Best Bank for a Gaijin?

[tresflip]

Hello All,

I was wondering what the best Bank would be for a Gaijin? I just received my Alien Card and I'm just waiting for my "stamp" so I want to get all paperwork etc in order for when I receive my "stamp".

I want a Gaijin friendly Bank with the prospect of getting a credit card eventually.

Also could you tell me the procedure?

Thank you in advance.

[SteadyRollingMan]

It is all due to your preferences. Some people would say CITI some would say SHINSEi. Me I'd have found SHINSEI to be very good in all aspects. But look through the other threads on here.

Any of the other Japanese banks will sooner or later disappoint the foreign customer.

[butwhyuwannaknow]

It's everywhere all over Japan.
They have English menu.
Easy to transfer money between post office account and free.

Also I would like to add to this question... Does anyone knows the prices of transfering money from your account in Japan to your account abroad ... especially EU?

Which bank would be the best for this?

Thanks

[Lifer_]

My experience has been that one does not need a seal for banking anymore, at least not anywhere I bank. If you have one, you use it instead of signing, but if you don't have one you can just sign.

[Akuma]

Originally Posted by SteadyRollingMan

It is all due to your preferences. Some people would say CITI some would say SHINSEi. Me I'd have found SHINSEI to be very good in all aspects. But look through the other threads on here.

Any of the other Japanese banks will sooner or later disappoint the foreign customer.

i don't have a シティbank account, but to my knowledge they have a monthly maintenance fee, is this correct?

to the op: most banks offer more or less the same service. choose one that is convenient for you, meaning having an atm close to where you live or work. sure you can use the atm at conveniece stores, but you'll pay an extra processing fee at those atms.

[jj-peasuke]

Originally Posted by qsr

Also I would like to add to this question... Does anyone knows the prices of transfering money from your account in Japan to your account abroad ... especially EU?

Which bank would be the best for this?

Thanks

In my personal experience, 3-4 working days, not counting the day you fill the form...
Quite fast in my opinion.

[Gaijin 06]

Originally Posted by jj-peasuke

In my personal experience, 3-4 working days, not counting the day you fill the form...
Quite fast in my opinion.

I got it the next day when using a SWIFT from Citibank to a UK bank.

[Edokko]

Originally Posted by qsr

Also I would like to add to this question... Does anyone knows the prices of transfering money from your account in Japan to your account abroad ... especially EU?

Which bank would be the best for this?

Thanks

If you want to do the transfer by wire (aka telegraphic transfer), which is the fastest way, Lloyds has long had the best deal out there. 2,000 JPY fee, regardless of amount.

http://www.golloyds.com/individuals/service/en

[Gaijin 06]

Depending on the amount you send back, it can be better to use a service with a smaller FX spread but a higher upfront fee.

[renkachan71]

Originally Posted by Akuma

i don't have a シティbank account, but to my knowledge they have a monthly maintenance fee, is this correct?

to the op: most banks offer more or less the same service. choose one that is convenient for you, meaning having an atm close to where you live or work. sure you can use the atm at conveniece stores, but you'll pay an extra processing fee at those atms.

Last time I checked, Citibank had a monthly fee of around 2,000 yen if your bank balance monthly average falls below 500,000 yen. I basically opened that account because I had 2,000 U.S. Dollars that I didn't really know what to do with and Citibank offered a 'multi-money' service. I wouldn't really have considered Citibank for a regular account though they are quite willing to give foreign customers a credit card. The yearly fee for mine is 10,000 yen. I have an account with Shinsei too. That was very easy to set up and there's no monthly fee. If it's just a regular account that you want I'd say Shinsei is slightly easier to set up and certainly cheaper than Citibank. The local Japanese banks are certainly more convenient in terms of easy access to ATMs but they can sometimes be overly picky and setting up an account with one can take ages - if they don't refuse you.

[Gaijin 06]

Originally Posted by renkachan71

Last time I checked, Citibank had a monthly fee of around 2,000 yen if your bank balance monthly average falls below 500,000 yen. I basically opened that account because I had 2,000 U.S. Dollars that I didn't really know what to do with and Citibank offered a 'multi-money' service. I wouldn't really have considered Citibank for a regular account though they are quite willing to give foreign customers a credit card. The yearly fee for mine is 10,000 yen. I have an account with Shinsei too. That was very easy to set up and there's no monthly fee. If it's just a regular account that you want I'd say Shinsei is slightly easier to set up and certainly cheaper than Citibank. The local Japanese banks are certainly more convenient in terms of easy access to ATMs but they can sometimes be overly picky and setting up an account with one can take ages - if they don't refuse you.

Hmm I don't have a fee on my bank account nor credit card with Citi... but I signed up 3 years ago, maybe different T&C's then.

[Edokko]

These are the current terms of Citi's monthly maintenance fee:

"A monthly account maintenance fee of \2,100 (including tax) is charged to the account on the first banking day of the following month. This fee is waived when

* the Total Average Monthly Relationship Balance in foreign currency in the previous month is equivalent to 200,000 yen or more,
* the Total Average Monthly Relationship Balance in the previous month is equivalent to 500,000 yen or more,
* the customer is paying a housing loan (including Mortgage Power),
* the average monthly loan balance for Advance Money or card loans in the previous month is 4 yen or more,
* the customer is a member of the Citi Platinum Card or Citi Gold Card issued by Citi Card Japan Inc. (Citi Platinum VISA Card, Northwest/Citi WorldPerks Platinum VISA Card, Citi Gold Card, Northwest/Citi WorldPerks VISA Gold Card, Citi Elite, and Citi Dollar Card) and designates a Citibank account to pay balances on these cards, or
* a new account is opened for the month in which the account is opened and the two subsequent months."

