Opening a bank account in Japan is still a challenge for foreign residents

One of the less glamorous parts of moving to Japan is getting all the practical things sorted, and opening a bank account is usually pretty high on that list. Unfortunately, for foreign residents here, that part isn't always as straightforward as it sounds.

A new survey by Global Trust Networks (GTN) has found that approximately two-thirds of foreign residents experienced difficulties when trying to open a Japanese bank account. I thought the number would be high, but even that surprised me!

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The survey questioned 500 foreign residents who had lived here for five years or less. Even though 89% said they had received their salary or living expenses through a Japanese bank account, only 34% managed to open one without any problems.

Language was a major stumbling block, with 39% identifying the lack of foreign-language support being an issue. Another 38% said the number of required documents and complicated procedures made the process difficult.

Access to other financial services was also a concern. One in four respondents had been refused a financial service requiring screening, such as a credit card or loan. Despite that, 83% said they would like to use loans or instalment payment services in Japan in the future.

To me, the findings were a good look at some of the practical challenges we as foreign residents face when trying to establish ourselves financially here. They also really show the growing need for clearer multilingual information and more accessible banking services.

Was it smooth sailing for you here when opening a bank account, or rather rocky?