Finance

What you'll learn in this guide What SMBC Trust Prestia is and why it’s the top English-language bank in Japan Who is eligible to open a Prestia account as a foreigner Account types, fees, and minimum balance requirements Foreign currency accounts: how they work and when they’re useful SMBC Prestia vs Japan Post Bank vs Rakuten Bank: honest comparison Quick Answer SMBC Trust Prestia is Japan’s leading English-language bank for foreigners. It offers full English service, foreign currency accounts (USD, EUR, GBP, AUD, CAD), and global ATM access. The main catch: it requires a minimum balance (¥1,000,000 or equivalent) to avoid monthly fees, making it better for mid-to-high income expats than new arrivals. ...

What you'll learn in this guide Wise vs Revolut: side-by-side fee and rate comparison for Japan Which is better for sending large amounts internationally Which is better for daily spending in Japan ATM withdrawal comparison in Japan Key limitations of both apps in the Japanese market The verdict: which app to prioritize and when to use both Quick Answer Use Wise for international money transfers (sending money home or receiving foreign income) — it offers the true mid-market rate with transparent fees. Use Revolut for daily multi-currency spending and travel within Asia. For most foreigners in Japan, you want both, but Wise should be your primary tool for moving money internationally. ...

Quick Answer Best banks for new foreign residents in Japan: Japan Post Bank (ゆうちょ) accepts foreigners from day one with just a residence card and passport. Rakuten Bank is 100% online with English support. Sony Bank offers foreign currency accounts and fee-free Visa debit. Avoid the major megabanks (MUFG, SMBC, Mizuho) until you have 6+ months of residence — they frequently reject new arrivals. You need a Japanese bank account to get paid, pay rent, and handle almost every part of daily life here — and you need one fast. The problem is that banks in Japan are notoriously picky: wrong visa type, wrong documents, or not enough residency history, and you walk out empty-handed. This guide tells you exactly which banks accept foreigners with minimal fuss, what documents to bring, and how to have an account open within a week of landing. ...

Quick Answer Wise is the best option for sending money internationally from Japan — you get the real mid-market exchange rate with transparent fees, compared to banks that add 2–4% hidden markups. Most transfers complete within 1–2 business days. Sending money home from Japan through a regular bank is one of those things you do once, watch the fees and exchange rate markups eat ¥10,000 out of a ¥300,000 transfer, and immediately start looking for a better way. There is a better way. ...

Quick Answer The biggest hidden costs in Japan: key money (礼金, 1–2 months rent, non-refundable), agency fee (1 month rent), residence tax (住民税) billed in June for previous year’s income, national pension (¥16,980/month mandatory), and move-out cleaning fees (¥30,000–80,000). First-year total surprise bills frequently exceed ¥500,000 for people who didn’t plan for them. Japan is often cited as more affordable than people expect for everyday living — ramen for ¥900, doctor visits for ¥2,000, excellent public transport for ¥200 a trip. What catches people off guard aren’t the daily costs. It’s the large, irregular, and often invisible expenses that aren’t in most budget guides. ...