Investing

According to virtually every major survey on New Year’s resolutions (including one conducted by the US government), taking better care of our finances ranks in the top 3 goals for the vast majority of people. On the one hand, it is encouraging that so many people are prioritizing their financial affairs. On the other hand, we all know what happens to New Year’s resolutions between the day they commence and the end of the year. Some studies suggest that fewer than 15% of people who make resolutions follow through on them by the middle of the year. No doubt this is linked to the observation that of those people who make a resolution, fewer than 79% have a specific plan to achieve their goal.

For newcomers, there are a series of rather predictable steps one must take upon arriving in Japan to get settled. And invariably, after housing and other immediate needs have been sorted out, the question of how to open a bank account arises.

Opening a bank account is a straight forward procedure, and probably not much different than in your home country. Your ID card, the Alien Registration Certificate (ARC) acts as both proof of identification and proof of address. If you are waiting for your ARC to be issued then your local Ward office can print you out a paper document with the same information (kisai jikou shoumeishou). If you have moved recently then be sure to update your ARC before going to the bank. Your visa should have more than 6 months remaining before expiration, and you must have an approved status of residence to open an account.