Sony Bank has launched an English-language online banking service allowing foreign residents in Japan to open a bank account more easily.

Through the bank’s new app, foreign residents can open a bank account and conduct everyday banking in English.

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The bank said: “The new service makes banking simple for non-Japanese residents, including a dedicated English smartphone app that uses cutting-edge OCR technology to make the account opening process quick and easy, without the need for complicated paperwork.”

Number of foreign residents in Japan rises

As of June 2019, the number of foreign residents in Japan has grown to 2.8m, up 7.3% from 2018. In addition, according to a Sony Bank survey, 60% of respondents said they were not satisfied with banking procedures in Japan.

The most common reasons for dissatisfaction included complicated paperwork and procedures, the need for hanko seals, and lack of language support. Furthermore, the respondents also said they want to see Japanese banks offer online banking and services that do not require bank branch visits.

In response, Sony Bank launched its new English smartphone app. The app includes products and services such as yen and foreign currency deposits. It also includes fund transfers, foreign currency remittances and the Sony Bank WALLET (debit card with Visa functionality).

English online banking features 

In total, the Sony Bank English online banking feature includes:

  • Yen savings account
  • Foreign currency savings account
  • Sony Bank WALLET (Cash card with Visa Debit)
  • Club S (Rewards programme)
  • ATMs in and outside Japan
  • Fund transfer
  • Foreign currency remittances
  • Outgoing foreign currency remittance (from Sony Bank)
  • Incoming foreign currency remittance (to Sony Bank)
  • Financial Profile registration
  • Updating Customer information
  • Withdrawal / Visa Debit usage limit settings
  • Fund transfer limit setting
  • Email subscription setting
  • Balance statement in English
  • Cancellation of your Sony Bank account