Is it possible to initiate the process of opening a Japanese bank account while abroad? 

Opening a Japanese bank account from abroad is not feasible due to the complexities associated with working visas. Non-residents are not allowed to open an account given the mandatory requirement of presenting a residence card while opening a bank account.

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Opening a bank account online

Despite Japan being a technologically advanced country, banking practices here remain largely traditional. While some banks may permit initial online applications, they usually mandate an in-person visit for document verification. Additionally, Japanese society leans more towards cash transactions compared to typical Western countries.

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Types of Bank Accounts in Japan

In Japan, banks typically provide a range of account options, including:

1. General savings (Tsujo chokin): Operating as a post office account, it typically yields a slightly higher interest rate than a general deposit account.

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2. Current Account (Futsūkōza): Comparable to a savings account, a current account offers a convenient avenue for handling day-to-day transactions such as deposits, withdrawals, and payments.

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3. Time deposit account (Teiki yokin): These accounts often offer higher interest rates but may necessitate advance notice for withdrawals.

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4. Foreign currency account (Gaika yoking): Tailored for those engaging in transactions with foreign currencies, these accounts serve specific needs in international finance.

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5. Business Account (Hōjin Koza): Tailored to meet the specific requirements of businesses, these accounts offer services such as business loans, merchant services, and payroll management.

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6. Online Banking Account (Netto Ginkō): Exclusively digital accounts enabling customers to handle all financial transactions online. This includes managing transactions, making bill payments, and conducting bank transfers via web and mobile applications.

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7. Joint Account (Kyōdō Koza): An account jointly held by two or more individuals, commonly utilized by family members, couples, or business partners for coordinating shared expenses and managing collective finances.

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‍Choosing a Bank in Japan

Choosing a bank account in Japan involves considering factors like language support, especially for non-Japanese speakers, the availability of international transaction services, and the convenience of branch locations and ATM networks. Major banks often provide more foreigner-friendly services with English support, while local banks might offer more personalized experiences but with potential language barriers. It's also important to consider the types of accounts offered, fees, online banking capabilities, and the ease of setting up and managing the account.

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Japanese Banks

• Mitsubishi UFJ Financial Group (MUFG)
• Aozora Bank
• Mizuho Bank
• Japan Post Bank
• Sumitomo Mitsui Banking Corporation (SMBC)
• Resona Bank
• Shinsei Bank

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International Banks in Japan

• Citibank
• Deutsche Bank
• Standard Chartered Bank
• BNP Paribas Japan
• Barclays Japan
• JPMorgan Chase Bank, N.A
• HSBC
• Goldman Sachs Japan

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Online Banks in Japan

• Sony Bank
• Rakuten Bank
• Seven Bank
• SBI Sumishin Net Bank
• Japan Net Bank
• SMBC Direct

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Required Documents for opening a Japanese Bank Account

To process your application, the bank must confirm your identity. The necessary documents can differ based on your residency status, duration of stay, and other criteria.

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For Japanese Residents

• The Zairyu Card, issued to foreign residents in Japan, serves to verify their legal status. 
•  My Number Card, a personal identification card, is utilized for a variety of administrative and financial purposes. 
• A passport, acting as a primary form of ID, is often required by banks and other financial institutions. 
• Hanko, also known as inkan, is a personal seal used in place of a signature for official documents and transactions in Japan.

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For Non-Residents/Expats

• The Zairyu Card, essential for non-residents, new arrivals, and expats confirms your legal residency in Japan.
• A passport, acting as a primary ID document necessary for a range of official activities indicates your legal status in the country.
• Banks in Japan require Proof of Address to confirm your current residence.
• Proof of Income, such as payslips or rental contracts, to assess your financial stability for banking services.

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