Yokohama

1. Local Banking Options in Yokohama

Yokohama has a wide range of banking institutions, including major Japanese banks, regional banks, and international banks. Here are some of the most prominent options:

Major Japanese Banks:

• Mitsubishi UFJ Bank (MUFG): One of Japan’s largest banks, offering services in English at select branches and ATMs.
• Sumitomo Mitsui Banking Corporation (SMBC): Another major bank with English-friendly services at some locations.
• Mizuho Bank: Known for its extensive network and English support at certain branches.
• Japan Post Bank (Yucho Ginko): Operates through post offices and is widely accessible, with ATMs in almost every neighborhood.

Regional Banks:

• Bank of Yokohama (Hama Ginko): A regional bank headquartered in Yokohama, offering services tailored to the local community. English support may be limited.
• Shinsei Bank: Known for its foreigner-friendly policies, including English-speaking staff and online banking.

International Banks:

• HSBC and Citibank: Limited presence in Yokohama but available in nearby Tokyo for international banking needs.
• Prestia SMBC Trust Bank: Caters to expatriates with English-speaking staff and services.

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2. How to Open a Bank Account

Opening a bank account in Yokohama is straightforward but requires specific documentation. Here’s what you need to know:

Eligibility:

• Visitors on a tourist visa cannot open a bank account. You must have a long-term visa (e.g., work, student, or resident visa).
• A Japanese address is required.

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 residents in Japan. Some banks may accept the notification letter instead.
3. Passport: For identity verification.
4. Hanko (Personal Seal): While some banks accept signatures, many still require a hanko for official documents.
5. Proof of Address: Utility bills or your residence card with your current address.

Procedure:

1. Visit the bank branch during business hours (typically 9:00 AM to 3:00 PM on weekdays).
2. Fill out the application form (available in English at some banks).
3. Submit the required documents.
4. Wait for your bankbook (通帳, tsuucho) and ATM card, which are usually issued on the spot or mailed to your address.

Tips:

• Shinsei Bank and Prestia SMBC Trust Bank are more foreigner-friendly and may not require a hanko.
• Some banks offer online banking in English, which is helpful for non-Japanese speakers.

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3. ATMs in Yokohama

ATMs are widely available in Yokohama, but there are some key points to note:

Types of ATMs:

1. Bank ATMs: Found at bank branches and post offices. They typically operate from 7:00 AM to 11:00 PM, though hours may vary.
2. Convenience Store ATMs: Available 24/7 at stores like 7-Eleven, Lawson, and FamilyMart. These ATMs often support international cards.
3. International ATMs: Found at major banks, airports, and tourist areas. Look for machines with logos like Visa, Mastercard, Cirrus, or Plus.

Fees:

• Domestic withdrawals: ¥110–¥220 per transaction, depending on the bank and time of day.
• International withdrawals: Additional fees may apply, depending on your home bank.

Tips:

• Use Japan Post Bank or 7-Eleven ATMs for international cards, as they are the most reliable.
• Always check the operating hours of bank ATMs, as they may not be 24/7.

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4. Currency Exchange Services

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

Where to Exchange Currency:

1. Banks: Major banks like MUFG and SMBC offer currency exchange services. Bring your passport for identification.
2. Currency Exchange Counters: Found at Yokohama Station, Minato Mirai, and major shopping areas.
3. Post Offices: Japan Post Bank branches also provide currency exchange services.
4. Airports: Narita and Haneda airports (nearby) have currency exchange counters with competitive rates.
5. Hotels: Some high-end hotels in Yokohama offer currency exchange, though rates may be less favorable.

Tips:

• Exchange rates at banks and post offices are generally better than at hotels.
• Avoid exchanging large amounts at airports unless necessary, as rates may include higher fees.

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5. Common Payment Methods in Yokohama

Japan is increasingly cashless, but cash is still widely used. Here are the most common payment methods:

Cash:

• The Japanese yen (¥) is the official currency.
• Coins are used frequently, so carry a coin purse.

Credit/Debit Cards:

• Visa, Mastercard, and JCB are widely accepted at hotels, department stores, and restaurants.
• Smaller shops and local eateries may only accept cash.

IC Cards:

• Prepaid transportation cards like Suica and PASMO can also be used for small purchases at convenience stores, vending machines, and some shops.

Mobile Payments:

• Apps like PayPay, LINE Pay, and Rakuten Pay are popular among locals but may require a Japanese bank account or credit card.

Tips:

• Always carry some cash, especially when visiting smaller establishments or rural areas.
• Notify your home bank before using your credit card abroad to avoid declined transactions.

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6. Typical Costs Involved

Here’s an overview of typical costs for financial services in Yokohama:

• Bank Account Maintenance: Free for most basic accounts.
• ATM Withdrawal Fees: ¥110–¥220 for domestic cards; higher for international cards.
• Currency Exchange Fees: Vary by provider; banks and post offices offer competitive rates.
• Credit Card Foreign Transaction Fees: Typically 1–3% of the transaction amount.

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7. Cultural and Procedural Considerations

Understanding Japanese financial etiquette and procedures is crucial:

Cultural Etiquette:

• Always handle cash with care. Use both hands when giving or receiving money.
• Avoid writing on or folding yen notes, as this is considered disrespectful.
• Tipping is not customary in Japan, so don’t leave extra money at restaurants or for services.

Procedural Tips:

• Be patient during banking procedures, as they can be time-consuming.
• Learn basic Japanese phrases or bring a translation app, as English support may be limited.
• Keep your residence card and My Number secure, as they are essential for financial transactions.

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Conclusion

Yokohama offers a robust and accessible financial system for both visitors and immigrants. By familiarizing yourself with local banking options, ATMs, currency exchange services, and payment methods, you can manage your finances effectively while respecting Japanese cultural norms. If you’re staying long-term, consider opening a bank account at a foreigner-friendly institution like Shinsei Bank or Prestia SMBC Trust Bank for added convenience. Always carry some cash, as it remains a staple in daily transactions, and enjoy your time in this dynamic city!