Japan post Bank | JP Bank Card | JP Bank account
Japan post Bank is a government owned corporation and part of the Japan Post Holdings postal and financial services group. It was founded on the 1st of September 2006 and is headquartered in Tokyo, Japan.
- Products and Services
- JP Bank Card
- How to open a JP Bank account
- Bank’s Website
Japan Post Bank is one of the three wholly owned subsidiaries of Japan Post Holdings. Its history can be traced to 1871 when Modern postal services were introduced. In 1875, Government mail offices and mail-handling offices renamed post offices, and Postal Money Order Service was established.
The Postal Savings Services was inaugurated on the 2nd of May 1875 and postal savings were invested by depositing them with the Ministry of Finance. Gradually the scope of these investments was expanded to include bank debentures and Japanese local government bonds.
Through this investment approach, postal savings became widely known among the Japanese people as not just the safest way of depositing money, but also as a means of contributing to the development of local communities and the nation as a whole.
Postal savings operated as a government department until privatization of the postal service was passed under the government of Prime Minister Junichiro Koizumi.
In 2003, the government reorganized the Postal Services Agency into JAPAN POST. The JAPAN POST HOLDINGS Co., Ltd. was founded in January 2006. Japan post bank was established on 1 September 2006, as part of the reorganization of Japan Post into Japan Post Holdings.
Products and Services JP Bank
- JP Bank Card
- Domestic Remittance
- International Remittance
- Consumer Loans
Deposits here include ordinary deposits, Time deposits and TEIGAKU deposits. Ordinary deposits are useful for ATM card withdrawals, automatic deductions for utility and other bills, the receipt of salaries and annuities, and many other purposes.
Time deposits are deposits with maturities that can be selected based on short-term and medium-term requirements for funds and personal needs.
The extension procedure is simplified if automatic extensions are selected, making this deposit convenient for people with busy schedules. While TEIGAKU deposits are deposits that can be withdrawn at any time after six months and held for up to 10 years, with interest compounded semiannually. The initial interest rate is applicable until withdrawal.
JP Bank Card
Japan Post Bank’s JP BANK CARD service is as both an ATM card and a credit card. Customers can use the JP BANK CARD for shopping as well as eligible utility payments and other payments. Among its many features, the card has a reduced annual fee and lower fees for revolving credit for shopping purchases.
The card’s advantages make it ideal for use as the primary ATM and credit card of each and every customer. Japan Post Bank offers a nationwide ATM network which can be used to withdraw money with international bank cards and credit cards.
Japan Post Bank has a contract with Standard Chartered Bank to facilitate wire-transfer remittances of funds internationally.
How to open a JP Bank account
The main benefits of a Japan Post bank account are that there are no international fees when transferring money from abroad; in addition, no matter what time of day you choose to make transactions (such as withdrawals), there is no service fee.
To open a JP Bank account, you will need following;
-Two forms of personal identification
-The money you want to deposit
-Your address and phone number
-Your Hanko or personal name stamp
Steps for opening a JP Bank account
- Go to your local JP Post bank.
- Tell them you want to open a normal savings account. You will be asked for ID and if you have a hanko at this point.
- You will be asked to fill out a form. The form will ask for your full name, address, and phone number while you’re in Japan, birthdate, etc
- Turn in the form and wait until you’re called up again. They will ask if you want a cash card and that was free of charge. You will also be asked to pick a PIN number. They’ll then also ask for a deposit amount.
- There will be a lot of stamping of forms with your hanko. They may also take your ID card to make a photocopy and thereafter, they will hand you a passbook. Done!
- You can now access your account using your passbook. The cash card will arrive at your address in about a week. Note that the delivery man won’t just leave it there, but that you’ll have to be there in person.