Banking

## Key Info

JETs **must** have a Japanese bank account as you will receive paychecks directly to your bank account every month.

Japan rarely uses credit cards although it is somewhat more prevalent in Tokyo.

## Other Info

Private schools may require their JET to have an account at a specific bank.

Most banks are open on Monday to Friday between 9am to 3pm. Bank-affiliated ATMs are
often open longer and many ATM machines in convenience stores are open 24-hours.

When setting up your bank account, it may be a good idea to chose a bank with several branches (JP Bank, Mizuho, SMBC, or MUFG), or Shinsei Bank that provides English services, ATMs with free withdrawals and deposits at multiple convenience stores as well as free online banking.

## Requirements

After you register your address with the ward office, you are ready to open a bank account. When you open an account, make sure to bring the following:

1. Passport
2. Registered residence card
3. Work contract1
4. *Inkan2*
5. Japanese phone number (some banks, such as Shinsei Bank, may also require a Japanese phone number. You can try to use your school phone number.)

## Checking Accounts

Please ask your bank about specific procedures regarding direct deposit or online accounts, as each bank’s policies will differ.

## Passbook and Cash Card

Most banks will give you a passbook or a bank book. It looks like a place for you to write in your bank transactions, but don't! You simply have to place the book into your bank's ATM and the ATM will automatically write down all your transactions from the past. These bank books can be used to withdraw cash too, so be sure to protect this little book with all your bank information on its front page.

Along with the passbook, most banks will give you a cash card, which is a card specifically used to withdraw cash from your bank ATMs. It is not a debit card. It cannot be used in stores as such. Debit cards are not widely used, but you can still get one. To get a debit card, you must specifically request for one. Again, each bank has different policies. The same applies to credit cards.

Nowadays, stores tend to have a Suica/PASMO card scanner. Suica and PASMO are rechargeable train cards that can be used as your commuter's pass after you register3 with the train officials. You can store money on the card, acting like a debit card. As many convenience stores, vending machines, and stores have a Suica/PASMO card scanner, you can simply carry your train card and cash.

## Japanese Credit Cards

If you would like to have a Japanese credit card, Rakuten is known to be most open to foreigners in Japan. There are multiple English guides that will help you apply for a card online. To apply for a credit card with your bank, please ask a staff and be sure to bring someone who can help translate.

## Notes

1There have been cases in which the bank refuses to allow JETs to open bank accounts because they fear JETs don't have proper employment or are students. To ease their fears, it's best to show bank staff your employment contract.

2Many banks will allow you to use your
signature in place of your *inkan*, but
you are advised to bring one just in case.

3If you lose your train card, you can pay a small fee to get a reissued card with your remaining balance. Your lost card will be cancelled.

## Japanese Bank Transfers

There are 3 different ways you can make a bank transfer (Furikomi 振込) in Japan; Teller, ATM, or Online. Depending on your bank, you may be charged 200~500 yen for it.

Depending on your bank, you may also be able to set up automatic transfers.

You will need the following to make a transfer:

1. Bank card or Cash
2. The recipients Bank Information including:

* The name of the recipient’s bank in Japanese (Ginkou銀行)
* The branch name in Japanese (Shiten支店)
* Recipient’s account number (Kouza bangou口座番号)
* Type of Account — usually it is a “normal” account (Futsuyokin普通預金)

You will need the Japanese names in Kanji plus the first character in Katakana. The katakana character is to help you search for the name in their database.
For example:

* Shinsei bank 新生銀行 = シ
* Mizuho bank みずほ銀行 = ミ

### ATM Transfers

There are already some good tutorials on how to make an ATM transfer, so I will just provide the links below. They come complete with step by step photos and a list of Japanese words you will need to know.

If you wish to continuously make transfers via ATM, I would suggest making a Transfer card / Furikomi card 振込カード which can be made at the ATM. Your transfer recipient’s information will be saved onto the card so that you won’t have to punch it in every time. More information is provided in the Gunma link. If you have a JP Post account, your recipient's information can be saved directly to your account under references when you use your bank card.

Gunma JET
http://www.gunmajet.net/furikomi-electronic-funds-transfer-guide/

Surviving in Japan
http://www.survivingnjapan.com/2010/06/how-to-do-furikomi-bank-transfer.html

### Online Banking Transfers

The layout of your bank’s online site may look different, but you will still need all the same information as if you were making an ATM transfer.

Japan Post
https://origami-book.com/column/course-en/8984

Shinsei
http://www.shinseibank.com/english/guide/direct/furi.html