How to open SMBC Business Account: Eligibility to open account, required documents, fees and services
This article was reviewed on September 5, 2025. Information may have changed since publication. For more information, please be sure to visit their website or contact the bank directly. Wise Payments Japan is not affiliated with SMBC Bank. This content is for informational purposes only and does not constitute financial advice. Please use your own judgment when making decisions.
Sumitomo Mitsui Banking Corporation (SMBC) has a corporate bank account called Trunk Account. Although SMBC Trust Bank PRESTIA is preferred by foreigners, it only has a corporate account for asset management purposes. Aside from that, personal and business accounts can be opened with PRESTIA.
This article will cover how to open a business account with Trunk—the digital-only corporate account launched by SMBC in May 2025. This bank account is specifically designed for corporate entities such as small to medium-sized businesses.
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Can a foreigner open a business account with SMBC (Mitsui Sumitomo Trust Bank) in Japan?¹
Foreigners can open a business account with SMBC’s Trunk only if they are registered representatives in Japan. Foreign corporations are not eligible.
To apply for a Trunk account, you must meet ALL of the following requirements:
- Corporate Customers
- Those who are applying for a corporate account for the first time at SMBC
- The person responsible for the transaction (authorized to conduct all transactions in the account to be opened)
- Must have a smartphone and a My Number card (or driver's license)
The following customers are NOT eligible for Trunk:
- Sole proprietors
- Unincorporated associations/foundations, voluntary organizations, etc. (unions, trade associations, clubs, etc.)
- Foreign corporations, national and local governments
- Corporations that already have transactions with SMBC
- Corporations whose parent company or group companies use our services that require individual screening, such as loans
- Customers whose representative employees are corporations
Fees charged when opening a business account with SMBC
The Trunk account does not have a maintenance fee. However, there is an annual maintenance fee of 1,100JPY for unused bank accounts that haven't had a single transaction for more than 12 months. ²
The bank transfer fee to other banks is 145JPY, one of the lowest in the industry.³
Here is a table comparing the fees of SMBC business account Trunk with the fees of other banks listed in the table below:³
| SMBC Trunk | Online bank A | City bank B | Regional bank C | |
|---|---|---|---|---|
| Initial contract fee | Free | Free | 55,000JPY | Free |
| Monthly service fee | Free | Free | 22,000JPY | 5,500JPY |
| Bank transfer fees | Same branch | Free | Free | Free |
| Main branch | Free | Free | 220JPY (less than 30,000JPY) 440JPY (more than 30,000JPY) | 110JPY (less than 30,000JPY) 220JPY (more than 30,000JPY) |
| Other banks | 145JPY | 145JPY | 490JPY (less than 30,000JPY) 660JPY (more than 30,000JPY) | 385JPY (under than 30,000JPY) 550JPY (more than 30,000JPY) |
| Salary and bonus transfer fees | Same branch | Free | No feature | Free |
| Main branch | Free | 110JPY | Free | |
| Other banks | 145JPY | 330JPY | 220JPY |
(Based on information found on 5 September 2025)
Services offered via SMBC business account
Web21 is an online banking service for corporations. If you decide to open a SMBC account through Trunk, you can manage your business finances smoothly through their digital banking system. You can efficiently make transactions online from anywhere, whether it is bank transfer, deposit, transfer/remittance, general transfers, salary and bonus transfers, payment of taxes and other fees, etc.
Services offered on Web21 BUSINESS - SMBC Trunk Account⁴
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General bank account inquiry service
- All details including deposits and withdrawals, transfers, balances, and deposit details can be viewed.
-
Money transfer service
- The transfer amount per day can be set by the customer.
- To prevent input errors and refunds, you can confirm the recipient's account before making a transfer.
-
Comprehensive transfer service
- Possible to transmit reservation transfer data for up to one month in advance in one batch.
-
Salary / bonus transfer service
- Possible to transmit reservation transfer data for up to one month in advance in one batch.
-
Payment of taxes and various fees (Pay-eas7)
- The transfer amount per day can be set by the customer.
-
External integration services
- Links with cloud accounting services to obtain transaction data and create transfer data.
