11. Financial Institutions
Opening an Account
In Japan, there are several types of financial institutions. These include ordinary banks, credit unions, credit associations, agricultural cooperatives, and post offices. There are several types of accounts, but an "ordinary saving account" is useful unless you plan to invest money. Although the interest rate is very low, the ordinary saving account is useful to deposit money that you need for everyday life. With this account you can cash, deposit, receive salary, or transfer money automatically for public service bills, and use a cash card at any time. When you open an account, fill in an application form at your local financial institution and turn it in with the following documents.
- Certificate of Alien Registration or Alien Resident Registration (For identifying your address, name, birthday, and telephone number)
- Your personal seal (Refer to here)
- Initial deposit (At least 1-yen deposit for a bank account or 10-yen deposit for a postal account is necessary.)
Banks are usually open Monday through Friday from 9:00 to 15:00. (Post offices are usually open from 9:00 to16:00 or 18:00)
Cash Card
You can apply for a cash card when you open an account. Choose a four-digit secret pin number to go with the card. Whenever you use an ATM (Automatic Teller Machine) or CD (Cash Dispensing Machine) to cash or deposit, you have to enter your secret pin number every time. Therefore, do not forget it. It takes about a week or ten days for a cash card to be made although you can receive a bank/postal book on the day you open an account. The cash card will be sent by registered mail to your address. ATMs and CDs are installed at banks and post offices, and other places such as train stations, department stores and supermarkets. Your cash card, like your bank/postal book and personal seal, is a very important item. Be careful of theft or loss of your card, or the leak of your secret pin number. If you lose your cash card, report it immediately to the bank or post office where you have the account, and report it to the police as well.
Words That Commonly Appear When Using an ATM or Cash Dispensing Machine
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Using ATM / Cash Dispensing Machine
【How to use machines to make a withdrawal】
※Usage may vary among financial institutions and machines.
- Select the transaction (such as withdrawal, deposit, or funds transfer) that you are interested in.
- Insert your bank/postal book or cash card. (You can withdraw with either a postal book or cash card at a post office, but you need both a bank book and cash card to withdraw at a bank.)
- Enter your secret pin number.
- Enter the amount of withdrawal and press the "yen" button.
- If the amount is correct, press the "confirmation" (kakunin) button. If the amount is incorrect, press the "correction" (teisei) button and do 4. again.
(※When you withdraw 10,000 denominations such as 10,000 yen or 20,000 yen, the "exchange a part of the amount" button (ichibu ryougae) may appear on the screen. This means that you can exchange a 10,000-yen bill for ten 1,000-yen bills in your withdrawal. - Receive a bank/postal book, cash card, and transaction record.
(※In some ATMs or Cash Dispensing Machines, the button of "Transaction Record is Unnecessary" (meisaisho fuyou) may appear. If you do not want the transaction record, press the button. - Take cash.
Operating Hours of ATMs and Cash Dispensing Machines
【Bank】
※Available days and hours vary among banks and locations running ATMs and Cash Dispensing Machines. You may be charged depending on the operating hours or for processing.
【Post Office】
※Available days and hours vary among post offices.
Closing Your Account
To close your account, you need to take your bank/postal book, cash card, and personal seal to the financial institution with which you have your account. You will receive the balance in your account in cash upon closing your account. If you use your account for the payment of public services or for funds transfer of your salary, you should inform each company that you are closing your account before doing so.
International Remittance
You can remit money overseas from a bank or a post office. When you apply for remittance, you need an identification document such as your Certificate of Alien Registration. You pay a fee for remittance and for telegraph (in case of telegraphic transfer) in addition to the remittance.
【Remittance From a Bank】
| Mail Transfer | A bank in Japan will remit money into the remittee's account overseas through the normal postal service. |
| Telegraphic Transfer | A bank in Japan will remit money directly into the remittee's account overseas by telegraph. This is the fastest and safest method, but you pay a fee for telegraph in addition to a fee for the remittance. |
| Demand Draft | The remitter must have a demand draft issued at a bank and mail it to the other party overseas. |
【Remittance From a Post Office】
You can remit money from post offices which have a financial service counter. (All those except for a simplified post-office) You can send money to about 78 countries in 10 different areas around the world. (January 4, 2002) The method of remittance differs between countries to which you send money. Enquire at a post office for further information. There are two types of remittance. (Refer below)
- Remitting money to the remittee's address
- Remitting money to a postal transfer account or bank account of the remittee's
(※In case of telegraphic transfer, the countries which can be sent money are limited.)
Foreign Currency Exchange and Traveler's Checks
Foreign currency exchange and traveler's checks can be obtained or cashed at banks indicating foreign currency exchange or at main post offices. (In Shimane, there are 12 post offices which handle foreign currency; Matsue-Chuuou, Matsue-Kawatsu, Matsue-Tonomachi, Yasugi, Hirata, Izumo, Izumo-Ouhigashi, Iwami-Ouda, Goutsu, Hamada, Masuda, Saigou.) Some currencies may not be arranged instantly or not sometimes handled at all. You should ask banks or post offices whether they handle foreign currencies, or ask for the type of currency in advance.
