How Do Expats Get Bank Accounts part 2 – Part one is here.
10 Types of Bank Accounts Available For Foreigners
There are several types of bank accounts available for foreigners in Japan. This article will introduce you to the ten most common types so that you can find the best one for your needs.
1) Standard Savings Account
Standard savings accounts are the most popular kind of account for foreigners in Japan, offering a wide range of benefits with very few downsides. While it’s not necessarily the best type of account for everyone, it certainly is a good option for most people.
2) Foreign Currency Savings Account
Foreign currency accounts are designed to hold bank balances in foreign currencies and, as such, require you to possess the relevant expertise to make the best use of them. They offer many benefits, but those benefits only become apparent to you if you properly understand how foreign currency transactions work.
3) Foreigner’s Bank Book Account
Foreigner’s bank book accounts are the exact opposite of standard savings accounts – they’re designed for people who do not hold a steady job in Japan. The interest rates on these accounts are generally relatively low, but they only require a minimal amount of paperwork to set up.
4) High Yield Account
High yield bank accounts are designed for people who like to withdraw money often. These sorts of accounts tend to require you to deposit at least ¥300,000 (Japan) every month, and the interest rates for them are usually pretty low in comparison to the rest of the options available.
5) Regular Checking Account
Regular checking accounts are designed for people who need easy access to their money but do not want to pay any monthly fees. They require a decent amount of paperwork at set-up, but once you have them set up, they are pretty user-friendly.
6) Joint Account
Joint accounts are designed for people looking to have easy access to their funds but do not mind requiring a Japanese guarantor. They are very easy to set up and can be made out in both English and Japanese. However, once you add a guarantor, it becomes much harder to take your business elsewhere.
7) Deposit Account
While not the most popular type of account for foreigners, deposit accounts are designed for people who want to make regular deposits but don’t mind not having easy access to their funds in case of an emergency. They require a decent amount of paperwork at set-up, but once you have them set up, they are pretty user-friendly.
8) Student Savings Account
Student savings accounts are designed for students who want to save their expenses. These accounts allow you to withdraw money at any time without fees but require a significant amount of paperwork when you first set one up. They offer fairly competitive interest rates, making them a solid choice for people looking to save money.
9) Regular Savings Account
Regular savings accounts are essentially the opposite of student savings accounts. They’re designed for students who want to save money for their school expenses. They also require a significant amount of paperwork when you first set one up, but once you have them set up, they are pretty user-friendly.
10) Cash Passbook Account
Cash passbook accounts are designed for people who would like to use a convenient method of depositing money into their account but don’t have a bank book issued in the account holder’s name. They require a decent amount of paperwork at set-up, but once you have them set up, they are pretty user-friendly.
Top 7 Popular Banks for Expats
Banks around the world take a very different approach to dealing with expats. In some countries, it is common for banks to charge all foreigners a specific fee, which can vary from country to country. In others, they may not even allow you to open an account unless you have proof of local residency and employment.
In this article, we take a look at some of the most popular banks for expats based on customer-satisfaction surveys from countries around the world.
Standard Chartered Bank
Standard Chartered is a British bank with HQ in London. It was established in 1969, and now it has branches worldwide, especially in Asia and Africa. Standard Chartered is considered one of the most transparent banks as it publishes all its annual reports online for customers’ convenience.
HSBC Holdings PLC
HSBC is a British multinational banking and financial services company headquartered in London. It offers more than 50 million customers worldwide a complete range of personal financial services, including current and savings accounts, mortgage loans, car financing, insurance, credit cards, loans, pensions, and investments.
Citibank NA
Citibank N.A. is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York. The bank has over 200 million customers and $1 trillion assets under management which makes it one of the top 10 largest banks in the world.
Banco do Brasil SA
Banco do Brasil S.A. is a Brazilian multinational and one of the largest banks in Latin America with over 80 million customers worldwide. It offers its customers a wide variety of banking services, such as current accounts, loans, mortgages, insurance, and credit cards.
