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Banks in Japan, like their counterparts worldwide, provide their customers with a wide range of services, from cash deposits and withdrawals, domestic fund transfers, and overseas foreign currency remittances. With an increasing shift to digitization, most banks in Japan now provide internet banking services which allow you to conveniently open accounts and conduct all your banking online.

In this article, we will introduce some of the services commonly offered by banks in Japan, how they are similar or different from other countries and highlight some of the features that set Sony Bank apart from other banks.

Fund Transfers (Furikomi)

Fund transfer (furikomi) is a key service offered by all banks in Japan. It is a very common way for individuals and businesses to transfer funds and pay bills. These transfers can be made at the ATM, online or at the bank teller.

ATMs

Japanese ATMs allow their users to withdraw, deposit and transfer funds, as well as update their bank books. During the day (e.g. 8:45-18:00), there is no charge when withdrawing cash from your own bank's ATMs. However, if you use another bank's ATM, then a charge normally applies (typically between 110 to 220 yen). However, there is a charge for after-hours withdrawals, including from your own bank's ATMs.

Cash card, Debit cards, and Credit cards

Although payments by cash are the mainstream in Japan, credit cards and debit cards have become more widely accepted at hotels, restaurants, department stores and shops, and are commonly used for online shopping.
When making a payment with a debit card, the funds are debited from your account at the point of transaction, as is normally the case in most other countries. In case of credit cards, however, unlike in many other countries, the total amount is usually automatically withdrawn from your bank account since bills must be paid in full every month.

Product types

In addition to standard savings accounts, most banks in Japan also offer a range of products according to their customers' needs, from automated savings plans and fixed-term deposits in both Japanese yen and foreign currencies to defined contribution pension plans and investment savings accounts.

Other Services

Banks provide a variety of other useful services. You can pay phone and utility bills, as well as taxes, at banks or can set up automatic payments that are directly withdrawn from your account. Some banks can also exchange foreign currencies and offer asset management and investment services, loans, and insurance.

What sets Sony Bank apart from other banks?

Sony Bank offers the same services as most other banks in Japan. However, it sets itself apart from its peers with its user-friendly English account opening app and Club S rewards program that offers various benefits according to your account balance.

-Open Account with our English App

Sony Bank is one of the distinguished banks that offer foreign residents the opportunity to open an account entirely in English, by downloading an English account opening app. Just take a photo of your residence card and other ID documents, and the app automatically fills in most of the applications for you! The process can be completed at your fingertips, without having to visit the bank, fill in complicated forms in Japanese, or send in documents by mail. Please note that document requirements may differ depending on the customer's circumstances, such as the applicant's nationality.

-Club S Rewards Program

Many banks offer customers the opportunity to earn points according to their transaction amount. However, Sony Bank offers more to customers via the Club S rewards programs. Benefits include cashback, fee-waived domestic and overseas ATM withdrawals, fee-waived fund transfers within Japan, fee-waived foreign currency remittances, and preferential exchange fee and interest rates on foreign currency deposits. The higher your balance, the more you can benefit from Sony Bank’s rewards and perks.

The benefits shown below are for Club S Platinum member.

• 2.0% Cashback on purchases with Sony Bank WALLET in Japan
• Unlimited Fee-waived cash withdrawals at partner ATMs in Japan
• Fee-waived fund transfers up to 11 times per month, when transferring yen
• Fee-waived overseas ATM usage up to 5 times per month
• Exchange fee 0.04 JPY per 1 USD
• Fee-waived outgoing foreign currency remittances up to 3 times per month