RetireJapan

Good day everyone,
Few years ago I talked to Presia bank staff and was told that in case I have account in Prestia and keep certain amount on it (500,000 yen I think) I can keep this account even if I leave Japan (AFAIK you have to close all local banks accounts if you leave Japan - please correct me if I'm wrong!)
Did anyone use this option? Asking because never saw anything about it, in this forum (maybe missed)
But, if that's possible - it would be great to have it, to receive Japanese pension or iDeco, even being overseas, and much better than regular wire transfers to foreign banks, which is crazy expensive here and shall cut huge amount of all the profits. Also having Prestia credit card might eliminate the need of wire transfers at all.
Any ideas on it? Sounds bit too good to be true
Thanks!

I left Japan for seven years and kept my Prestia account open. They did disable some functionality on domestic transfers. But I was able to receive money, use it to buy a house, set up a mortgage and set up all the autopay for utilities etc all while living in another country.

When I returned to Japan in 2017 I gave them a copy of my new zairyu card and they re-enabled all the functions that were paused.

The regulations change though, so worth getting an updated view from them.

HeavyMetal wrote: ↑Sun Jul 03, 2022 8:09 am Few years ago I talked to Presia bank staff and was told that in case I have account in Prestia and keep certain amount on it (500,000 yen I think) I can keep this account even if I leave Japan
...
Any ideas on it? Sounds bit too good to be true

<Redacted on request.>
<revision> ***If you are a Japanese National by birth or naturalisation.***
Whilst services are restricted it looks like you'd be able to receive money and access it from an ATM. However, it does appear this is more focussed to folks being sent abroad on overseas work assignment. So you could start your own company, employ yourself, then send you to investigate golf courses in Florida for example..

https://www.smbctb.co.jp/en/support/upd ... entdks.pdf

If however, you are of the foreigner persuasion the new is less than stellar. See the "To Foreign Nationals Leaving Japan" Section.
Spoiler Alert: They'll help you close your account.

If you are leaving Japan for good, they’ll help you close your account. If you’re planning on re-entering they’ll advise you of the necessary steps. Would be interesting to find out what those are now.

For what it’s worth, those six restrictions are the ones imposed on me when I left, I remember having to close the credit card too.

Thanks for replies guys!

Deep Blue wrote: ↑Mon Jul 04, 2022 12:48 am I left Japan for seven years and kept my Prestia account open

Did you tell them you're coming back someday?

Moneymatters wrote: ↑Mon Jul 04, 2022 1:11 am Spoiler Alert: They'll help you close your account

Yeah they didn't mention that at all, when I talked to them. Neither any of the restrictions. But maybe I wouldn't care bout those, I only needed a "working" account in Japan during my absence, for some local transfers

Deep Blue wrote: ↑Mon Jul 04, 2022 2:33 am those six restrictions are the ones imposed on me when I left

Sorry I didn't get - which "six restrictions", exactly?

The six account restrictions while abroad are listed in the link posted above by moneymatters

https://www.smbctb.co.jp/en/support/upd ... entdks.pdf

.

Gareth wrote: ↑Tue Jul 05, 2022 4:51 am

Moneymatters wrote: ↑Mon Jul 04, 2022 1:11 am <Redacted to avoid Confusion>

Is this really necessary? Please delete it.

Nothing I post is necessary. Very little of what I do is!
But it's never an intention to offend so I've removed the sentence in question.

Clearly you need to remove my quote for your post.

For what it's worth, I enjoy Moneymatters' contributions.

RetireJapan wrote: ↑Tue Jul 05, 2022 10:46 am For what it's worth, I enjoy Moneymatters' contributions.

Yeah, I always find them funny. Don’t think the post in question crossed any lines but good to see that folk on here can sort out any differences amicably.