- There is no charge for use.
-
Transfer account confirmation service
- You can check the accuracy of multiple transfer destination account numbers and account names at once.
- There is no charge for use.
-
Web21@Mail
- You can receive email notifications when a deposit or withdrawal occurs or when your balance falls below a preset amount.
-
Collection and withdrawal management service (fees apply)
- Account deposit and withdrawal information is displayed on Web21, enabling reconciliation and information sharing between the accounting department and the sales department.
-
Contract fee (standard version): Free
-
Monthly fee (standard version): 3,300 yen
How to open a business account with SMBC
When using the Trunk account, you must have “Web21” on your computer or/and smartphone.
Here are the steps for application:⁴
- Register using your email address
- Login to the corporate account opening page
- Enter required information
- Submit documents
- Verify your identity
- Online interview
- Start using Web 21
Required Documents:⁵
Prepare one of these documents (within 6 months from the date of issue or execution). Documents must be in Japanese and sealed.
- A set of various contracts that have been concluded/signed
- Invoices, purchase orders, delivery slips, etc. issued by other companies
- Invoices and delivery slips issued by the company + account statements that confirm the transfer of funds.
- Documents that can objectively confirm sales/purchases/activity status
- Business plan (only for customers who have just established and cannot submit (1) through (4))
Depending on your current situation, you may need to file documents such as FACTA and CRS. These documents in PDF can be found here (Scroll down and search for the words FACTA and CRS).
FACTA Declaration
If your registered address or principal place of business is in the United States, or if you are engaged in financial or investment business, prepare **one **of these documents:
- Declaration of U.S. Status
- For corporations with tax obligations in the United States
- Declaration of Non-U.S. Person Status for Customers in Financial Institution
- For financial institutions
- Declaration of Non-U.S. Person Status for Customers Not in the Financial Institution
- For corporations engaged in investment business
CRS Notification Form
For corporations that pay taxes outside Japan, or specific corporations, submit the following documents according to your circumstances:
- Specified Corporation
- If the beneficial owner pays tax only in Japan:
- CRS Notification Form Appendix
- If the beneficial owner pays tax in a country other than Japan:
- CRS Notification Form and CRS Notification Form Appendix (*Please fill out in English)
- Corporations with overseas tax obligations
- CRS Notification Form and CRS Notification Form Appendix (*Please fill out in English)
Open a Business Account in Japan with Ease: Wise Business
If you’re looking for a business account that enables you to work globally in Japan then it’s certainly worth considering Wise as an option.
Wise Payments Japan K.K is an authorised Fund Transfer Service Provider that’s regulated by Japanese authorities. It is an international money transfer and currency specialist that serves personal customers and businesses around the globe.
With a Wise Business account you can hold more than 40 different currencies in a single account, and convert them using the mid-market exchange rate, just like you see on Google. There’s no hidden fees to worry about and you’ll know the cost of the transaction and confirmed exchange rate before you commit to the transfer.
As well as international transfers, the Wise Business account also offers a range of handy business tools including invoicing, bulk payments and integration with a range of apps including Xero, Zoho Books and Bonsai.
If you work with a team it’s possible to give them some access to the account and set their permissions so you remain in control. You can also issue team members with their own debit cards to use for business expenses. They don’t have to worry about claiming funds back and you can easily check what the cards have been used for.
If this sounds like it might suit you, why not take a look at the Wise business account today - registration can be done in minutes.
Open your Wise business account 🚀
Create a Global Business Account
This article covered SMBC’s corporate account, Trunk and this account is specifically for those who have set up corporations in Japan. If you wish to set up a multi-currency account online with English services, check out Wise. You can work globally and transfer funds with ease using Wise.
Key takeaways
- SMBC has a digital-only corporate account called Trunk, which is designed for small to medium-sized entities.
- You can only open an account with Trunk if your company is registered in Japan.
- Foreign corporations planning to live in Japan can open a Wise Business account from anywhere online.
Disclaimer: This article is not sponsored by or affiliated with SMBC Bank and has only been reviewed by Wise, not the bank. For more information, please be sure to visit their website.
Sources
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