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

A bit of history

The history of the yen is relatively recent, since it was only introduced after the Meiji Restoration at the end of the 19th century. It was during this period of major societal upheaval that the gold standard was established to stabilize the value of money. The Bank of Japan was also created, as the sole issuer of money.

Paying in Japan

Japan is a very cash-based society. Some independent shops and restaurants do not accept card payments. It is completely normal to carry tens of thousands of yen in one’s wallet at all times, especially as theft and crimes in Japan are very rare. Spend your coins periodically, otherwise they can get heavy.

Tips are not expected nor even accepted in Japan. In fact, it is considered impolite to leave money for a service employee.

Haggling is also not customary, though it might be tolerated at flea markets.

Yen denominations

There are 4 paper bills:

• ¥1,000
• ¥2,000. These are rare.
• ¥5,000
• ¥10,000

And 6 coins:

• ¥1
• ¥5. This coin is considered lucky, and is often what people toss into fountains.
• ¥10
• ¥50
• ¥100
• ¥500