'Once you start a company, which bank should you open an account with first?' As freelancers and small companies increase, this question carries more weight than you might imagine. A business account is more than somewhere to keep money. It affects how clients see you, how easy monthly bookkeeping becomes, and whether funds are available when needed. It shapes the very foundation of a business.
Yet for newly established businesses, opening a corporate account at a megabank has long meant strict screening, lots of paperwork, and a lengthy wait, making it easy to put off. Many choose convenient online banks, but as they use them more, they may find them lacking in credibility, face-to-face advice, or support for public-sector payments. Sumitomo Mitsui Banking Corporation (SMBC) aims to combine the best of both worlds with Trunk, its fully online business account.
As Soon as the Next Business Day: A Megabank Account at Online-Bank Speed
Launched in May 2025, Trunk is an online business account for startups and small companies. No branch visit or postal application is required; you can apply entirely from a smartphone or computer. In principle, you need just one document demonstrating your business activities, such as a contract or invoice. Newly established businesses without transaction documents can apply using a business plan or similar material.
If the conditions are met, the account can open as soon as the next business day, allowing transfers, deposits, and withdrawals that same day. Behind it stands SMBC's approximately thirty million corporate and individual accounts, one of Japan's largest account bases. In situations such as new transactions with major companies, subsidy applications, or rental agreements, simply having a megabank account can reassure the other party.
For sole proprietors, there is a business-individual category that also supports accounts with a trade name. Matching the name on invoices with the account name helps prevent payment mix-ups while presenting a professional image. There is one point to note: Trunk is for those opening their first corporate account with SMBC, so you cannot use it if you already have a corporate account there.
Transfer Fees Stop Being a Recurring Cost That Quietly Adds Up
For small companies in particular, modest monthly outgoings such as transfer and account maintenance fees eat into profit. Trunk has no initial or monthly usage fee, so simply holding the account costs nothing. Transfers to SMBC accounts are always free, while transfers to other banks cost a flat ¥145, among the lowest in the industry.
The approximately thirty million accounts make a difference here. There is a reasonable chance that clients, contractors, and employees already bank with SMBC. The more payments you direct to accounts at the same bank, the lower your fees become. According to SMBC's estimates, if two out of five recipients bank with SMBC, the average fee is ¥87 per transfer. With at least thirty transfers a month and 40% going to SMBC, annual savings compared with a certain city bank are approximately ¥200,000. Although that estimate depends on conditions, the difference is significant if the money can instead fund advertising or equipment.
Avoiding the Problem of Being Profitable but Short of Cash
Even a profitable company stops functioning if cash runs out. In B2B businesses especially, expenses often come first and payments arrive months later. Bridging that gap is a pressing issue for smaller businesses.
Trunk offers Invoice Card Payment, provided by Infcurion, Inc., which lets you pay received invoices by credit card. This can defer the payment timing by up to approximately sixty days. Visa and Mastercard are supported, with a fee of 3% of the amount, subject to a ¥460 minimum; a limited-time campaign currently reduces it to 2%. You can therefore adjust payment timing to your cash flow without undergoing a new loan screening. The supplier is still paid by the due date, preserving the relationship.
You can check and carry out daily transactions through the app around the clock, without visiting a counter or updating a passbook. It also supports public-sector direct debits that can be overlooked with online banks, including taxes, social insurance premiums, and repayments to Japan Finance Corporation, allowing you to consolidate cash movements in a single account.
Adding a Card and Olive Makes It More Rewarding
You can apply for the Sumitomo Mitsui Card Business Owners corporate card at the same time as opening Trunk. Consolidating expenses on the card reduces reimbursement work and defers payment by up to approximately fifty-six days. The standard card has no annual fee. Spending at least ¥1 million annually on Gold makes its annual fee permanently free from the following year, with an annual ten-thousand-point renewal benefit. Reward rates increase depending on conditions: at eligible merchants and in combination with a personal card, the standard card offers up to 1.5%, Gold up to 2.0%, and Platinum Preferred, introduced in 2026, up to 10% at partner merchants.
Combining this with the personal Olive service adds further possibilities. At eligible convenience stores and restaurants, contactless payment and accumulated qualifying conditions can currently raise rewards to as much as 20%. The program was revised in February 2026, changing its limits and conditions. For solo company owners and freelancers whose work and private lives overlap, optimizing points across living costs and business expenses is a modest but meaningful advantage.
Other benefits gradually reduce surrounding business costs, including time-of-day discounts with ETC cards, preferential offers for introducing Google Workspace and Microsoft 365, and benefits for the SMBC CloudSign electronic contract service and stera pack payment terminal.
Continuing with the Same Bank as Your Company Grows
As a business grows, its banking needs change. Trunk's corporate online banking lets you establish basic internal controls, such as separating data entry and approval roles, for free, with upgrades available as the company expands. Accumulated daily transaction data can itself help demonstrate the business's actual circumstances during future loan screening.
Early-stage options include an unsecured Business Select Loan and lending programs in cooperation with credit guarantee corporations, subject to screening and eligibility conditions. At a later stage, the bank can also advise on business sales or acquisitions through M&A. SMBC is active in this area and plans to hold the M&A for Startups Conference 2026 with for Startups on September 4, 2026, at Azabudai Hills Mori JP Tower. Starting with a free account and expanding your advisory contacts within the same bank as your company grows is a strength that becomes more valuable over a long relationship.
Trunk's greatest appeal is bringing together megabank credibility and the convenience and low costs of online banking, two qualities that have often been difficult to combine. For freelancers and small companies establishing their business foundations, it seems well worth considering as a first account.
