When we open a bank account in Japan, there are tips to choose the best one. We’ll delve into the essential considerations for expats, tiny business owners, and sole proprietors when opening a bank account in Japan. Let’s dive in!
5 Tips for Opening a Bank Account in Japan
Internet Banking Service
The digital age has made banking more convenient than ever. As an expat or someone not fluent in Japanese, choosing a bank that offers a robust and user-friendly Internet banking platform is vital. Some banks specialize in Internet banking and present it at a lower cost. However, others might charge additional fees. So, always ensure you’re getting the best deal for your needs.
Integration with Cloud Accounting
Cloud accounting software has revolutionized financial management for businesses. If you use platforms like freee, Yayoi, or Money Forward, ensure your chosen bank can integrate seamlessly with them. This compatibility can significantly streamline your bookkeeping and financial management processes.
Social Insurance Automatic Withdrawal
Automatic withdrawal for social insurance payments is a feature that not all banks, especially pure-Internet-play banks, in Japan offer. However, it’s crucial, especially if you’re self-employed or run a business. One bank that supports this feature is AEON Bank. It’s worth exploring banks offering this functionality to simplify financial management.
Pay-easy System
Pay-easy is a versatile payment method in Japan, catering to services like utility bills, taxes, and online shopping. Some recommended pure-Internet-play banks that support Pay-easy include GMO Aozora Net Bank, SBI Shinsei Bank, Rakuten Bank, and AEON Bank. Ensure your bank supports this system for a hassle-free payment experience.
Small Business Mutual Aid
The Small Business Mutual Aid system is a significant consideration for small business owners. Most Internet banks don’t support this feature. Therefore, you might need to consider traditional brick-and-mortar banks, which sometimes hold more appeal for native Japanese.
In Conclusion
Opening a bank account in Japan requires careful consideration, especially for expats. Prioritize features like Internet banking, cloud accounting integration, social insurance payment support, Pay-easy system compatibility, and the Small Business Mutual Aid system.
You can ask for Pay-As-You-Go Consulting or Business Tax Advisory, if necessary.
