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Rakuten Bank review

Updated September 28, 2026 · DebitCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Rakuten Bank is a plain, no nonsense debit account for people who live and bank in Japan and want to keep a card without paying to hold it. The currency conversion fee of 3.08% is the number to weigh, because it applies every time you spend outside the country.

Key facts

Best for
A low cost everyday debit account in Japan for people who spend in yen.
Monthly fee
¥0 (Source, checked September 26, 2026)
Currency conversion fee
3.08% (Source, checked September 26, 2026)
Free ATM withdrawals
¥7 (Source, checked September 26, 2026)
Card type
Debit (Source, checked September 26, 2026)
Cashback rate
1% (Source, checked September 26, 2026)
Card network
Visa (Source, checked September 26, 2026)
Legal entity
Rakuten Bank, Ltd. (Source, checked September 26, 2026)
Headquarters
Japan (Source, checked September 26, 2026)
Founded
2000 (Source, checked September 26, 2026)
Support channels
Email, Chat, Phone, Help-centre (Source, checked September 26, 2026)
Features
Multi-currency
Official website
rakuten-bank.co.jp

Apps and profiles

Elsewhere
WikidataXWikipedia

Pros and cons

Pros

  • A cashback rate of 1% goes back to you on card spending.
  • Support runs on email, chat and phone, so phone and chat are both available for questions.
  • Runs on visa, so the card is accepted in most places abroad.
  • The account is multi currency, so you can hold more than one currency at a time.

Cons

  • The currency conversion fee of 3.08% is charged on spending in another currency, which makes travel and overseas shopping expensive.
  • Free ATM withdrawals stop at ¥7, so cash use beyond that allowance is a charge.
  • Rakuten Bank, Ltd. is based in Japan, so anyone banking outside Japan holds an account with a provider in another market.
Rakuten Bank

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Scored 9.1 / 10 by DebitCue.

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Who it suits

  • People who live and bank in Japan and spend in yen most of the time.
  • Anyone wanting a simple debit card with cashback of 1% and no monthly charge.
  • Anyone who wants to reach the bank by phone or chat as well as online, since support runs on email, chat and phone.

Who should look elsewhere

  • Wise, if you convert and spend across several currencies, because Rakuten Bank charges 3.08% on conversion.
  • Varo Believe Secured Credit Card, if you want to build credit with a secured card rather than spend from a debit account.
  • Chime Card, if you would rather bank in US dollars than hold a yen account.

Fees and currency costs

The monthly fee is ¥0, so the account costs nothing to keep open. The currency conversion fee is 3.08%, and that is the figure to check before you spend in another currency. Together they make Rakuten Bank cheap to hold and more expensive to use abroad, so the account fits everyday spending in Japan rather than a travel wallet.

How Rakuten Bank compares

Where Rakuten Bank is available

Available
Japan

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

Is there a monthly fee to keep a Rakuten Bank account open?+

The monthly fee is ¥0, so there is nothing to pay each month for holding the account. Cash withdrawals and currency conversion are the costs worth watching instead, and both are set out above.

What does it cost to convert currency?+

The currency conversion fee is 3.08%. If you hold yen and pay in another currency, that charge is added on top, which makes Rakuten Bank a costlier card for travel or for shopping on overseas sites than an account built around converting money.

What kind of card is it?+

It is a debit card on the visa network, so spending draws on the money in the account rather than a credit line. The account also lists multi currency features, so you can hold more than one currency at a time.

Can I take out cash without paying?+

Free ATM withdrawals run to ¥7. Beyond that, each withdrawal is a charge, so plan your cash use around the allowance. The median free allowance across debit cards here is €0, so this one is more generous.

How can I reach the bank for help?+

Support runs on email, chat and phone, so email, chat, phone and a help centre are all available. Phone and chat suit quick questions about a payment, while the help centre carries the longer explanations.

Who runs the account?+

The account is run by Rakuten Bank, Ltd., based in Japan, and the group was founded in 2000. It is a domestic bank rather than a foreign challenger, so the account suits people whose banking life sits in Japan.

Is there a reward for spending on the card?+

Yes, a cashback rate of 1% comes back to you on card spending. It is a modest return next to some reward schemes, but it sits on top of a monthly fee of ¥0.

Who is this card for?+

It suits people who live and bank in Japan, pay in yen most of the time and want a simple debit card with no monthly charge. If you travel often or earn in another currency, the 3.08% conversion fee is the reason to look elsewhere.

Sources

Compiled from 4 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Protection.

Rakuten Bank

Rakuten Bank

A low cost everyday debit account in Japan for people who spend in yen.

9.1/10See alternatives