In Japan, cash is generally used when shopping. However, it is recommended that you save any cash that you will not be using right away in a bank, regardless of the amount. The reason is because keeping a bank account is safe, and interest is earned. Saving money is called “yokin” or “chokin.” The meaning is the same in that you keep money in a financial institution.
Financial institutions where you can keep your money include banks, credit and savings, credit unions, agricultural cooperative unions, post offices, and industrial banks.
Opening an Account
Savings accounts include futsu-yokin (ordinary deposit) and teiki-yokin (time deposit) accounts. Although interest for ordinary deposits is low, you can deposit and withdraw money freely, and take advantage of various services, such as automatically debiting utility charges, sending money, paying credit card bills, and depositing your salary. At the same time, if you apply for a cash card, you can also take advantage of the convenience of using ATMs (automatic teller machines) and CDs (cash dispensers).
To open an account, please ask the financial institution you wish to use for application details.
April 1, 2020