How to open a bank account in Japan (transfers, exchanges, cash cards…)

Japan’s currency is the yen ¥, issued by the Bank of Japan and denoted by the code JPY.

In this guide, we’re going to talk about money in Japan: exchanging currencies, withdrawing cash, transferring funds, opening a bank account, and understanding cash cards versus credit cards!

Arrival in Japan (exchanges, withdrawals, transfers)

It is a good idea to bring some cash with you. There’s no need to bring more than ¥10,000 (or the equivalent), because you will be able to withdraw cash at ATMs in Japan, even with a foreign card. If you see that an ATM charges a flat fee per withdrawal, then consider grouping several smaller transactions into one bigger transaction. In general, there is a ¥110 fee during weekdays and a ¥220 durings weekends. You can find ATMs at convenience stores (konbini): 7-Eleven, Family Mart, Lawson etc.

Exchanging currencies

1. At the airport

It is easy to exchange currencies at the exchange bureaus in the airport. In exchange for your foreign cash, they will give you JPY. Fees and rates are less favourable than those in the city, but it is the convenience that you are paying for. Indeed, exchange bureaus outside of the airport may be out of the way or have limited hours of operation.

2. In the city

Not all banks offer exchange services, but a few that do include Japan Post Bank, Bank of Tokyo-Mitsubushi UFJ and HSBC. Bring your passport.

Withdrawing money with a foreign bank card

Until you successfully open a Japanese bank account, you can use your foreign bank card to withdraw money in Japan. Japan has made significant progress in this regard, and now foreign cards are accepted at most ATMs. These ATMs also usually have an English menu. ATMs can be found in convenience stores, malls, and along sidewalks. Since cash is still the preferred method of payment in Japan, the nearest ATM is never too far away.

In the countryside, if you happen to encounter a machine that does not accept foreign cards, go to Japan Post Bank. Its ATMs always accept foreign cards.

Before heading to Japan, consider letting your bank know that your card may be used abroad to avoid it being flagged and locked for potential fraud. You might even be able to easily do this in your banking app. Some banks’ security features are advanced enough that it is no longer necessary to notify them in advance.