PSA: Shinsei bank to end International Cash Card (Overseas ATM) service

[Tony]

I've seen on here talk about the end of free ATM withdrawals for standard members, but I was taken back when I went to Shinsei to replace my cash card to find out that they will be ending international cash card services on Dec 8, 2018.

Once the service has finished, you can use a prepaid GAICA card to make withdrawals, but not your regular cash card.

More info here:
http://www.shinseibank.com/info/news180 ... gai_e.html

[eyeswideshut]

Thanks for the heads up. The reasons I signed up for Shinsei in the first place was for the free 7-Bank withdrawals and the fact that their bank cards were on the PLUS network for international withdrawals. I get the feeling Shinsei has finally jumped the shark... may be time to move my business elsewhere.

[RetireJapan]

Yes, I am very disappointed with Shinsei. Will try to do a bank roundup soon on the blog.

Thanks for the heads-up!

[Tony]

The GAICA card doesn't seem terrible though. The rates will be the same as the cash card now, although you can convert currencies within the account if you so wish. You can either top it up manually, automatically each month, or automatically when it get's below a certain amount. And everything I've heard about it means if you do decide to top it up manually, it's instantaneous over the internet, so it can be done from anywhere.

As for the ATM fees, I made sure to get myself gold status for the free internet transfers, so all ATM withdrawals are still free for me, so no skin off my nose there.

[Kiyora999]

I had my emergency fund on Shinsei and my salary paid on it, but the more I read news about Shinsei, the more I want to close my account.
Too much drastic changes, it doesn't seem fiable enough.

I already have a Japan Net Bank account with debit card for everyday life + online shopping, and recently opened an account on SMBC with credit card for overseas spendings.
I guess I'll just open an account on rakuten now for the emergency fund and salary and use it to dispatch the money on the 2 other accounts + SBI when needed...
Just pissing me off to have to go through my company HR process to change my bank account and close my Shinsei account in Shinjuku lol.

[adamu]

I get the feeling Shinsei has finally jumped the shark...

They're definitely changing their priorities. I got the feeling their initial sell was "foreigner friendly (everything translated to English), free ATMs, free bank transfers". But now the "...with conditions" doesn't make them stand out much from any of the others - except maybe the English support, although for me as my Japanese improves that's not really a must anymore.

They could still be a good choice for new residents who struggle with the language, and it looks like they are still targeting that market based on this info:

http://sp.shinseibank.com/corporate/en/ ... _gtn_e.pdf

Personally I decided to move to Sumishin SBI Net Bank. The grass may not be greener but for now it looks good. Will see how it goes.

[eagleyes]

Hi,

thanks for the information in Shinsei Bank. This is sad news because I am trying to find what is the best (I mean cheapest) solution for a bank that offers international cash card to withdraw money abroad. It seems that it is not well developped in Japand and/or the fees are really expensive.
What are the alternatives? I read that Sony Bank proposed WALLET was quite reasonable. Is anybody using it?

looking forward for your replies.

[kizuki]

Sony bank wallet card does seem like one of the better options for international withdrawals based on the product literature that I read. I have applied for a new account last week and don’t have experience on the ground yet with their card

[mighty58]

I too am also disappointed with Shinsei, particularly as I use the ATM overseas quite a bit when travelling on business. I was particularly disappointed with the wording in the letter announcing the end of this service, which made it pretty clear it was being done as a countermeasure against foreigners (presumably) who kept their accounts and were withdrawing money from overseas even after leaving Japan. Killing the entire function in order to show the FSA they are effectively dealing with the handful of people misusing the overseas ATMs is a typical overreaction on the part of a bank compliance department.

To deal with this, I recently got myself a Seven Bank ATM card, which is compatible with the Cirrus network. As a side bonus, it also has nanaco functionality, a convenient way to convert Monex points into usable virtual cash. You do need to separately apply for the card after opening up a Seven Bank account, but Seven (impressively) offers everything in English online so it's quite easy to navigate the process.

[RetireJapan]

I too am also disappointed with Shinsei, particularly as I use the ATM overseas quite a bit when travelling on business. I was particularly disappointed with the wording in the letter announcing the end of this service, which made it pretty clear it was being done as a countermeasure against foreigners (presumably) who kept their accounts and were withdrawing money from overseas even after leaving Japan. Killing the entire function in order to show the FSA they are effectively dealing with the handful of people misusing the overseas ATMs is a typical overreaction on the part of a bank compliance department.

To deal with this, I recently got myself a Seven Bank ATM card, which is compatible with the Cirrus network. As a side bonus, it also has nanaco functionality, a convenient way to convert Monex points into usable virtual cash. You do need to separately apply for the card after opening up a Seven Bank account, but Seven (impressively) offers everything in English online so it's quite easy to navigate the process.

That seems very promising! I will have to check them out