Banking for Japan-Based Expats: My Number, Japan Post Bank, and Navigating a Cash-First System

Japan presents a unique and sometimes challenging banking environment for foreign nationals. Despite being one of the world's largest economies, Japan's banking system is in many respects less internationalised than those of smaller countries: English language services are limited, many procedures remain paper-based, and the country's persistent cash culture can surprise arrivals expecting a fully digital financial infrastructure.

That said, the situation for expats has improved meaningfully in recent years, and a combination of major Japanese banks, Japan Post Bank, and international fintech tools makes day-to-day financial management entirely workable.

This guide is for general information only and does not constitute financial, legal, or tax advice. Japanese banking and tax regulations should be verified with a qualified Japanese tax accountant (zeirishi) or lawyer.

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My Number: Japan's National Identification System

The My Number (マイナンバー) system is Japan's national identification framework, assigned to all residents (Japanese nationals and registered foreign nationals alike) as a 12-digit number. The accompanying My Number Card (マイナンバーカード) is the physical identity card that banks, government agencies, and increasingly private sector services require.

For banking purposes, My Number is required:

• For opening accounts where the annual interest income or certain financial transactions exceed defined thresholds (financial institutions are required to collect My Number for CRS/tax reporting purposes)
• For tax filings with the National Tax Agency (NTA)
• For resident registration at the municipal office (市役所 — shiyakusho), which precedes most other administrative steps

Obtaining My Number:

• My Number is assigned automatically to anyone registered as a resident in Japan (通知カード — tsuchi card, a simple notification letter, was the previous system)
• The My Number Card (physical card with photo ID) is obtained by applying at your municipal office; the card takes several weeks to process
• My Number Card is now linked to health insurance, residence records, and banking — the government's goal is to make it the universal identification document for all official purposes

Foreign nationals on work visas, spouse visas, or long-term resident visas are eligible for My Number. Tourist visa holders cannot register as residents and therefore cannot obtain My Number or easily open bank accounts.

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Japan Post Bank (ゆうちょ銀行 — Japan Post Bank / Yucho Bank)

Japan Post Bank (Yucho Bank) is the largest bank in the world by deposits, holding approximately ¥200 trillion in assets. It operates through approximately 24,000 post office locations across Japan — an unmatched physical network that makes it exceptionally accessible even in rural and remote areas.

For expats, Japan Post Bank has historically been one of the more accessible banks for foreign nationals:

• Account opening processes are available in multiple languages at larger post offices
• The Yu-cho Direct internet banking service offers Japanese-language online account management
• ATM access at post offices and at 7-Eleven ATMs (via a partnership) covers virtually the entire country
• International transfers via Yucho's GAICA prepaid Visa card or through Japan Post Bank international wire services are available

Japan Post Bank is particularly suitable for expats who live outside major cities and need reliable ATM and banking access in areas where commercial bank branches are sparse.

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Major Commercial Banks

MUFG (Mitsubishi UFJ Financial Group)

MUFG Bank — the main banking subsidiary of Mitsubishi UFJ — is Japan's largest commercial bank by assets and one of the largest in the world. MUFG has English-language services at selected branches in Tokyo, Osaka, and other major cities, and offers a Global Direct service for English-speaking customers. MUFG is the most internationally recognised Japanese bank and has relationships with correspondent banks in major financial centres globally.

SMBC (Sumitomo Mitsui Banking Corporation)

SMBC is Japan's second-largest bank by assets. Like MUFG, it offers English-language services at major urban branches and has international operations through SMBC Trust Bank (formerly Citibank Japan's retail operations, acquired in 2015) which is more oriented towards affluent and international customers.

Mizuho Bank

Mizuho rounds out Japan's three "mega-banks". It has been the subject of repeated system outages (a reported ten separate system failures in 2021) that attracted significant regulatory scrutiny from the Financial Services Agency (FSA). While the issues appear to have been addressed since, Mizuho's IT reliability history is worth noting for time-sensitive international transactions.

Shinsei Bank and Prestia (SBI Shinsei)

Prestia, the former Citibank Japan retail brand now operating under SBI Shinsei Bank, is the most internationally-oriented option for foreign nationals in Japan. It was specifically designed to serve the international community, with full English-language services, a multi-currency account offering, competitive international transfer rates, and SWIFT transaction capabilities. For expats wanting the most accessible English-language banking, Prestia/SBI Shinsei is often the first recommendation.

