RetireJapan

Just trying to wrap my head around different things I've read here and other places. Can anyone help me see if my thinking or understanding is correct with this flow:

If I have an account at Shinsei Bank and have a pension deposited there from the states (for example, or any kind of monies coming from the states), I believe I can deposit it in USD. Then when I'm ready I can change that money into yen INSIDE of my Shinsei account. For example, I get paid $100 from XXX in the states, I have them send it directly into my Shinsei account, then I convert that $100 into 13,800 yen (for example of exchange rate). All of that money lives inside my Shinsei account.

Then, I can use that money, that has been converted into yen, like a normal bank flow...withdrawal from ATM, load up their GAICA prepaid flex VISA card, etc.

Is this the way it is? If not, what is missing? Thanks so much.

Yes, I think you've got it (except the rate that you'd get now is 148-149).

In the past for me, incoming wire transfers have been free--no inbound processing fee, etc. While I think that is still the case, I also had platinum status, and cannot say for sure if all inbound transfers are fee-free, or only if you have a certain customer status. Shinsei has also recently been merged into SBI (so it's technically SBI-Shinsei now), which also might affect fees/no fees on inbound wires.

So yes, your funds will arrive and remain parked in a US$ sub account. You can retain/hold that as dollars, or, as you say, convert some/all of it to yen, and so on.

If you haven't yet taken any steps on it, Sony is the other bank where things would work in the way you want. (SMBC-Prestia is another, that I'm less familiar with, but I think they have some minimum account balances for some services to be free.)

Awesome, thanks so much for that.

I just did a deep look into SMBC Prestia and that one looks better than the Shinsei route. The only thing I don't see that I would need is a debit card...like a normal VISA or JCB debit card that is linked to the Japanese Savings deposit account.

I see they have one for multi-currencies and a GLOBAL PASS, but that is not what we need. For example, I have a JP Post account with a VISA debit card that works like cash - pay using the card and it comes right out of our JP Post yen account.

The GLOBAL pass Visa card seems to only be for the foreign currencies. Moreover, the statement cannot be settled with a SMBC yen account. Will keep looking around. I know it seems like two separate issues, but having the ability to receive monies from abroad, convert to yen while here, then have a debit card to use around Japan as well as ATM withdrawals...that's the thing I'm looking for.

Thanks,

Ha, and now I just went to the Sony bank you mentioned. First thing I see:

"Sony Bank WALLET is a cash card with Visa Debit functionality. Not only you can withdraw cash directly from your yen or foreign currency accounts in Japan and more than 200 other countries and regions, but also make easy payments anywhere in the world. All from one card."

Well, there it is.

EDIT: I just saw their exchange fees for buying and selling foreign currency using yen. They have different levels - no level to platinum.

No level is 0.15 per USD
Platinum is 0.04 per USD

That means at no level if I bring over $3000 per month they would charge me $450 just to do an internal transfer!?!??!
(If it was platinum it would be $120...but still!!)

Am I missing something...that seems outrageous. It would be better to keep the money in my account in the states, do transferwise from the American bank account directly into a Japanese bank (Sony, Prestia, Shinsei, etc).

I feel like I'm not reading their rates right...or off about something.

0.15 yen and 0.04 yen, not 15 cents and 4 cents. So a range of 450 to 120 yen.

Oh wow, I was a bit OFF there….lol.

Thanks much for that, a relief indeed.