Japanese bank

The Japanese banking system is similar to the banking systems of other countries. There are institutions ranging from large international banks to small regional banks. Japan Post Bank, Mizuho Bank, Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation, Resona Bank, etc. are major domestic banks.

There are several more internet banks, but Seven Bank in particular has become popular these days, providing banking services to people via the internet and ATMs. There you can deposit, withdraw, transfer money, forex, investment services and more.

Most banks are open from 9am to 3pm and are closed on weekends and public holidays.
However, ATMs have longer business hours and are often available on weekends and holidays. Recently, the number of ATMs that can be used 24 hours a day has increased.

[Reference: http://www.hanabistore.com/beginner.htm]

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Create an account

Foreign residents and travelers can open a bank account if they have a residence card. Some banks may also accept a Japanese driver's license instead of a residence card. More conservative banks may also require a personal seal.
No minimum deposit is required to open an account and most banks do not charge a maintenance fee.
Interest rates on regular accounts are very low, usually around 1%. Once you have applied, you will receive your passbook and your ATM card will be mailed to you. A fee (1,000 yen) must be paid to issue an ATM card.
Conversely, when closing an account, you can complete the procedure at any branch office if you have a cash card, passbook, residence card, and seal.

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Transfer

One of the main services provided by Japanese banks is wire transfer. This is a very common way for individuals and businesses to exchange and bill each other.
The transfer can be made via a bank counter, ATM, or the Internet, and if done during business hours, it will be processed on the same day. The shipper usually pays a fee of 200-500 yen.
It is possible to transfer money from an account outside Japan to a Japanese account using international wire transfer, but this can be a complex transaction that usually costs thousands of yen. <Loan>
Japanese banks offer very low interest rate loans, but it is very difficult to pass the examination. Banks that require applicants to have a certain income level will only lend to Japanese, permanent residents, or foreigners to their Japanese spouse.

This article is a partial re-edit of the article published in Guidable by KARUTA.
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