Banking
Japanese banks are usually open Monday to Friday from 9:00 to 15:00.
A bank account is a convenient way to receive living allowance or salary. It is also convenient when paying utility bills, and conducting other transactions.
Usually two systems are offered: savings and time deposit.
Savings account (futsu yokin 普通預金): intended for money deposits, give a low interest rate, but the money can be withdrawn at any time.
Fixed deposit account (teiki yokin 定期預金): money is invested for a fixed period of time, and the interest rate is higher than Futsu-yokin. No frequent withdrawals are accepted.
How to open a bank Account ?
Answer : Foreigners can open a bank account in Japan.
Requirements:An ID (such as an Alien Registration Card or passport with your address written on the last page)
A seal called a Inkan (In some banks your hand-written signature may be accepted), Check this out in advance, Your signature will be an adequate substitute for a seal on most occasions, but life in Japan will be smoother if you have one.Personal seals, (inkan; hanko), are stamps bearing your name or the name of your company, and serve the same purpose as a personal signature on official documents.
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Using your account : Sending money locally in Japan/Bill payments credit cards? |
Checks are rarely used in Japan. Instead, you will probably pay your bills and receive your pay through furikomi, an interbank transfer system. You can send a furikomi from an ATM, or through online banking if your bank offers it. There is usually a fee of 100-500 yen to send a furikomi.
To make a cash deposit, you insert the bills directly into the ATM, which counts the money and confirms the total before depositing it into your account.
People use cash and credit cards. Credit cards are generally accepted only at larger department stores and hotels, as well as shops that handle a lot of tourists. Generally smaller shops and supermarkets do not accept them. But it's now possible to withdraw money using a Visa, AmEx, Mastercard, Cirrus, Maestro, Plus, or Electron affiliated card at some ATMs and post offices, as well as Citibank.
Japanese banks do offer one big convenience, though. You can automatically have your bills for utilities paid through bank transfer. This will save you the hassle of paying the bills yourself. Just fill out the necessary forms from your utility company. You can revoke this power at any time, and you'll get a receipt through the mail of what was deducted. If you choose not to do this, you can still pay your bills through the post office, or almost any convenience store if it's not overdue.
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Using your account : Overseas Remittance/ Electronic Transfer ?
Send your money to an overseas account via telegraphic transfer (TT) from a bank or the Post Office, (\2,000 -\7,000).
Note: Sending money electronically is fast, (up to 2 business days), and secure but may be costly depending on the surcharges from overseas intermediary banks.
Specialized remittance services are the most efficient way to send money overseas. The cheapest service is offered by Lloyds TSB Bank, (\2,000). Citibank offers commission-free remittances only to account holders who maintain an account balance of over \20,000,000; otherwise it's \3,500.
Some Major Japanese and Foreign Banks:
Citibank
www.citibank.co.jp/en/
Lloyds TSB
www.golloyds.com
Mizuho Bank
www.mizuhobank.co.jp/english/
Sumitomo Mitsui Banking Corporation
www.smbc.co.jp/global/
The Bank of Tokyo-Mitsubishi
www.btm.co.jp/english/
UFJ Bank
www.ufjbank.co.jp/ippan/english/
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