Providing funds for a teenager overseas

[AreTheyTheLemmings?]

I would gladly pay 2,000 yen to see a show by a band called

unauthorized debauchery

[Tkydon]

Thanks for the great information. I did a little reading on the English SMBC website.
I was planning on posting a question related to the same topic. Not to derail the thread but I have some questions.
My daughter is going to the UK for uni in September.
1. Would the Family Globalpass card work as a local debit card (GBP) and also a Visa account?
2. I assume that I could deposit yen into the account and she could withdraw GBP locally, correct?
3. I am concerned about larger amounts (i.e. paying for tuition, accommodation and such). With the multi-currency account we could feasibly convert currencies when the exchange rate is in our favor. Is this correct?

Thanks in advance.

See related thread

viewtopic.php?f=20&t=2276#p22253

Teflon doing just that right now.

1. Yes - Not sure about revolving credit ???... Get the card with Airline Miles...
2. Yes - It's just another Japan bank so no international transfers or anything... If you do the transfer before 3pm Japan Time on a business day, the funds will be available immediately...
3. Yes - Do small amounts while Yen weak and larger sums if/when the Yen strengthens - anytime you like on your PC/Mac/Mobilephone or over the phone to the English Language Call Center in Tokyo.
If you need to do overseas transfers, you can register the Payee (takes about a week now with all the new rules related paperwork) but then do transfers to that Payee anytime on your PC/Mac/Mobilephone or over the phone to the English Language Call Center in Tokyo, from JPY or Foreign Currency.

Full English Language services available online, on your PC/Mac/Mobilephone, over the phone or at Main Branch in Otemachi and Flagship Branches in Hiroo and Akasaka in Tokyo. Possibly limited in other locations...

It just works, and you can complete the application online

https://www.smbctb.co.jp/en/openaccount ... ation.html

[beanhead]

It's only Yen 200k in Foreign Currencies...

https://www.smbctb.co.jp/en/service/fees/

An initial deposit for 12 months of ￥1万7千 per month would more than cover that...

I called them and checked on the fees.
If you put 10,000 JPY into their foreign currency savings each month (外貨積み立て), they waive the monthly account fees, even if there is not 200k or 500k in the account total.

https://www.smbctb.co.jp/en/product/gaikatsumitate/

Worth considering. With the yen being weak at the moment, I don't really want to buy 200,000 yen's worth of dollars at once.

[Haystack]

It's only Yen 200k in Foreign Currencies...

https://www.smbctb.co.jp/en/service/fees/

An initial deposit for 12 months of ￥1万7千 per month would more than cover that...

I called them and checked on the fees.
If you put 10,000 JPY into their foreign currency savings each month (外貨積み立て), they waive the monthly account fees, even if there is not 200k or 500k in the account total.
Worth considering. With the yen being weak at the moment, I don't really want to buy 200,000 yen's worth of dollars.

Sounds like the perfect solution then is to setup a monthly payment, treat it as a monthly allowance, and DCA to avoid the headache of currency tracking.

[runmanTX]

Thanks for the great information. I did a little reading on the English SMBC website.
I was planning on posting a question related to the same topic. Not to derail the thread but I have some questions.
My daughter is going to the UK for uni in September.
1. Would the Family Globalpass card work as a local debit card (GBP) and also a Visa account?
2. I assume that I could deposit yen into the account and she could withdraw GBP locally, correct?
3. I am concerned about larger amounts (i.e. paying for tuition, accommodation and such). With the multi-currency account we could feasibly convert currencies when the exchange rate is in our favor. Is this correct?

Thanks in advance.

See related thread

viewtopic.php?f=20&t=2276#p22253

Teflon doing just that right now.

1. Yes - Not sure about revolving credit ???... Get the card with Airline Miles...
2. Yes - It's just another Japan bank so no international transfers or anything... If you do the transfer before 3pm Japan Time on a business day, the funds will be available immediately...
3. Yes - Do small amounts while Yen weak and larger sums if/when the Yen strengthens - anytime you like on your PC/Mac/Mobilephone or over the phone to the English Language Call Center in Tokyo.
If you need to do overseas transfers, you can register the Payee (takes about a week now with all the new rules related paperwork) but then do transfers to that Payee anytime on your PC/Mac/Mobilephone or over the phone to the English Language Call Center in Tokyo, from JPY or Foreign Currency.

Full English Language services available online, on your PC/Mac/Mobilephone, over the phone or at Main Branch in Otemachi and Flagship Branches in Hiroo and Akasaka in Tokyo. Possibly limited in other locations...

It just works, and you can complete the application online

https://www.smbctb.co.jp/en/openaccount ... ation.html

Excellent! This is quite a relief for me. Will have a detailed read of the SMBC website more closely.