In Japan, the financial sector may be divided into:
Locally registered banks include regional, city, and trust banks.
The Central Bank, known as the Bank of Japan, oversees the banking system. The Central Bank licenses, regulates, and supervises banks.
What is the Japanese currency
Japan’s official currency is Yen (JPY). Ten JPY is 0.06 Euros. That is 5.91 Indian Rupees or almost 0.51 Chinese yuan.
List of banks in Japan
Japan’s banks provide financial services like other banks globally. Japan’s Internet banking services have advanced significantly with technology. In 1882, the Bank of Japan (Central Bank) was founded to oversee the domestic money supply and operate as a “Lender of Last Resort” for Japanese banks.
Some of the banks in Japan are the following:
National banks in Japan
The following national banks are present in Japan.
Banks in Japan for foreigners
How to choose a bank in Japan
When choosing a bank in Japan, several factors must be considered.
Reputation and stability
Choosing a good bank in Japan means finding one with a solid reputation and stability. This way, you can trust that your finances are in good hands.
Products and services
Choose a bank based on account needs. Basic accounts like savings and checking are standard, while full-service banks offer advanced options like credit cards, loans, and investments.
Size of the bank
Most Japanese banks offer their services at reasonable fees. Fees vary a lot depending on the bank so that you can explore them accurately.
If you’re looking to make your money grow in a savings account or other savings vehicle, it’s essential to seek out higher interest rates to optimize your savings efforts. One strategy to accomplish this is to compare the rates multiple banks offer.
It’s essential to consider client support and your financial needs when choosing a bank. Look for a bank with helpful tools and features that fit your requirements and preferences.
Considering these factors, you can narrow your options and choose a bank that meets your financial needs.
Which bank is the best in Japan
MUFG Bank has branches across Japan and in 40 other countries, making it the biggest bank in Japan and one of the largest banks in the world.
How many banks are there in Japan
There are more than 400 banks in Japan. Meanwhile, to control the nation’s money supply and serve as a lender, Japan established a central bank in 1882. Also, today the central bank is known as the Bank of Japan.
Is it possible for foreigners to open a bank account in Japan
In order to open a bank account in Japan, you must personally appear at the branch of your choice and provide your visa and residency card. In Japan, opening a bank account requires valid resident permission.
How can I open a bank account in Japan
To put it simply: no bank will let you create an account if you are in Japan on a 90 days visitor’s visa (tourist visa).
The typical requirements of Japanese banks are shown below:
- Valid passport and visa.
- Proof of current address in the form of a valid Residence Card (Zairyu Card).
- Certificate of residency with “My Number” (if you wish to transfer cash abroad).
- Your country’s tax ID.
- A Business Card or Employment Verification Document.
- Japanese phone number.
- Customized stamp (inkan/hanko).
How to find a cash machine in Japan
Talk to anyone who may have traveled or worked in Japan. You will find that some of your friends or family know the nearest bank branches. Ask around and find opportunities among your contacts. An easy tool for doing that is any map app. Below is, for example, a Google Maps search for ‘ATMs near Tokyo.’