Set Up a Bank Account in Japan

Updated on Sunday 10th September 2017

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Japanese financial institutions and banks allow locals, as well as foreign citizens, to open a bank account in this country. Moreover, banks enable their clients to choose from a variety of bank accounts.

A bank account in Japan can be:

• A general deposit account;

• A general savings: a post office account which provides a slightly bigger interest rate than the general deposit account;

• A time deposit account: it generally has a bigger interest rate, however it could request a notice for withdrawals;

• A current account: commonly, it offers the option of utilizing cheques, but is rather used by businesses than by private individuals;

• A foreign-denominated currency deposit, foreign-currency term deposit. Our company formation consultants in Japan can provide more details on these types of bank accounts in this country.

Usually, the most common kind of bank account in Japan is the general savings or the general deposit account.

Documents necessary to open a bank account in Japan

In order to open a bank account in Japan, the following documents are required:

• The residence card;

• A valid passport;

• A valid visa;

• The applicant’s address in Japan and his or her phone number;

• A “hanko” seal, which is a seal hand carved sold in certain stores.

The applicant will be offered the choice of a four-digit personal identification number (PIN) and of receiving a passbook which he or she can utilize to update the bank account balance at the ATM.

The passbook will contain the account name, the three-digit sort code of the local bank branch and the seven-digit account number. Our company registration advisors in Japan can offer more information on this matter.

Obtaining a mortgage as a foreign citizen in Japan

Until recently, it was unlikely for a foreign citizen to obtain a mortgage, however, recently, certain Japanese banks do lend to foreign citizens with permanent residency status.

Among these banks, we mention Citibank Japan, Shinsei Bank and Suruga Bank. The income and employment requirements set by these banks in order to get a mortgage as a foreign citizen are:

• Citibank Japan: a stable income source of more than JPY 5 million yearly;

• Shinsei Bank: an annual income before tax of minimum JPY 3 million. Our Japan company formation representatives can further explain the requirements set by this bank;

• Suruga Bank: a yearly income of minimum JPY 2 million, after tax. The applicant should have been employed continuously for minimum three years.

If you require further details on the bank accounts in Japan, or if you intend to open a company in Japan, please speak to our friendly Japan company formation executives.

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Call us now at (+81) 3-4580-1516 to set up an appointment with our company formation agents in Tokyo, Japan. Alternatively you can incorporate your company without traveling to Japan.

As a BridgeWest client, you will benefit from the joint expertize of local and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Japan.

Company Formation Japan

Set Up a Bank Account in Japan

Documents necessary to open a bank account in Japan

Obtaining a mortgage as a foreign citizen in Japan

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