Sapporo

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Banking and Currency

Guidance on banks, ATMs, and dealing with currency exchanges in Sapporo.

Sections

1. Local Banking System in Sapporo

Japan has a well-developed and highly efficient banking system, and Sapporo, as the largest city in Hokkaido, offers a wide range of banking services. Major Japanese banks, regional banks, and international banks operate in the city. Some of the prominent banks in Sapporo include:

  • Major Banks: Mitsubishi UFJ Bank (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Bank, and Resona Bank.
  • Regional Banks: Hokkaido Bank and North Pacific Bank (Hokuyo Bank) are the most prominent regional banks in Sapporo.
  • Post Office Banking: Japan Post Bank (Yucho Ginko) is widely accessible and offers basic banking services.
  • International Banks: While international banks like Citibank and HSBC have limited physical presence in Japan, their services may still be accessible online.

2. Currency in Sapporo

  • Currency: The official currency is the Japanese Yen (JPY, ยฅ). Banknotes are available in denominations of ยฅ1,000, ยฅ2,000 (rare), ยฅ5,000, and ยฅ10,000. Coins come in ยฅ1, ยฅ5, ยฅ10, ยฅ50, ยฅ100, and ยฅ500.
  • Exchange Rate: Exchange rates fluctuate daily, so check the current rate before exchanging money. As of late 2023, ยฅ1,000 is approximately equivalent to USD 6.70 or EUR 6.30 (subject to change).

3. Opening a Bank Account in Sapporo

If you plan to stay in Sapporo for an extended period (e.g., as a resident, student, or worker), opening a Japanese bank account is highly recommended. Hereโ€™s how:

Requirements:

  • Residence Card (Zairyu Card): Proof of legal residency in Japan.
  • My Number Card: A 12-digit personal identification number issued to residents.
  • Passport: For identification purposes.
  • Phone Number: A Japanese phone number is often required.
  • Hanko (Personal Seal): While some banks now accept signatures, many still require a hanko for official documents.

Steps:

  1. Visit a bank branch (e.g., Hokkaido Bank or Japan Post Bank).
  2. Fill out the application form (available in Japanese; some banks offer English assistance).
  3. Submit the required documents.
  4. Wait for your bank card and passbook (tsuucho) to be issued. This may take a few days to a week.

Types of Accounts:

  • Ordinary Deposit Account (Futsu Yokin): The most common account type for daily transactions.
  • Time Deposit Account (Teiki Yokin): For saving money with higher interest rates.
  • Foreign Currency Account: For holding foreign currencies (offered by some banks).

Tips:

  • Some banks, like Shinsei Bank, offer English-friendly services and online banking.
  • Japan Post Bank is a good option for foreigners due to its accessibility and simple requirements.

4. Currency Exchange in Sapporo

Currency exchange is straightforward in Sapporo, with several options available:

Where to Exchange Currency:

  1. Banks: Major banks like Hokkaido Bank and Japan Post Bank offer currency exchange services. Bring your passport for identification.
  2. Currency Exchange Counters: Found at New Chitose Airport, major train stations, and shopping areas like Sapporo Station.
  3. Hotels: Some high-end hotels offer currency exchange, but rates may not be favorable.
  4. ATMs: Some ATMs, like those at 7-Eleven or Japan Post, allow you to withdraw yen using an international debit or credit card.

Tips:

  • Exchange rates at airports and hotels are often less favorable than at banks or dedicated exchange counters.
  • Avoid exchanging large amounts of money at once unless necessary, as rates can fluctuate.

5. ATM Usage in Sapporo

ATMs are widely available in Sapporo, but there are some key points to keep in mind:

Availability:

  • Convenience Stores: ATMs at 7-Eleven, Lawson, and FamilyMart are accessible 24/7 and accept most international cards (Visa, Mastercard, UnionPay, etc.).
  • Post Offices: Japan Post ATMs are reliable and accept foreign cards.
  • Banks: Bank ATMs are common but may have limited hours (e.g., 9:00 AM to 7:00 PM).

Transaction Fees:

  • Domestic Cards: Minimal or no fees for Japanese bank account holders.
  • International Cards: Fees vary depending on your home bank and the ATM operator. Expect a fee of ยฅ100โ€“ยฅ300 per transaction, plus any fees charged by your home bank.

Tips:

  • Look for ATMs with the โ€œPLUSโ€ or โ€œCirrusโ€ logo for international cards.
  • Withdraw larger amounts at once to minimize transaction fees.

6. Banking Hours

  • Bank Branches: Typically open from 9:00 AM to 3:00 PM, Monday to Friday. Closed on weekends and public holidays.
  • ATMs: Hours vary, but convenience store ATMs are usually available 24/7.

7. Transaction Fees and Costs

  • Bank Transfers (Furikomi): Domestic transfers cost ยฅ200โ€“ยฅ500, depending on the bank and amount.
  • Currency Exchange Fees: Banks charge a small commission (around 1โ€“3%) on currency exchanges.
  • ATM Fees: ยฅ100โ€“ยฅ300 for international cards, depending on the ATM and time of use (some ATMs charge higher fees outside regular hours).

8. Cultural and Practical Tips

  • Cash is King: While credit cards are increasingly accepted, cash is still widely used, especially in smaller shops, restaurants, and rural areas.
  • Carry Small Bills and Coins: Many vending machines, buses, and small businesses only accept cash or coins.
  • Politeness: When handing over cash, use both hands and place it on the provided tray instead of directly giving it to the cashier.
  • Language Barrier: Bank staff may not speak fluent English. Bring a Japanese-speaking friend or use translation apps if needed.
  • Hanko Usage: If you plan to stay long-term, consider getting a hanko, as itโ€™s still a cultural norm for signing documents.

9. Essential Financial Tips for Sapporo

  • Plan for Cash Withdrawals: Always have some cash on hand, as not all places accept cards.
  • Use International-Friendly ATMs: Stick to 7-Eleven or Japan Post ATMs for convenience and lower fees.
  • Monitor Exchange Rates: Use apps or websites like XE or OANDA to track rates before exchanging money.
  • Set Up Online Banking: If you open a Japanese bank account, enable online banking for easier management.
  • Emergency Funds: Keep a small reserve of foreign currency or a backup credit card for emergencies.

By understanding these aspects of banking and currency in Sapporo, youโ€™ll be well-prepared to manage your finances efficiently and adapt to the local financial culture. Let me know if you need further assistance!