RetireJapan

Just a heads up for those planning to use Sony Bank to remit USD (both locally and internationally). Sony Bank takes KYC to a whole new level.

You have to pre-register accounts to remit to and you have to indicate how much you expect to remit per year. Fine so far. But to prove that you have the means to remit that amount they want to know all about you to the very last detail. You might as well apply for a housing loan with the documents and information they ask of you. Very inconvenient, and if not impossible for those who are expecting a windfall (or a loan) in the future since you can't travel to the future and get documentation for future non-salary earnings. This is true even if it is a local remittance of USD.

This is just for pre-registering, mind you. I got an account because of English language support but so far that is the only advantage. Customer support is hit or miss (mostly miss) and

As a reasonably satisfied account holder since earlier this summer, I agree that (1) the initial registration process was complicated by my middle name and (2) it took a week or so to gain approval for opening the equivalent of a "sub-account" for foreign currency. That said, with patience I was able to overcome both obstacles.

I am still glad that I have now made Sony Bank my main bank in Japan. The initial reason for doing so was to get away from my regional bank that had started to tack on lots of extra fees--particularly regarding remittances from outside Japan. Sony actually has a short-term campaign that runs through the end of September by which they not only waive incoming wire transfer fees but actually give you a cash reward for remitting money in selected currencies (varies depending upon your overall balance). Details appear here: https://moneykit.net/en/campaign/fr202107/

The ability to withdraw cash at convenience stores without any fees is valuable.

The comments about their English language customer service are valid. For basic tasks there is no problem, but they often cannot handle anything out of the ordinary. A number of topics are, moreover, only supported via their Japanese language customer service department, which is separate from the section of the bank that provides consultation in English. It would be ideal to combine these services into a one-stop-shop solution.

Another surprise was that Sony Bank is NOT on the list of approved banks that can be used to set up automatic payments with the Japanese Tax Authority. Only two local banks in my area and Yucho can be used for this purpose, which is disappointing. The big banks like MUFG and Mizuho are, however, also not approved for this purpose. More reform is needed in this area. There is no need for the Japanese Tax Authority to continue to prop up regional banks.

In any case, the fees at Sony Bank seem to be relatively low for Japan. I would, therefore, still recommend it.

I’m surprised they don’t have a translator service. Pretty much every cell phone provider has a number you can call for English, and they’ll call the Japanese support and translate everything.

One other thing that was a bit annoying is that I can’t automatically pay my rent with Sony Bank because it isn’t on the “accepted” list of banks with UR, so I have to keep my local bank account open and transfer money every month.

Other than that I’m pretty happy. There are 7-11 ATMs everywhere, so it’s always easy to withdraw some cash. Plus transferring money to Monex is free.

crew wrote: ↑Wed Jul 14, 2021 4:37 am Just a heads up for those planning to use Sony Bank to remit USD (both locally and internationally). Sony Bank takes KYC to a whole new level.

You have to pre-register accounts to remit to and you have to indicate how much you expect to remit per year. Fine so far. But to prove that you have the means to remit that amount they want to know all about you to the very last detail. You might as well apply for a housing loan with the documents and information they ask of you. Very inconvenient, and if not impossible for those who are expecting a windfall (or a loan) in the future since you can't travel to the future and get documentation for future non-salary earnings. This is true even if it is a local remittance of USD.

This is just for pre-registering, mind you. I got an account because of English language support but so far that is the only advantage. Customer support is hit or miss (mostly miss) and

Sony Bank is starting to sound more and more like Shinsei Bank for remittances....