Japan (JP)
Japan is one of the world's most captivating destinations for expats — a country where ancient temple culture and ultra-modern technology coexist seamlessly.
Banking in Japan
Recommended banks, payment culture and credit score basics.
Japan's banking system is highly reliable and technologically sophisticated but has historically been challenging for foreigners to access — most major banks historically required 6+ months of residency before opening an account. This has improved significantly: Shinsei Bank, Sony Bank, and digital banks like Rakuten and PayPay Bank are now accessible to new arrivals. Cash (現金 / genkin) remains important — many small shops, some restaurants, and vending machines are still cash-only. IC cards (Suica/PASMO) function as both transit cards and cashless payment in convenience stores, making them an essential wallet substitute. Japan Post Bank (ゆうちょ銀行) is the most widely accessible physical branch network.
Recommended banks
SBI Shinsei Bank (SBI新生銀行, formerly Shinsei Bank)
EnglishMonthly fee: ¥0 (PowerFlex account)
Requirements: Residence Card + MyNumber Card or MyNumber notification. Can be opened from week 1 of residency with no minimum stay. SBI Shinsei Bank (renamed from Shinsei Bank January 2023 after SBI Holdings acquisition; Tokyo IPO December 2025).
- + English-language website and some English phone support
- + Free ATM withdrawals at most major ATM networks (7-Eleven, Japan Post, etc.)
- + Strong international wire transfer service (GoRemit)
- + Internet banking with English interface
- + One of the most foreigner-friendly traditional banks in Japan
- - Limited physical branch network — mainly Tokyo, Osaka, and major cities; most services handled online via GoRemit
- - Some account management processes still require Japanese — English support is partial, not comprehensive
- - International wire transfer fees: ¥2,000 flat fee (GoRemit) plus exchange rate margin — Wise may be cheaper for some corridors
- - Some notifications, postal letters, and in-branch interactions are Japanese-only
Sony Bank (ソニー銀行)
EnglishMonthly fee: ¥0
Requirements: Residence Card + MyNumber. Online application. No minimum residency period.
- + Excellent multi-currency account — hold USD, EUR, GBP, AUD, NZD, CAD, HKD, CHF
- + Very competitive foreign exchange rates (Sony Bank Wallet — FX debit card)
- + English-language website and app
- + Free ATM withdrawals at 7-Eleven Bank and Japan Post ATMs
- + Ideal for expats managing multiple currencies
- - No physical branches — all banking is online; in-person service not available
- - Customer service primarily in Japanese — English support is limited and may require waiting for a callback
- - International wire transfer fees apply per outbound transfer — typically ¥2,000–4,000 per wire; check current Sony Bank schedule
- - MyNumber Card required for online application — MyNumber notification letter alone is not sufficient
Rakuten Bank (楽天銀行)
Monthly fee: ¥0
Requirements: Residence Card + MyNumber. Online application only.
- + Fully online — easy to manage remotely
- + High interest rates when linked with Rakuten brokerage account
- + Free ATM withdrawals at 7-Eleven, Lawson, FamilyMart, and Japan Post ATMs
- + Rakuten ecosystem benefits (points, credit card integration)
- - Japanese-language interface only
- - No English customer support
- - Complex Rakuten ecosystem can be confusing
Japan Post Bank (ゆうちょ銀行)
Monthly fee: ¥0
Requirements: Residence Card. Available nationwide at any post office. Can open within first month of residency.
- + Widest physical branch network in Japan — 24,000+ post offices nationwide
- + ATMs available at every post office and many convenience stores
- + Accepts international ATM cards for withdrawal (Visa/Mastercard/Cirrus)
- + Essential for rural areas where other banks have no presence
- - No English support
- - Online banking is in Japanese only
- - Limited international wire transfer options
- - Passbook-based system can feel outdated
7-Bank (セブン銀行)
EnglishMonthly fee: ¥0
Requirements: Residence Card + MyNumber Card (required, not just the notification letter). Japanese phone number.
