Banking Information

Upon Arrival in Japan

TUJ recommends you have 30,000 yen - 50,000 yen with you when you arrive in Japan (you can exchange money at the airport). Banks are not open on weekdays after 3 pm or on weekends, so you may not be able to withdraw money from overseas accounts or exchange travelers checks on a weekend or in the evening. In your first week or so in Tokyo, you will likely need resources to help get settled, buy books, and purchase items for everyday use. Be sure you have additional funds available when this money is depleted.

For U.S. students using financial aid
Be sure you have sufficient funds available while your aid is being processed and disbursed. Disbursement does not take place until after you register for classes. Your funds can come as quickly as one week but can take up to six weeks. Please read the section on financial aid for details on disbursements.


Shopping

Japan is mainly a cash-based society. You should not expect to be able to use your credit card at all places. Department stores, brand-name clothing stores, electronics stores and other larger shops will take credit cards but many grocery stores, drug stores and local eateries will not. While credit cards are becoming more widely used in Japan, previous students have observed that establishments which accept credit cards are often more expensive than those which deal on a cash basis. You will need to get use to carrying cash. Japan is a relatively safe country and, provided you take the necessary common-sense precautions, you may carry more money than you might in your home country.

Many establishments will not take travelers checks but you can cash them in at most major banks during regular banking hours (weekdays: 9 am - 3 pm). If you brought travelers checks with you, make sure that you signed them once and then countersign them at the time you spend or cash them. Also, make sure you have all the numbers written down and stored somewhere separately from the checks. Since it has become common for travelers to attempt to defraud travelers check companies by falsely reporting their checks lost or stolen, it has become more difficult to promptly recover lost or stolen checks. Having all the information will help expedite the process.

The system of writing checks for personal items is not practiced and most banks will not cash personal checks. You can deposit checks into your account but be aware that checks from overseas can take one to two months to clear and there is a large processing fee, so this may not be a cost-effective or efficient way of processing funds.


Receiving Money from Overseas

A faster way to receive money from overseas is through wire transfer. These usually take 5 to 10 days. The originating bank will need the name and branch name of your Japanese bank and may also request a routing number or SWIFT number, which you will have to get from your Japanese bank. Note that there are limited locations (with limited hours) for processing wire transfers, and it may not be possible on a weekend.


Opening a Bank Account

Where to go
Major banks in Japan include Citi Bank, Tokyo Mitsubishi UFJ Bank, Mizuho Bank, Shinsei Bank, and Mitsui Sumitomo Bank. You can also open an account at the post office. Check the bank's website for a branch near your residence or near TUJ.

Students who are under 20 years of age
You may be denied opening an account because of your status as a minor and thus you may be limited in where you can open an account. Some banks such as Tokyo-Mitsubishi UFJ Bank (Azabu Branch), which is located close to the university, offers banking for minors. This particular branch of UFJ has English speaking service and an English speaking staff (Ms. Karen Sieg, Foreign Customer Service Section) who can assist students about any concerns or question they have with banking.


What you need

  1. Alien registration card (passport may or may not be required)
  2. TUJ student ID

How to open an account

  1. Go to a bank of your choice between 9 am and 3 pm
  2. At the counter, pick up a number and wait for your number to be called and displayed on the screen
  3. After your number is called, walk toward a teller and say in Japanese (or show the following Japanese sentence).
    (shinki no kouza o hirakitai no desuga)
  4. Fill out application forms
  5. Present your alien registration card (and passport if required)
  6. Select your 4-digit PIN code
  7. Wait until your passbook and ATM card are mailed to you (7 to 10 days)

What you can do

  1. Withdrawing cash (Japanese yen) for day to day living expenses - ATMs are located in banks, post offices, and convenience stores. Thanks to their extensive network, you will find one or two post offices and convenience stores in your neighborhood. ATMs inside the bank are not available 24 hours a day. Check your bank for operating hours. You can withdraw money from the ATM at the convenience store at anytime but be aware that you will pay handling fees each time.
  2. Automatic payment of utility bills - You can pay utility bills every month at the post office, bank, and convenience store. An easier way to handle bills is to have the amount due deducted automatically from your bank account. Once you apply for automatic payment service, all you need to do is to keep your account balanced. You'll still receive a monthly notice mailed by utility suppliers. If you fail to make your payments several months in a row, utility supply to your apartment will be cut off so be sure to stay on top of your bills and payments.
  3. Electronic money transfer
    a. Receiving a wire transfer from your home country
    b. Transfer of funds within Japan
    In case you purchase something online, you can pay for it by transferring money from your bank account to the payee's account. Also, once you start working part-time, your salary is usually paid not in cash but through direct deposit into your account.

Tips and other info

  1. Handling fees ( tesu-ryo) cannot be ignored. Banks charge for most things in Japan. You will pay extra for withdrawing money during non-banking hours or on weekends even if you're taking money out at your own bank. There are also fees for transferring money to other accounts (even if the other person's account is at the same bank). To minimize handling fees, try and do your banking during regular banking hours.
  2. The interest rate for a general savings account is only 0.2% (as of Nov. 2007).
  3. In Japan, due dates for many kinds of payments fall on the 20th, 25th, and the last day of every month. Banks tend to be crowded and in order to avoid long lines it is advised to take care of your banking matters earlier in the month or through the ATM.
  4. Your passbook ( tsucho) and ATM card are mailed by registered mail (kakitome-yubin). You must be present and sign for the mail in order to receive it or your mail will be sent back to the post office and eventually back to the bank.

Most major banks are open from 9 am to 3 pm, Monday through Friday. Banks are not open on Saturdays, Sundays or Japanese national holidays. With the exception of Citibank, ATMs are not open 24 hours; most close between 7 pm and 9 am. ATMs at the bank may be open on weekends and holidays and non-regular business hours but you can expect to pay a handling fee. Whomever you choose to open a bank account with, we recommend that you apply for a cash card so that you can access your account through the ATM located in after hours lobbies in most banks (and most post offices for postal savings account holders). Some banks now have bilingual ATMs, making them easier to operate. If you are unsure of how to operate an ATM, go to the bank during banking hours and ask for a staff member to help you.

You can open an account at any bank with your passport or alien registration card however some Japanese banks may also require you to have a hanko (signature seal). Most Japanese banks require a minimum deposit of only ¥10. Citibank, the bank preferred by many foreigners because of their bilingual tellers and the range of services they offer, requires a minimum deposit of ¥10,000 and is often strict about opening accounts for individuals intending to remain in Japan for less than six months. When you apply for your cash card, you will be asked to select a four digit PIN ( ansho bango), which you will need to use an ATM. For security purposes, most banks employ a system whereby the secret number will be nullified if you incorrectly input it three consecutive times. Should this happen to you, go to a bank teller and explain your situation.


How to Make a Personal Stamp (Hanko/Inkan)

You can make a personal stamp at a stamp store. Here is the information for a stamp store close to the university.

Daimyouhanko at Azabu-Juban
(Business hours: 9:30 a.m. to 7 p.m. Monday to Friday / 9 a.m. to 3 p.m. Saturday / Closed on Sunday and national holidays)

Access:
Walk toward TUJ from Azabu-Juban Station, and you will see the store next to Sunkus (a convenience store).

Examples:


The price of a personal stamp is 3780 yen or more, and it takes approximately 2 days.