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ATM Fee Culture in Japan

Japan's ATM fee structure is a significant frustration for international residents:

• Japanese bank ATMs typically charge fees for using other banks' cards, ranging from ¥110 to ¥330 per transaction depending on the machine, bank, and time of day
• Foreign-issued cards attract additional international card processing fees on top of ATM charges
• 7-Eleven ATMs (Seven Bank) and Japan Post Bank ATMs are the most widely accessible machines that accept foreign-issued cards with relatively predictable fees
• Lawson Bank ATMs (at Lawson convenience stores) also accept international cards

Strategies to reduce ATM fees:

• Use Wise or Revolut cards — these often have lower or zero foreign ATM fees up to a monthly limit
• Make larger, less frequent withdrawals to minimise the number of fee-bearing transactions
• Use Prestia (SBI Shinsei Bank) accounts which historically had more favourable ATM fee arrangements for international card holders

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Limited English Banking: Practical Realities

Outside of Prestia, selected MUFG and SMBC branches in central Tokyo and Osaka, and Japan Post Bank at larger urban post offices, English-language banking in Japan is genuinely limited. Most:

• Account opening forms are in Japanese
• Customer service representatives speak only Japanese
• Internet banking portals default to Japanese (though MUFG Global Direct and Prestia are exceptions)
• Paper-based processes (inkan/seal registration, bank books) remain more common than in Western banking

Practical approaches:

• Use a translator app (Google Translate's camera mode is effective for forms)
• Bring a Japanese-speaking colleague or friend to your branch appointment, particularly for account opening
• Consider opening your account at a branch with documented international services (check the bank's website for 外国語対応 — "gaikokugo taiou" — foreign language support)
• Hire a certified judicial scrivener (司法書士 — shihoshoshi) or immigration lawyer familiar with banking to assist if needed

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Wise, Revolut, and Fintech Workarounds

For many Japan-based expats, Wise and Revolut have become essential companions to a Japanese bank account:

Wise in Japan:

• Wise offers JPY receipt and sending capabilities and a Wise Mastercard debit card usable at most Japanese merchants and ATMs
• The Wise account cannot replace a Japanese bank account for salary receipt or direct debit purposes (utility companies, mobile phone providers, and many services require a domestic Japanese IBAN-equivalent account)
• For receiving money from abroad and converting to JPY, Wise's mid-market rates are significantly more competitive than Japanese bank rates

Revolut in Japan:

• Revolut operates in Japan (launched its Japanese service in 2020 under licence from the FSA)
• The Revolut Japan app provides multi-currency functionality and competitive exchange rates
• Again, not a replacement for a full Japanese bank account but an excellent complement for international spending and transfers

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International Wire Transfers: Documentation Requirements

Japan imposes documentation requirements for international transfers that can surprise expats unfamiliar with the system:

• Transfers below ¥100,000: generally processed without extensive documentation
• Transfers above ¥100,000: banks are required to verify the purpose of the transaction and may request documentation (purchase contracts, invoice, tax clearance letter, etc.)
• Suspicious Transaction Reports (STR): Japan's Financial Intelligence Unit (Japan FIU / JAFIC) requires reporting of suspicious transactions; banks apply AML checks, particularly on transfers to high-risk jurisdictions
• Foreign Exchange and Foreign Trade Act (FEFTA): Japan requires reporting of capital transfers above certain thresholds to the Ministry of Finance; your bank will typically handle this reporting automatically but may ask you to complete declaration forms

For regular remittances (sending monthly income to a UK account, for example), establish the transfer pattern early with your bank and provide purpose documentation upfront to avoid repeated queries.

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Tax Residency and CRS

Japan is a CRS participant and reports account information of foreign-resident customers to their home tax authorities. UK nationals who are tax resident in Japan are subject to Japanese income tax on their worldwide income (with some treaty exemptions under the UK-Japan Double Tax Treaty). Non-residents with Japanese accounts will have account information reported to HMRC or their home tax authority.

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How Global Investments can help

Global Investments supports internationally mobile clients managing assets across multiple jurisdictions, including those with Japanese connections. While our primary expertise is in property and investment across our core markets, we can provide introductions to advisers with experience of UK-Japan financial structures and assist clients managing cross-border assets.

If you are considering investment, property, or long-term residency plans that connect Japan with other markets where we operate, contact our team to discuss how we can support you.