- + Best ATM network for foreign card withdrawals — 7-Eleven stores everywhere
- + English-language ATM interface
- + Opening account from early in residency possible
- + Widely used to withdraw from foreign bank accounts
- - Primarily an ATM and payment service provider — not a full-service Japanese bank
- - Limited full banking features — no mortgages, investment products, or international wire transfers
- - Account works well for cash access but cannot receive employer salary deposits in most cases
- - Japanese MyNumber Card required to open account — the notification letter alone is not accepted
Wise (ワイズ)
EnglishMonthly fee: ¥0 (fees on transfers)
Requirements: Passport or Residence Card. Can be opened before arriving in Japan.
- + Best rates for international transfers in/out of Japan
- + Multi-currency account — hold JPY, USD, EUR, GBP, etc.
- + Visa debit card accepted in Japan (but cash still needed for many places)
- + Can open before moving to Japan — useful transition account
- + English interface and global customer support
- - Not a Japanese bank — cannot receive domestic JPY salary direct deposits in all cases
- - Fees on currency conversion (though low)
- - Not all employers can send salary to a Wise account
Payment culture
Japan is rapidly transitioning to cashless but cash remains essential. IC cards (Suica/PASMO) are the most practical daily payment tool — load them at any train station or convenience store, then tap for transit, convenience stores, vending machines, and some restaurants. QR code payments (PayPay, au PAY, d払い) are widely used at small businesses and supermarkets — LINE Pay Japan was terminated April 30, 2025; users migrated to PayPay. Credit cards are accepted at most department stores, hotel, international restaurants, and chains — Visa and Mastercard more universal than Amex. Many traditional Japanese restaurants, local shops, and izakayas remain cash-only. Always carry ¥5,000–10,000. IC card balance can also serve as emergency cash at konbini.
Cash access
7-Eleven Bank (セブン銀行) ATMs accept most foreign Visa/Mastercard/Cirrus cards 24/7 — the most reliable for foreign cards. Japan Post Bank (ゆうちょ銀行) ATMs also accept major foreign cards. Konbini ATMs at FamilyMart (Famima ATM) and Lawson (Lawson ATM) also accept foreign cards. Withdrawal fee: ¥110–220 per withdrawal depending on bank and time. ATM usage fees increase on weekends and holidays at some banks (休日手数料 / kyūjitsu tesūryō). Reduce ATM fees by using a 7-Bank account or a card with no foreign ATM fees (e.g. Charles Schwab, Wise).
Credit Information (個人信用情報 / Kojin Shinyo Jōhō)
Apply directly to the credit information bureaux: CIC (cic.co.jp) — ¥1,000 online; JICC (jicc.co.jp) — ¥1,000 online; KSC (Star Club) — for bank loan history. Provide MyNumber or residence card. Report received by post within 2 weeks.
Free annual check: CIC and JICC offer paid individual reports (¥1,000 each) — no free annual check in Japan equivalent to Germany's Datenkopie.
Japan's credit system is less transparent than the West. Foreign residents start with no credit history in Japan. Building credit: get a department store credit card (百貨店カード) or mobile carrier credit card (docomo dCard, SoftBank Card) first — easier approval for new residents. Maintain the card for 6–12 months before applying for other cards. Late payments or unpaid bills create adverse records that last 5 years. Japanese employers rarely check credit — this is more of a concern for mortgages and car loans.
International transfers
Wise (ワイズ) is the most cost-effective option for international transfers — typically 0.4–0.8% fee, mid-market rate. SBI Shinsei Bank's GoRemit service is reliable (¥2,000 flat fee per transfer). Traditional banks (MUFG, SMBC, Mizuho) charge ¥2,500–5,000 per transfer plus 1–3% exchange rate spread. Japan Post Bank international transfers: competitive for some regions. Receiving international wire transfers in Japan: provide your bank name, branch code (店番号), account type (普通 / futsu = savings), and account number. SWIFT/BIC code required for incoming international transfers. Transfers of ¥3M+ may require documentation for anti-money laundering compliance.