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Opening A Bank Account In Japan

When a foreigner comes to Japan, the first thing they need is a bank account for rent payment and payroll transfer.However, the form is in Japanese only, and the name is written in katakana. With this, it is practically difficult to open an account unless accompanied by a Japanese person . .. .. There are still hurdles for foreigners to live in Japan.

The house applies TransferWise, an England based P2P international remittance service. It was recognized and spread quickly among business people who need overseas remittances and people working overseas. It is currently used by more than 6 million people in more than 70 countries around the world. In Japan as well, they obtained license of a fund transfer company and started official service in September 2016.

The international remittance fee is about 1/6 that of a bank and 1/16 of Paypal, which is almost the same as a domestic remittance fee. Online foreign currency settlement, real-time exchange rate application (no hidden costs). To put it plainly, the company pools funds at each base and matches funds such as “I made a deposit of 10,000 yen in London. I will withdraw 10,000 yen in Tokyo (actually, domestic remittance).”
TransferWise mechanism

If you haven’t used TW, the house offers a free fee coupon up to JPY75,000 for the first time only. Therefore, the remittance fee for the initial cost is virtually free. You can pay the rent from your home country’s bank account with the same fees and labor as domestic remittances ♡ 

Please feel free to use it!



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