In Japan, if you become a non-resident, you basically can no longer maintain a bank account (you are forced to cancel it).
Of course, if you have a reason, such as being posted abroad, you can maintain it by requesting a representative or applying for additional services.
However, for those who go for their own reasons, such as freelancers who are sole traders, the only option is to cancel the account. Even if you can maintain it in some way, you have to rely on someone else and it is hard because it is uncontrollable.
It is possible to make it a corporation that you own and have ordered to be a corporation, but I gave up on that because the corporation was planning to fold.
So, the two banks that came up for discussion were SMBC Trust Bank Prestia and Sony Bank.
These two banks allow non-residents to maintain their accounts free of charge. There are some restrictions, but they are acceptable.
After considering my intended use, I decided to open an account with SMBC Trust Bank Prestia.
Translated with DeepL.com (free version)
The focus was on the fact that there may be ‘no overseas payment fees’.
Normally, credit cards charge an overseas transaction fee of approximately 3.20%. This is very high.
The policy that has been arrived at as a means of eliminating this is to waive overseas settlement fees by using the debit card ‘GLOBAL PASS’.
Strictly speaking, this means that overseas settlement fees can be waived by converting a yen account at SMBC Trust Bank into foreign currency in advance and using the GLOBAL PASS to settle the transaction. The idea is that if you settle with the local currency you already have, you don’t have to pay any fees.
The issue is exchange fees. Exchange fees are inevitably incurred when converting from yen to foreign currency.
This section summarises the means by which SMBC Trust Bank Prestia can waive exchange fees.
Translated with DeepL.com (free version)
What is exchange commission?
Foreign exchange commissions are fees paid to financial institutions when converting yen into euros or another foreign currency. It is usually charged at the time of purchase and at the time of sale respectively.
Depending on the financial institution, exchange fees may vary depending on whether the exchange is made over the counter or online.
SMBC Trust Bank Prestia charges an exchange fee of 1 yen per currency. (3 yen over the counter).
However, there is a status on the account, and those who deposit a lot are entitled to a 50% discount on the exchange commission on purchases.
It is a status that makes you feel that the world is money.
Not only this, but basically we should be aware that exchange fees are incurred.
The next section describes how to get rid of these exchange fees.
Order Watch
It is called limit foreign currency trading (order watch) and is a means of setting a time in the foreign exchange market when you say ‘I want to trade at this exchange rate!’ and the system automatically changes the exchange rate when it reaches that rate.
This is very convenient, as you can set your own timing and the exchange rate will automatically change when it reaches that rate.
The disadvantage is that it can only be used from an amount equivalent to JPY 500,000 or more.
Personally, I would have liked to be able to change several tens of thousands of yen of monthly living expenses whenever I wanted, but this was not possible.
Nevertheless, I think it is a very good tool because it is a great way to get ahead and exchange fees free.
To order watch, funds must be transferred from the Yen in the Savings Account to the Yen in the MultiMoney Savings Account.
After the funds have been transferred to the MultiMoney Savings Account, they will be used to transfer funds to the MultiMoney Account Foreign Currency Savings Account.
Foreign Currency Reserve Service
This is another convenient service that allows no exchange fees.
It can be used from 10 000 and there are no exchange fees. The service can be used like dollar cost averaging, as it automatically converts the exchange rate at that time on the date you specify.
Good because the application can be done via the web!
One point that is not good is when you cancel.
The foreign currency savings service can only be cancelled over the counter, by phone or by post. Why isn’t there an online service?
Also, it is quite a hassle to change the amount of money or the date of savings, as you have to cancel the service once and re-apply for it.
Without this, the foreign currency savings service would be the strongest.
Nevertheless, I think it is a strong point to be able to exchange monthly living expenses at no exchange fees.
Summary
There are many areas where I feel it is a hassle, but it is a good service because there are no other similar services and the hassle is free.
Things related to foreign countries change all the time, so please visit the official website for the latest information.
