Q: I arrived in Japan last week and need to open a bank account. What is the procedure for a foreigner to open an account, and what documents should I bring with me? Are there any banks that are less hassle than others?

A: Opening a bank account is a straight forward procedure, and probably not much different than in your home country. Your ID card, the Alien Registration Certificate (ARC) acts as both proof of identification and proof of address. If you are waiting for your ARC to be issued then your local Ward office can print you out a paper document with the same information (kisai jikou shoumeishou). If you have moved recently then be sure to update your ARC before going to the bank. Your visa should have more than 6 months remaining before expiration, and you must have an approved status of residence to open an account.

There is still a lot variation among the banks as to whether they will allow you to use your signature in lieu of an “incan” (personal stamp). Tokyo-Mitsubishi-UFJ, the largest bank in Japan, currently requires foreign account holders to have a stamp for identification purposes. The stamp cannot have a rubber tip and should have your own name on it. Generally speaking, use of a personal stamp as a signature in Japan requires that you register the stamp at your local ward office. Oddly, many banks don’t require that you first register your stamp before using it on bank documents.

At this time the most “foreigner friendly” bank is Shinsei Bank. They offer English documentation and English online banking services; and have no minimum required deposit. Shinsei has only a few branches across Japan, but you can open an account by mail if necessary. Account holders can access their funds by using the massive ATM network of the major banks, 7-11 convenience stores, and post offices. Currently there are no ATM fees regardless of where and when you use an ATM.

Money Matter Q&A