hi there in this miniseries I'm going to
talk about banking in Japan everyone
already knows the impact that money
holds over us regardless of who we are
and where we live that's why I want you
to know the best methods to manage your
finances in Japan by helping you
understand things like do you need a
bank account in Japan how should you
choose your bank
what do you need to open a bank account
what is the best way to transfer money
from your country to Japan and so on
despite my research there will always be
exceptions where something I say can be
different in your situation so take what
I say not as an absolute rule but as a
general guideline in this episode i will
introduce all the different types of
banks that we have in Japan and give you
a simple comparison of the difference
all right let's start in Japan there are
six types of banks or maybe I should say
financial institutions as some of these
are not banks not simplify let's estate
banks
anyway so first there are a mega banks
these can be found all over the country
these are banks such as Mitsubishi UFJ
miss a whole new Sumitomo and rest on a
bank it's generally a good idea to have
an account in at least one mega bank
just because of the huge amount of
branches and ATMs they have all over the
country in terms of which one you should
choose I will come back to this question
in the next episode the second type
banks is the local bank which is
appropriate to its name it's local for
example if you happen to live in
Yokohama having a bank account in the
bank of your comment would be convenient
as they have many branches in that area
third type of bank is something I call
other banks because they are not even
close to the size of mega banks but
still not
some example of other banks are banks
like Asura Bank and she is a bank
another Bank I would throw in this
category is the famous huger Bank which
is the post office Bank it's a lot
different to the other banks as future
bank was nationalized until 2006
currently it's listed on the Tokyo Stock
Exchange and has the biggest amount of
deposits among all banks the fourth type
banks are the internet banks some
typical examples are banks like Japan
Ito Sony funky felon and lonesome back
as the name suggests these banks usually
don't have any physical branches or bank
windows and some incentives to use
internet banks are things like higher
interests on your deposits cheaper FX
rates and the fact that the accounts are
easily used to buy investment products
some downsides are that you may not be
able to use these accounts to do normal
banking activities like paying your
bills or even doing a bank transfer to a
friend the fifth type is called
syndicate or Trust Bank these are bests
to be used for buying investment
products like stocks or bonds you could
even call these bank accounts progress
accounts the sixth type are trust
deposits and credit units I put these
together as they are very similar in
their function trust deposits and credit
unions mainly have the same services as
a bank but they operate way more locally
and unlike tanks are nonprofits also
trust deposits are limited so that they
can't lend to a big corporations
whereas banks don't have these limits
the credit unions are really similar to
trust deposits but even more local
credit unions can be as local as a
single company or a single industry in a
certain area also where trust deposits
have exceptions where they can lend to a
non-member credit unions won't
pretty much all their activity is
excluded to their own inner circle okay
so these are the six categories of banks
or financial Institute's whatever you
want to call them and it may take some
time to get your head around some of
these but I don't think you can find
other types of financial organizations
in Japan so knowing this is enough I
guess unless you include Yakuza loans
better keep out of those so in the next
video I will talk about getting a bank
account in Japan and which banks are the
best to choose so stay tuned for that
also don't forget to Like and subscribe
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videos in the future and I'll see you in
the next one