In this post, I want to share my experience of opening a bank account in Japan. Japan offers many bank options, and this time I’ll share my experience of opening accounts at three commonly used banks: Joyo Bank (常陽銀行), Yucho Bank (ゆうちょ銀行), and Sumitomo Bank (三井住友銀行).
Choosing the Right Bank
Choosing the right bank depends greatly on personal needs. Some important factors to consider include easy access to bank branches and ATMs, as well as the service fees charged. One of the banks with a very wide ATM network is Yucho Bank. Yucho’s ATMs are available in almost every area and are integrated with convenience stores like 7-Eleven, FamilyMart, and Lawson. This makes it easy to withdraw and deposit money, even when traveling. Additionally, it’s important to consider other banking services such as ease of transfers, debit cards, and credit cards, which are essential for daily life in Japan.
My Experience Opening an Account at Joyo Bank
I first opened an account at Joyo Bank because it was recommended by JISTEC for receiving my salary from the NIMS-GRA program. Joyo Bank is a regional bank based in Ibaraki and has several branches in other prefectures in the Kanto region, such as Chiba, Saitama, and Tokyo. Although Joyo Bank has branches outside of Ibaraki, I found that its ATM and branch access is more limited compared to national banks like Yucho Bank. After a few years, for easier access outside of Ibaraki, I decided to open an additional account at Yucho Bank.
Benefits of Opening an Account at Yucho Bank
One of the main advantages of having an account at Yucho Bank is the lower transaction fees, especially when paying tuition fees every semester. In addition, with Yucho’s wide ATM network, I can easily withdraw money at convenience stores all across Japan. Having an account at Yucho Bank is extremely useful for daily transactions, especially when I travel outside the Ibaraki area. Nevertheless, I still use Joyo Bank to receive my salary and pay local bills.
The Process of Opening a Bank Account in Japan
The process of opening a bank account in Japan is relatively simple, but there are a few requirements that must be met. You will need a passport, a residence card (zairyu card), and a phone number to open an account. One important requirement is that your residence card must have more than three months of validity. Some banks also require that you have lived in Japan for three to six months before you can open an account, but this varies depending on the bank, so it’s best to check with the bank directly.
If you don’t yet have a Japanese phone number, you can use a friend’s number temporarily. Once you have your own phone number, you can update your account information.
Why Consider Sumitomo Bank?
In the next post, I will discuss the benefits of opening an account at Sumitomo Bank. This bank offers some additional perks that could be an ideal solution for those looking for convenience in various aspects of banking. I’m sure you’ll be surprised by the various benefits offered by Sumitomo Bank.
Conclusion
Opening a bank account in Japan is an important step for newcomers living in the country. Each bank has its own advantages and disadvantages, and the best choice greatly depends on your needs and location. Joyo Bank is suitable for those living in Ibaraki, while Yucho Bank offers greater convenience and a wider network across Japan. Sumitomo Bank can also be an attractive option to consider for more diverse banking needs. Be sure to choose the bank that best suits your needs to maximize your banking experience in Japan.
