Hiroshima

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Banking and Finance

Sections

1. Types of Banking Services Available in Hiroshima

Hiroshima, like the rest of Japan, has a well-developed banking system offering a variety of services. These include:

Retail Banking

  • Savings Accounts: Offered by all major banks, these accounts are used for day-to-day transactions and savings.
  • Checking Accounts: Less common in Japan, as most transactions are done via cash, bank transfers, or debit cards.
  • Foreign Currency Accounts: Some banks allow you to hold accounts in foreign currencies like USD or EUR.
  • Fixed Deposits: Time-bound savings accounts with higher interest rates.

Online and Mobile Banking

  • Most banks in Hiroshima offer online and mobile banking services, though the interfaces are often in Japanese. Some international banks may provide English-language options.
  • Popular apps include those from Hiroshima Bank, Japan Post Bank, and MUFG Bank.

International Banking

  • International banks like HSBC and Citibank have limited presence in Japan, but you can access their services online.
  • Local banks like Hiroshima Bank and Resona Bank also offer international remittance services.

Credit Cards and Loans

  • Credit cards are widely available, but approval can be challenging for foreigners without a long-term visa or stable income.
  • Personal loans, car loans, and mortgages are available, but you may need a guarantor or proof of residency.

Specialized Services

  • Japan Post Bank (Yucho Ginko): Offers basic banking services and is widely accessible, even in rural areas.
  • Regional Banks: Hiroshima Bank is the most prominent regional bank, offering tailored services for residents and businesses in Hiroshima Prefecture.

2. How to Open a Bank Account in Hiroshima

Opening a bank account in Hiroshima is straightforward but requires specific documentation. Hereโ€™s a step-by-step guide:

Eligibility

  • You must be a resident of Japan with a valid address.
  • Tourists cannot open a bank account.

Required Documents

  1. Residence Card (Zairyu Card): Proof of your legal status in Japan.
  2. My Number Card: A 12-digit identification number issued to all residents.
  3. Passport: For identity verification.
  4. Proof of Address: Utility bills or rental agreements may be required.
  5. Hanko (Personal Seal): While some banks now accept signatures, a hanko is still commonly used in Japan.

Procedure

  1. Visit a local branch of your chosen bank (e.g., Hiroshima Bank, Japan Post Bank).
  2. Fill out the application form (usually in Japanese; bring a translator if needed).
  3. Submit the required documents.
  4. Wait for your bankbook (้€šๅธณ, tsuucho) and ATM card to be issued. These are often provided on the same day or mailed to your address.

Costs

  • Opening a bank account is usually free.
  • Some banks may charge a small fee for issuing a replacement ATM card or for certain services.

3. Common Banking Procedures

Here are some common banking tasks and how to handle them in Hiroshima:

Deposits and Withdrawals

  • Use ATMs or visit a bank branch.
  • ATMs are widely available and support cash deposits, withdrawals, and transfers.

Bank Transfers (Furikomi)

  • Bank transfers are a common way to pay bills or send money domestically.
  • You can do this via ATMs, online banking, or at the bank counter.
  • Fees for domestic transfers range from ยฅ200 to ยฅ600, depending on the bank and amount.

International Remittances

  • Available at most major banks and post offices.
  • Fees vary but typically range from ยฅ2,000 to ยฅ5,000 per transaction.
  • Services like Wise (formerly TransferWise) and PayPal are also popular for lower fees.

Bill Payments

  • Utility bills, taxes, and other payments can be made at ATMs, convenience stores, or through online banking.

4. ATM Accessibility in Hiroshima

Hiroshima has excellent ATM coverage, making it easy to access cash or perform banking tasks.

Key ATM Providers

  1. Hiroshima Bank ATMs: Found in branches, shopping centers, and train stations.
  2. Japan Post Bank ATMs: Located in post offices and convenience stores.
  3. Seven Bank ATMs: Found in 7-Eleven stores, supporting international cards.
  4. E-net ATMs: Available in FamilyMart and other convenience stores.

International Card Support

  • ATMs at 7-Eleven, FamilyMart, and Japan Post Bank accept international cards (Visa, Mastercard, etc.).
  • Look for the โ€œPLUSโ€ or โ€œCirrusโ€ logo on the ATM.

Operating Hours

  • Many ATMs operate 24/7, especially those in convenience stores.
  • Bank branch ATMs may have limited hours (e.g., 8:00 AM to 9:00 PM).

Fees

  • Domestic ATM withdrawals are often free during business hours but may incur fees (ยฅ100โ€“ยฅ200) outside these hours.
  • International card withdrawals may have additional fees from your home bank.

5. Cultural and Local Considerations

Understanding local customs and practices can make banking in Hiroshima smoother:

Language Barrier

  • Most bank staff in Hiroshima speak only Japanese. Bring a translator or use translation apps if needed.
  • Some banks, like Japan Post Bank, may have English-speaking staff or multilingual guides.

Hanko Usage

  • A hanko (personal seal) is still widely used for banking transactions. You can get one made at a hanko shop for around ยฅ1,000โ€“ยฅ3,000.
  • Some banks now accept signatures, but this is not universal.

Cash-Centric Society

  • Japan, including Hiroshima, is still largely cash-based, though credit cards and digital payments (e.g., PayPay, Rakuten Pay) are becoming more common.
  • Always carry some cash, especially when visiting smaller shops or rural areas.

Banking Hours

  • Bank branches are typically open from 9:00 AM to 3:00 PM on weekdays and closed on weekends and public holidays.
  • Plan your visits accordingly.

Taxation and Reporting

  • If youโ€™re earning income in Japan, youโ€™ll need to report your bank account details for tax purposes.
  • Foreigners with overseas accounts exceeding ยฅ50 million must report them to Japanese tax authorities.

6. Recommendations for Foreigners in Hiroshima

  • Best Bank for Foreigners: Japan Post Bank is highly recommended for its accessibility, English support, and wide ATM network.
  • Digital Banking: Consider online banks like Sony Bank or Shinsei Bank, which offer English-language services and are foreigner-friendly.
  • Currency Exchange: Use banks, post offices, or currency exchange counters at Hiroshima Airport or major train stations for the best rates.

By following this guide, youโ€™ll be well-prepared to manage your banking and financial needs in Hiroshima. If you have any specific questions or need further assistance, feel free to ask!