Hello All, I will soon be moving to Japan from the U.S. soon as a language student (not working, long term 1year+ student, and then try to land a permanent job in Japan thereafter), and after doing research on all the posts about the banks and fees, I still have questions and would appreciate recommendations for where I should try to set up a bank account. I bank with Chase in the U.S. and have a U.S. credit card with no exchange fees and no ATM cash withdrawal fees, so I’m covered on those, so I primarily need a bank account in Japan for only things like rent, utilities, tuition, phone, etc. I would also be wire-ing money in from the U.S. from time to time, which I can do for free even in yen from Chase. So I’m looking for a bank with the following criteria in order of importance:
- Can open an account as a non-working student immediately. (Student Visa+Juminhyo and resident card, no hanko yet)
- Can receive wires from U.S. bank in yen without fees (or low fees)
- No monthly fees for account
- Lower fees for paying bills like rent, utilities, tuition, phone, etc. that I would need to do from a Japanese Bank.
Based off of my research, here are some questions I have regarding the following banks. And would appreciate recommendations on a bank if I missed anything, especially if there’s a service that I might need that I didn’t think about here.
Japan Post Bank: Able to open account as soon as I get into Japan and no monthly fees. But I read that you cannot receive wires internationally in yen? Is that correct? Seems odd so did I read that right? If I read it right, you can wire in money in other currencies but they charge $10 USD.
Prestia SMBC Trust Bank: Says no fees receiving wires in yen. Can I open an account immediately? I think there’s a monthly fee of 2,200 yen and to waive it I need to keep a balance of 500,000 yen, which I can do but not ideal cuz it’s just like sitting there. It says I can maybe also waive that monthly fee by getting a credit card with them, but can I as a student (not working)? Is the credit card worth getting from them?
Seven Bank: Same as Japan Post, except it says Service Not Available even from incoming wires in other currencies. Am I reading this wrong?
Sony Bank: Am I able to open an account ASAP? I read no monthly fees and no fees receiving international wires in yen. Did I read that correctly? Is this the bank that best fits my main criteria?
by garyF1