Deposit Foreign Currency in Cash

[glimmer]

I'm wondering what banks in Japan allow a customer to deposit foreign currency? I have US dollars and Euros in cash that I would like to deposit, and then wire some of the funds to TransferWise to get the mid-market rate.

I researched a bit and the foreigners' favorite Shinsei has a foreign currency savings account, and yet doesn't allow depositing of foreign currency in cash: https://faq.shinseibank.com/faq_detail. ... 500&id=741

Thank you!

[eyeswideshut]

Do you mean you have actual foreign currency in cash? I know Shinsei will accept wire transfers in certain foreign currencies and will hold them in that currency for you but I am pretty sure you cannot deposit foreign currency in actual cash there. I am not sure if any bank here would let you do this.

[glimmer]

Correct, in cash.

[RetireJapan]

Looks like SMBC might do it: https://www.smbctb.co.jp/faq/detail/faq_056.html

[glimmer]

Looks perfect, thank you!

I guess PRESTIA is a subdivision of SMBC for high net worth individuals or those wanting to do foreign exchange? From my brief search on these forums, it was originally Citibank Japan and then merged with SMBC? Are any products recommended such as biz vs. personal, credit card, loans, etc?

[Moneymatters]

Looks perfect, thank you!

I guess PRESTIA is a subdivision of SMBC for high net worth individuals or those wanting to do foreign exchange? From my brief search on these forums, it was originally Citibank Japan and then merged with SMBC? Are any products recommended such as biz vs. personal, credit card, loans, etc?

I'm far from high net worth. But I did come across to Prestia form Citibank.
They have the same multi-currency accounts Citi had which suits the expat community who want to balance yen vs foreign currency holdings over longer periods of time. This can be useful if you have known expenses to plan for in a foreign currency or travel a lot at personal expense and want to fund that travel from a foreign currency you hold.
For me I just like speaking in English on the once if 10 years occasion I might have need to speak to them. And the reassurance I can use ATMs without fees. Subject to minimum account holding. The amount you need to hold for things like free transfers is insane. Never had occasion to talk to them about a loan.

Citicard transitioned later to SBMC Trust Group. Which is good as I've kept the high line of credit I had built up with Citi. The perks are comparable with the SMBC card (comparing gold card to gold card).

[glimmer]

This is such valuable information! English speaking is a BIG plus for me! Thank you very much!