China Construction Bank Corporation
China Construction Bank is a Chinese bank founded in 1954. It has more than 14 million customers, 1.9 million living outside mainland China and Hong Kong. The bank provides its customers with internet and mobile banking, loans, and deposits.
Royal Bank of Canada
Royal Bank of Canada is the largest financial institution in Canada, with over 18 million customers. It operates in three segments: personal banking, commercial banking, and wealth management. RBC offers a wide range of banking services such as investment advice, mortgages, and insurance.
Commonwealth Bank of Australia
Commonwealth Bank is the largest bank in market capitalization and customer base on the Australian market. The CBA Group is one of the world’s top 50 banks with 4.2 million customers globally. It offers its customers a wide range of services, including credit cards, loans, mortgages, financial planning, and deposits.
J P Morgan Chase & Co
JP Morgan Chase dale is an American multinational banking and financial services holding company based in New York City. J.P. Morgan Chase has assets of $2.35 trillion and is one of the most prestigious investment firms worldwide. The company provides its customers with a variety of services, including investment banking, credit cards, loans, deposits, and insurance products.
Royal Bank of Scotland Group PLC
Royal Bank of Scotland Group PLC is a British banking and insurance company. It is one of the world’s largest banks by market capitalization and has operations in more than 50 countries. RBS offers its customers services such as personal, business, commercial, and investment banking along with private banking services.
BNP Paribas SA
BNP Paribas is a French multinational bank and financial services company with global headquarters in Paris. BNP Paribas is one of the largest banks in the world by total assets. The bank has more than 2 million customers with 200,000 outside France, offering a wide range of services to its customers such as investment banking, commercial and merchant banking, private banking, custody, and asset management.
UBS AG
UBS AG is a Swiss multinational investment bank and financial services company founded and based in Switzerland with branches in more than 50 countries. The company has more than 60 million customers around the world, providing services such as investment banking, trading, sales and marketing of debt instruments, currency exchange, and wealth management.
CaixaBank SA
CaixaBank, S.A., is a Spanish banking group present in Spain and other countries around the world. The bank has more than 100 million customers and 1,800 branches worldwide, offering services such as cash withdrawals from any branch in the country through its Multicaixa ATM network, mortgages, insurance products, and private banking.
TD Bank Group
TD Bank Group is the second-largest bank in Canada by branches and markets capitalization, behind Royal Bank of Canada. It has more than 22 million customers 1,200 branches all over the world with investment services designed to meet the financial needs of individual clients, small businesses, commercial clients, and institutional investors.
Wells Fargo & Company
Wells Fargo Company is a multinational American banking and financial services holding company headquartered in San Francisco, California. The bank has more than 54 million customers worldwide. Services offered by Wells Fargo include personal banking, business banking solutions, corporate finance and asset management, and commercial lending and treasury services.
U.S. Bancorp
U.S. Bancorp is a financial services holding company providing banking, investment, and payment services to institutional clients across the United States and worldwide. The bank has 1,891 branches with interests in insurance products, mortgage lending or commercial financing, asset management and securities brokerage.
What is an Expat bank account?
As an expat, you are often provided with certain benefits compared to the locals. One of these things is a bank account with certain features, such as no-cost transfers abroad, free debit cards and discounts on one’s mobile phone plan. Many times these accounts also come with low fees for all your transactions.
Do I have to pay for this account?
No, you do not have to pay for your Expat bank account, but you are required to keep a minimum balance in the account (the amount varies from bank to bank). An expat is more likely than a local to require such services and thus can sometimes get discounts on their mobile phone plan.
Conclusion
The world is becoming increasingly globalized, with more people than ever before travelling the world in search of work, adventure and opportunity. As a result, many expats are finding themselves requiring bank accounts in their new homes that meet both their needs and the laws of the country they find themselves in. Therefore, we recommend you to keep checking our updates for more information.
