RetireJapan

The way they write these rules in English leaves a lot to be desired.

In any case, first time to see this, though I suspect it is/will be a common policy at all banks now.

https://www.shinseibank.com/info/news21 ... 001_txt_01

Restriction on Transactions of Customers Leaving Japan

July 1, 2021

Transactions using a PowerFlex account have been targeting individual customers living in Japan, and we have therefore been asking them to cancel their account when they leave Japan, as a general rule. Nevertheless, we have accepted customers maintaining their account in some cases including when customers own a financial product that has not reached its maturity.

...

We will continue to ask customers leaving Japan to cancel their account but have decided to restrict the following transactions of customers who have exceptionally maintained their PowerFlex account in order to respond to such a change in the environment surrounding financial institutions. We apologize for causing you any inconvenience but appreciate your understanding and cooperation on this matter.

I gave up on them years ago

I think the only reason to use them is if you absolutely can't manage an account in Japanese. And now Sony Bank's an option too.

I doubt they came up with this on their own--other banks will likely be laying out similar 'rules' (whether they introduce/express them the same way or not). I'm not a user of Wise, but from what I've read, they have really tightened up, asking for more forms of ID, tighter rules on some transfers, and that kind of thing.

Hasn't it always been the case that if you break residency you should not be leaving active/open banks accounts behind? Shinsei may be more ham-handed in the announcement, but if you look/ask, other banks almost certainly have similar rules.

Anyway, I don't think immigrations will be reporting your departure to all the banks, so if you have switched to the address of an extended family member, or some such, has anything really changed?

As they've had the policy of closing accounts if you leave Japan for a while now, I read that link the other way, i.e. by adding the word "restrict" to the wording (which previously allowed for only suspension or cancellation of accounts), they will now permit some accounts to remain dormant if certain conditions are met, which I assume are standard-issue ones like leaving Japan for a "good" reason, such as a temporary company transfer abroad.

But yeah, I am growing more and more jaded with Shinsei in general, as they just keep chipping away at all the benefits that existed when I initially signed up (which admittedly was a long time ago). Stopping overseas ATM withdrawals was big for me, and their recent move to limit free ATM usage in Japan is just another case in point. Shinsei was the account I used when I first started investing long ago, and I've maintained a legacy investment balance there ever since just to keep the Platinum status (benefit of 10 free furikomi's a month make it worthwhile alone for me), but as they are going to migrate all their investment accounts to Monex soon, it remains to be seen what will happen to the Platinum/Gold tiers. If that benefit goes away, there's won't be much keeping me there, apart from familiarity. But then again, familiarity is a big draw as one ages and becomes curmugeonly.