photo sharing and upload picture albums photo forums search pictures popular photos photography help login
James Clarke | all galleries >> Galleries >> Mission Japan > Opening a Postal Savings Account
previous | next
12/02/2009 James Clarke

Opening a Postal Savings Account

Nagaokakyo, Kyoto-fu, Japan

It's pretty much the done thing that if you're going to be living in Japan for some time to open a Postal Savings account. The reason is that it's one of the few banks that has a nation wide network of branches and ATMs. One of the surprising things for me is that most banks in Japan are pretty much localised to a particular prefecture, go outside that prefecture and it's hard to find a branch except maybe in big cities like Tokyo or Osaka where most banks have a branch.
Bank accounts in Japan are a good example of how Japanese mix old and new. Firstly before opening the account I had to get a seal (called “inkan”) made up. You will also notice that the bank account actually has a bank book (I think those disappeared in the early 80s in Australia). However, it's a hightech bank book that you can use in ATMs to deposit and withdraw money. Also a few a week later I received my account connected smart card in the post which I can use to shop convenience stores, certain vending machines, and some other places. Also the ATM themselves are more complicated in Japan than Australia, to be able to handle bank books, plastic cards, and even count the money when you make a deposit (unlike the Australia ones which place the money in an envelope and hope it gets counted correctly manually later, and doesn't actually get credited to your account for a week!).
Another good point is you can keep only a few yen in your account and not have it disappear with bank fees. There are no bank fees! Can you imagine that! At last a county, where people have a hope of getting ahead even if they can only manage to deposit a little bit in their bank account each month. Try that in Australia and it will disappear with bank fees before the next month comes around, unless you have at least $500-2000 (depending on type of account). Then there's unlimited transactions without fees, plus they don't charge any counting fees if you go to the bank with the contents of your money box. The negative side about Japanese banks is that they don't pay any interest, unless you make a term deposit.
The other thing was is because of the competition for customers between banks, I got some small presents from the bank to say thank you for choosing them!

Casio EX-Z850 ,Built in 7.9-23.7mm
1/60s f/2.8 at 7.9mm full exif

other sizes: small medium original auto
Malak Adil 17-Jul-2009 02:03
Industrial and commercial bank(ICBC) or any other bank have bank fees if you withdraw from other banks rather than same bank.ICBC have intrest about 1.47 yuan . i didnt know this till i opened online banking account and check it on internet.
Sam_C03-Apr-2009 08:02
Excellent shot and a very informative caption on the Japanese banking system!
Thanks for sharing. BV!
12303-Apr-2009 06:40
:) / :( C'est la vie. V
Guest 03-Apr-2009 03:12
Well I will say you lead an interesting or confusing (depending on how you look at it) life : ) v
Simon Chandler02-Apr-2009 18:24
A compelling image. Thanks for the info, very interesting. v
Guest 02-Apr-2009 11:09
I know what you mean with Bank fees..
my biggest motivation to open an account in "Industrial Commercial Bank of China" was to avoid US bank's fees every time I wanted to access my funds via ATM....

now that i have my account in China, I feel the comfort of not paying any fee whatsoever.

Type your message and click Add Comment
It is best to login or register first but you may post as a guest.
Enter an optional name and contact email address. Name
Name Email
help private comment