1.Main barriers for foreigners to open a bank account
There are several barriers for foreigners residing in Japan to open a bank account. These barriers are due to the strict requirements and procedures required by Japanese financial institutions, language barriers, and cultural differences.
(1) Legal and regulatory requirements
Japanese financial institutions require the submission of strict identification documents when opening a bank account. For foreign nationals, the following documents are generally required:
- Residence card (or special permanent resident certificate)
- Passport
- My number (notification card or my number card)
- Documents that can confirm your address (residence card, utility bill, etc.)
If these documents are incomplete or your status of residence has a short validity period, you may be refused to open an account.
(2) Limitation on period of stay
Many banks will not allow you to open an account unless your period of stay is 6 months or more. There are situations where it is difficult for foreigners staying for a short period of time or those in the early stages of studying abroad to open an account because they do not meet these conditions.
(3) Language barrier
Many banks’ counters only provide support in Japanese. Therefore, it is difficult for foreigners who cannot speak Japanese well to understand the necessary procedures and documents. Additionally, the online application and ATM operation screens are often only in Japanese, which poses a high hurdle for foreigners.
(4) Bank internal regulations
Some banks are cautious about opening accounts for foreigners. From the perspective of preventing unauthorized use, stricter standards may be applied to people of specific nationalities, which may feel discriminatory.
(5) Anxiety on the bank side
Many banks are concerned about the risk of accounts being left unattended when foreigners return to their home countries and the risk of unauthorized use. For these reasons, some financial institutions are reluctant to accept foreign customers.
2.Banks where opening an account is relatively easy
Despite these barriers, there are banks where it is relatively easy for foreigners to open an account. Below are some banks that are considered to be well accommodating to foreigners.
(1) Japan Post Bank
- Characteristics: Japan Post Bank has branches all over Japan, making it very convenient. It is known as a bank that is easy for many foreigners to use.
- Advantages: Even if your period of stay is short, you can open an account as long as you have the basic documents. Additionally, the ATM’s operation screen is multilingual (English, Chinese, and Korean), making it easy for foreigners to use.
- Note: Japan Post Bank may require you to submit your My Number.
(2) Shinsei Bank
- Characteristics: Shinsei Bank is characterized by its flexible response to foreign customers. We offer services centered around internet banking, and we also provide extensive support in English.
- Advantages: There is an English-speaking counter and telephone support that even those who are not good at Japanese can use with confidence. Additionally, you can open an account with fewer documents than at regular banks.
- Note: Due to the limited number of branches, access may be difficult in rural areas.
(3) Mitsubishi UFJ Bank
- Characteristics: One of the largest banks in Japan and highly reliable. Many branches cater to foreign customers.
- Advantages: Some branches have staff who speak English or Chinese. They may also offer special services for international students.
- Note: Some branches may be more strict with foreign customers than others.
(4) Rakuten Bank
- Characteristics: Completely online bank, no need to go to a teller.
- Advantages: The procedure can be completed from a smartphone or computer, making it highly convenient even for people who are unsure about Japanese. Online banking is available in multiple languages and saves you the hassle of going out.
- Note: Requires an internet environment and may be difficult for people with low IT literacy to use.
(5) Seven Bank
- Characteristics: A highly convenient bank that utilizes convenience store ATMs.
- Advantages: Multilingual ATMs are installed at 7-Eleven stores nationwide, making it easy for foreign travelers and residents to use it. In addition, there are a wide range of overseas remittance services, making it convenient for foreigners who need to send money back to their home country.
- Note: Fees may be higher than other banks.
3.Improvement measures and future prospects
The following improvement measures can be considered to make it easier for foreigners to open bank accounts in Japan.
(1) Strengthening multilingual support
Financial institutions need to further enhance multilingual support for counters, documents, ATM operation screens, and online banking. In particular, expanding support for languages other than English, Chinese, and Korean will make it easier for foreigners of diverse nationalities to use it.
(2) Simplified procedures
By providing a simple account opening plan exclusively for foreigners, short-term residents and international students can use the service with peace of mind. For example, a system could be to provide an account with only the minimum functions at the initial stage, and then expand the service based on usage performance.
(3) Establishment of a counter exclusively for foreigners
It is effective to have counters and support staff specifically for foreigners at major banks and branches. This helps reduce language and cultural barriers.
(4) Collaboration with local communities
It is important to work with local governments and international exchange associations to develop a system to provide information and support for opening bank accounts for foreigners.
4.Summary
When foreigners open a bank account in Japan, there are various barriers such as legal requirements, language barriers, and bank regulations. However, there are banks that are relatively easy to open, such as Japan Post Bank, Shinsei Bank, Mitsubishi UFJ Bank, Rakuten Bank, and Seven Bank, so it is possible to overcome these barriers by gathering appropriate information and making preparations. In the future, it will be necessary to create an environment where foreigners can use financial services more smoothly in Japan by strengthening multilingual support and simplifying procedures.