questions

Can I open a bank account in Japan before I arrive?

Opening a bank account in Japan requires a Residence Card (Zairyu Card). In almost all cases, visitors holding a 90-day tourist visa will not be eligible to open a standard account. Only foreign nationals holding long-term visas or who have already been resident in Japan for more than six months can apply. This effectively means it is not possible to open a full account before you arrive in the country. To cover your financial needs during the first few weeks, arrange access to funds through a foreign bank card or a Wise multi-currency account.

What is a Zairyu Card and why do I need it?

Anyone planning to stay in Japan for more than three months is issued a Residence Card (Zairyu Card), which serves as the principal document establishing your legal status as a resident. Banks treat it as an essential requirement in the account-opening process. You will receive the card at the airport on arrival if you are entering on a long-term visa, or you can obtain it from your local Immigration Services Agency office.

Do I need a personal seal (hanko) to open a bank account?

At some Japanese banks, a personal seal (inkan) — a rubber or stone stamp used in place of a handwritten signature — is still required. However, several expat-friendly institutions have moved away from this practice. SMBC Trust Bank PRESTIA accepts handwritten signatures, and both Japan Post Bank and SBI Shinsei Bank have similarly relaxed this requirement. Always check the policy of your chosen bank before starting your application.

Are my deposits protected if a Japanese bank fails?

The Deposit Insurance System, administered by the DICJ, protects current deposits and payment/settlement deposits in full. For other yen deposits, principal and interest are protected up to ¥10 million per depositor per institution (as of 2025). Any amount above that ceiling may be partially or fully recovered depending on the failed institution’s asset position. Crucially, foreign currency deposits are not covered by this protection under any circumstances. Always check the current position at dic.go.jp/english.

Can I use my foreign bank card in Japan?

ATMs at convenience stores and Japan Post Bank locations generally accept foreign-issued cards and allow you to withdraw yen. Among convenience store options, 7-Eleven ATMs are the most consistently reliable. Bear in mind that additional fees may apply and that many ATMs are unable to display your foreign account balance. Japan Post Bank ATMs cap withdrawals from foreign accounts at ¥50,000 per transaction. Most major retailers in urban areas accept international credit and debit cards, but smaller establishments and shops outside the big cities may only accept cash.

What is the easiest bank account to open as a new arrival in Japan?

Japan Post Bank (Yucho) is widely regarded as the most accessible option for newcomers — applicants whose permitted period of stay is three months or longer can generally open a standard account. The bank does not require a hanko, accepts a work telephone number, and offers multilingual customer assistance. With more than 30,000 ATMs located at post offices throughout the country, it also offers exceptional national coverage.

Is cash still widely used in Japan, or is it mostly cashless?

Japan has traditionally been a cash-oriented society, but the landscape is shifting quickly. QR code payment platforms (PayPay in particular), IC transport cards (Suica, Pasmo), and contactless payments are now accepted at a wide range of businesses. Nevertheless, smaller independent shops and establishments outside major cities are more likely to be cash-only. Carrying some cash, especially when venturing beyond urban centres, remains sensible practical advice.

Where can I get official guidance on banking as a foreign resident in Japan?

The FSA publishes multilingual guides for foreign residents covering how to open a bank account and send money internationally, most recently updated in September 2024. These are available in multiple languages at fsa.go.jp/en/user/livinginjapan.html. Deposit insurance information is available at the DICJ website, and tax obligations for residents are covered by the National Tax Agency. For current fees and account requirements, always refer directly to the official website of the bank you are considering.