Digital banks

[eagleyes]

I have been refused to open a Rakuten bank account three times. I have a securities account though. I decided to go with Sony Bank and I am very happy about it. You can purchases foreign currencies and use it when you go abroad or pay on internet directly in the merchant's currency. So far very convenient, very easy service.

[mighty58]

7 Bank has the added bonus of serving you in English. They're services are extremely basic and no-frills, but if you just want a place to park some cash and good ATM accessibility, it's hard to beat.

[eagleyes]

Did you finally manage to open the bank account with Rakuten?
My application was rejected three times and I ended up with another net bank.

[mule96]

Just opened a 住信SBIネット銀行 account out of my SBI証券 account. Went very smooth and everything was up and running after 3 days. Good Bye UFJ!

[adamu]

I recently opened a Japan Net Bank account, and already have a Sumishin SBI Net Bank account. The other day I sent a SBI -> JNB furikomi at around 2AM and it arrived in a few minutes! I was amazed. I had thought furikomi's were only handled in working hours until 3PM, but that appears to be just at the traditional banks (including Shinsei, who I abandoned late last year).

They both come with Visa debit cards, including contactless payment so you can use it like an IC card (although in Japan it seems the only major merchants supporting this are McDonalds and Lawson, at the moment). They also include foreign ATM withdrawals.

I opened the JBN account because that one can be used to charge Line Pay and PayPay, but SBI does not support that. So far I'm happy with both of them.

[goodandbadjapan]

Whenever I do online transfers from traditional banks to fund my SBI account it is instantaneous, no matter what the time. Haven't tried the dead of the night but have certainly done so well outside banking hours. Same with traditional bank to traditional bank online transfers. Or am I misunderstanding what you mean?

[mule96]

I think the system changed or is changing. Maybe this is related:
https://www.boj.or.jp/en/announcements/ ... s/i21.htm/

My Transfer from UFJ to SBI was also a matter of minutes. But until some time ago it was something like the orders from the previous 24 hours until 3pm were processed in a batch after 3pm. And this is still the case for my companies business account (Mizuho - worst banking experience ever. If you ever need a business account, don't choose Mizuho...).

[adamu]

I think the system changed or is changing. Maybe this is related:
https://www.boj.or.jp/en/announcements/ ... s/i21.htm/

From October 9, 2018, with the launch of the More Time System, operating hours have been extended, enabling intraday interbank funds transfers of less than 100 million yen to be made to the account of the receiving bank on a real-time basis 24 hours a day, 365 days a year.

Very interesting, thanks for the link. I didn't know about that. Great to see the system has been improved as a whole.

[captainspoke]

Tangential to Japan, but a glimpse of the direction of banking in the UK and US:

https://www.cnet.com/news/apple-card-be ... to-the-us/