Refer to http://www.citibank.co.jp/en/banking...ges/index.html

[Gaijin 06]

Originally Posted by Edokko

These are the current terms of Citi's monthly maintenance fee:

"A monthly account maintenance fee of \2,100 (including tax) is charged to the account on the first banking day of the following month. This fee is waived when

* the Total Average Monthly Relationship Balance in foreign currency in the previous month is equivalent to 200,000 yen or more,
* the Total Average Monthly Relationship Balance in the previous month is equivalent to 500,000 yen or more,
* the customer is paying a housing loan (including Mortgage Power),
* the average monthly loan balance for Advance Money or card loans in the previous month is 4 yen or more,
* the customer is a member of the Citi Platinum Card or Citi Gold Card issued by Citi Card Japan Inc. (Citi Platinum VISA Card, Northwest/Citi WorldPerks Platinum VISA Card, Citi Gold Card, Northwest/Citi WorldPerks VISA Gold Card, Citi Elite, and Citi Dollar Card) and designates a Citibank account to pay balances on these cards, or
* a new account is opened for the month in which the account is opened and the two subsequent months."

Refer to http://www.citibank.co.jp/en/banking...ges/index.html

Ahh - I got a credit card with them when I opened the account - I guess that is why I have never seen a monthly fee.

[renkachan71]

Yeah, I've never had to pay the fee because I've kept my balance high but I often wonder if I wanted to use most of the money whether I might as well close the account rather than start paying fees. I have the credit card as well though so I might not have to. The credit card was free for the first year and now it's 10,000 yen per year.

Sending money for 2000 Yen seems like a good deal. Thanks guys!

Are there any banks wich doesnt require maintentance fees? Like 2000 Yen seem a little high just for having an account. At least were I come from most of accounts are free of charge of charge you much less...

[Edokko]

Originally Posted by qsr

Are there any banks wich doesnt require maintentance fees? Like 2000 Yen seem a little high just for having an account. At least were I come from most of accounts are free of charge of charge you much less...

Citibank Japan is one of the only retail banks that charges a maintenance fee. The norm is free accounts here, same as where you come from.

[schroeder]

Originally Posted by Edokko

Citibank Japan is one of the only retail banks that charges a maintenance fee. The norm is free accounts here, same as where you come from.

That's right. This is because Citi offers a premium service (for eg, having stuff in English) and is geared towards higher income earners.

[Marius_II]

A premium service?

Been having my Citi account for a while now.
Not happy with it and switching to Shinsei. Can do just about anything Citi does, have more ATMs, costs less...

Originally Posted by Marius_II

A premium service?

Been having my Citi account for a while now.
Not happy with it and switching to Shinsei. Can do just about anything Citi does, have more ATMs, costs less...

Hmmm I guess Shinsei is the stuff for me than... thanks!

[Marius_II]

Originally Posted by qsr

Hmmm I guess Shinsei is the stuff for me than... thanks!

Actually, that "costs less" is a half-truth.

If you put in 500.000 yen there they'd wave the monthly cost.

However, if you are like me, using other banks for saving (I do Mizuho since my company has a deal with them. Not to mention doing marketing work for them) and Citi for sending money abroad, the equation is a bit different.

So

- 4000 yen or so per transfer by Citi
(and a possible 2000+ monthly)

- 4000 yen (?) per transfer at Shinsei.

Still. I'm making the switch.



edit: I'm sure it's/that's been mentioned already.

Originally Posted by Marius_II

Actually, that "costs less" is a half-truth.

If you put in 500.000 yen there they'd wave the monthly cost.

However, if you are like me, using other banks for saving (I do Mizuho since my company has a deal with them. Not to mention doing marketing work for them) and Citi for sending money abroad, the equation is a bit different.

So

- 4000 yen or so per transfer by Citi
(and a possible 2000+ monthly)

- 4000 yen (?) per transfer at Shinsei.

Still. I'm making the switch.



edit: I'm sure it's/that's been mentioned already.

Well yea but you have no maintenance costs at Shinsei?

So if you put less than 500 000 yen you dont pay maintenance costs?

[Marius_II]

Originally Posted by qsr

Well yea but you have no maintenance costs at Shinsei?

So if you put less than 500 000 yen you dont pay maintenance costs?

Yes, no monthly fees at Shinsei.
They also have currency saving accounts (as Citi) if you're into that.

Been checking the exchange rates at both banks for a month or so now. Basically same deal.

Originally Posted by Marius_II

Yes, no monthly fees at Shinsei.
They also have currency saving accounts (as Citi) if you're into that.

Been checking the exchange rates at both banks for a month or so now. Basically same deal.

Than I guess there is nothing else to think about ! ... its an obvious sollution to my banking problems heh

[pathoz]

Originally Posted by Marius_II

Yes, no monthly fees at Shinsei.
They also have currency saving accounts (as Citi) if you're into that.

Been checking the exchange rates at both banks for a month or so now. Basically same deal.

Can you tell me a bit how this foreign currency saving account works? Do I HAVE to wire the foreign currency over or can I open an account and deposit my foreign cash (or maybe bank draft in foreign currency) at a Shinsei branch? Also, when I withdraw, do I withdraw my foreign currency or do I have to get it converted into yen before I can withdraw it?