#11 Banks You Should Open an Account within Japan and Their Transaction Fees

As business owner looking to expand into Japan, choosing the right bank is a crucial step in ensuring smooth financial operations. The ease of setting up the bank account, the range of available banking services, and the transaction fees for both domestic and international transfers are key factors that can impact on the company’s efficiency and day-to-day operation.

Types of Banks in Japan

Japan has a diverse banking system with over 100 financial institutions. This includes trust banks (信託銀行), shinkin banks (信用金庫), and other specialized banks. Choosing the right type of bank depends on your business needs, transaction volume, and geographical reach.

For convenience and nationwide access, it is recommended to open an account with one of Japan’s four major national banks:

Mizuho Bank
Mitsubishi UFJ Bank (MUFG)
Sumitomo Mitsui Banking Corporation (SMBC)
Resona Bank

These banks offer comprehensive financial services and have extensive branch and ATM network throughout Japan, making it easier to conduct financial transactions from any region. They are particularly beneficial for businesses operating in different regions within Japan and those requiring international banking support.

On the other hand, if your business is looking at minimizing banking costs, opening an account with online banks might be an ideal option for you. Online banks offer lower transfer fees and convenient digital banking services. These banks operate primarily online with no physical branches, making them a cost-effective choice as compared to physical banks. However, it is crucial to research their services, especially regarding international transfer and customer support.

If your business has strong ties to specific regions in Japan, local and regional banks might be a good option for you. These banks offer services focused on specific regions in Japan but are a good option for individuals or businesses with strong ties to local communities.

Internet Banking Offered by Major National Banks

Japan’s major national banks, trust banks, and shinkin banks offer internet-based banking services, allowing businesses to conduct transactions conveniently online. Below are the internet banking platforms offered by the 4 major national banks in Japan:

Mitsubishi UFJ Bank: BizSTATION
Mizuho Bank: Business WEB
Sumitomo Mitsui Banking Corporation: PC Bank Web21
Resona Bank: Resona Business Direct

Basic Fees and Bank Transfer Charges

When selecting a bank in Japan, it is essential to consider the differences in fees and transfer costs, as these can vary significantly among major national banks, local banks, and online banks. Understanding these differences will help businesses and individuals choose the most cost-effective banking option based on their transactional needs.

Below is a comparison of their services:

Major National Banks

Bank (Internet Banking)	Basic Monthly Fee	Bank Transfer Fee	Working Hours
Mitsubishi UFJ Bank (BizSTATION)	1,760 yen	- Same branch: <30,000 yen: 110 yen ≥30,000 yen: 330 yen - Different branch: <30,000 yen: 110 yen ≥30,000 yen: 330 yen - Another bank: <30,000 yen: 220 yen ≥30,000 yen: 330 yen	- Monday to Friday: 8:00–23:55 - Closed on holidays - Open until 21:00 on the second Saturday of the month
Sumitomo Mitsui Banking Corporation (PC Bank Web21)	3,300 yen	- Same branch: <30,000 yen: 110 yen ≥30,000 yen: 220 yen - Different branch: <30,000 yen: 220 yen ≥30,000 yen: 330 yen - Another bank: <30,000 yen: 220 yen ≥30,000 yen: 330 yen	- Monday to Saturday: 0:00–24:00 - Sunday: 0:00–19:00
Mizuho Bank (Business WEB)	1,650 yen	- Same branch: <30,000 yen: 0 yen ≥30,000 yen: 0 yen - Different branch: <30,000 yen: 110 yen ≥30,000 yen: 110 yen - Another bank: <30,000 yen: 110 yen ≥30,000 yen: 110 yen	- Monday to Friday: 8:00–23:30 - Saturday: 8:00–20:00 - Sunday: 9:00–17:00 - Closed on holidays
Resona Bank (Resona Business Direct)	3,300 yen	- Same branch: <30,000 yen: 0 yen ≥30,000 yen: 0 yen - Different branch: <30,000 yen: 220 yen ≥30,000 yen: 330 yen - Another bank: <30,000 yen: 220 yen ≥30,000 yen: 330 yen	- Monday to Friday: 7:00–23:55 - Weekends/holidays: 8:00–22:00

Online Banks

Online Bank	Basic Monthly Fee	Bank Transfer Fee	Working Hours
PayPay Bank	Free	- PayPay Bank: Free - Another bank: <30,000 yen: 160 yen ≥30,000 yen: 160 yen	24/7 (except during maintenance)
Rakuten Bank	Free	- Rakuten Bank: Free - Another bank: <30,000 yen: 168 yen ≥30,000 yen: 262 yen	24/7 (except during maintenance)
SBI Sumishin Net Bank	Free	- SBI Sumishin Net Bank: <30,000 yen: 50 yen ≥30,000 yen: 50 yen - Another bank: <30,000 yen: 160 yen ≥30,000 yen: 250 yen	24/7 (except during maintenance)
GMO Aozora Net Bank	Free	- GMO Aozora Net Bank: Free - Another bank: <30,000 yen: 166 yen ≥30,000 yen: 261 yen *Flat rate option*: 180 yen (monthly fee: 1,980 yen)	24/7 (except during maintenance)

Key Takeaways

Online banks offer lower fees, making them ideal for businesses and individuals who frequently conduct online banking transactions.
Major national banks provide comprehensive financial services, including cash transactions and overseas remittances, which some online banks may not fully support.
Local and regional banks are a good option for individuals and businesses seeking regional financial support.
To maximize convenience and cost efficiency, your business might consider using a combination of a major national bank, a local bank, and an online bank based on your specific financial needs.

For the most up-to-date fee structures and service offerings, please refer to each bank’s official website.

If you are considering expanding your business to Japan, please contact Quantum Accounting Inc. for a free consultation during the planning phase or general consultation (available in both English and Japanese). Quantum Accounting's professionals are experts in accounting, tax, legal, and labor issues. Our goal is to provide you with a one-stop professional firm for all the services you need to expand your business into Japan. We are confident that we can help you.