Sony Launches English Online Banking Service

[adamu]

Sony Bank Incorporated today announced the launch of a new English-language online banking service, aiming to provide foreign residents in Japan a seamless, hassle-free way to open a bank account and conduct everyday banking in English.

As of June 2019, the number of foreign residents in Japan has grown to 2.82 million, up 7.3 percent from the previous year, and these numbers are expected to increase further. Meanwhile, according to an online survey of foreign residents conducted by Sony Bank, 60 percent of respondents indicated that they were dissatisfied with banking procedures in Japan. The most commonly cited reasons for this lack of satisfaction included complicated paperwork and procedures, the need for hanko seals, and a lack of language support.

When asked what services they would like from banks in Japan, the top response from foreign residents was the need for online banking and being able to conduct everyday banking transactions without having to visit the bank in person. These results reaffirmed that there is potential for Japanese banks to provide more user-friendly services aimed at foreign residents in Japan, with seamless English banking systems and support services.

Taking into account Japan’s internationalization and needs of the expatriate community, Sony Bank decided to establish a new English smartphone app that would take the hassle out of opening an account in Japan and allow account holders to make everyday banking transactions online. The new service makes banking simple for non-Japanese residents, including a dedicated English smartphone app that uses cutting-edge OCR technology to make the account opening process quick and easy, without the need for complicated paperwork.

Sony Bank is committed to meeting our customers’ diverse needs and making their banking experience convenient and easy.

Overview of English online banking

1. OCR Open Account App for foreign residents in Japan
2. User-friendly English website（https://moneykit.net/en/）
3. Seamless smartphone banking site
4. Live chat and email support in English

Sony Bank’s new English online banking includes products and services such as yen and foreign currency deposits, fund transfers, foreign currency remittances, and the Sony Bank WALLET (debit card with Visa functionality). Please refer to the official website for full details.

https://moneykit.net/en/info/info200330_01.html

[Wales4rugbyWC23]

This is very good news. Shinsei really does have a monopoly on banking services in English in Japan. Some of Shinsei's banking webpage is distinctly noughties if you compare it other banks.

Also get rid off the Hanko in Japanese banking, it really is pre-medieval, sorry a pet peeve of mine.

[OwenM]

I applied two days ago. Sent them copies of my gaijin card and insurance card where the names do not exactly match up, but it hasn’t been a problem and got a mail saying the application is successful. So far so good,

[creed]

It has a nice feature where you can purchase foreign currency when the rates look good, then when you visit that country you use the cash. NZD always seems to get a worse exchange rate coming in to southern hemisphere summer, so buy in winter, use in summer works well.

Only caveat is that you can't use it at petrol stations. Not sure why.

[eagleyes]

I have an account with them for abut 2.5 years and I have been very happy about it. I only know the Japanese version but very simple and very clear to check your accounts on mobile as well.
the money kit allows you to pay in different currencies. It is very convenient when i go abroad or when i purchase on internet and i want to pay in the local currency to avoid high exchange rates.
They allow you to withdraw at ATMs as well for a reasonable cost something that you cannot do with most of the japanese credit cards without paying huge fees.

[Tym]

Does anybody use their investment products?

I was thinking to give it a try. Although they don't seem to have eMaxis slim 先進国株式インデックス fund available, but they have ＜購入・換金手数料なし＞ニッセイ　外国株式インデックス fund, which is pretty similar.

I wonder if there any disadvantages comparing to SBI or Rakuten? E.g. do they redeem points for holding funds?

[Dr.Strangelove]

Have just opened an account with Sony.
Set up is fairly easy and only requires some scanned documents. Surprisingly, the card and access details arrived very quickly-within a week. Seems very secure system. Has English help desk and online chat available. Haven't tried any of their services yet but hope to make some overseas remittences soon.

Thanks to the OP who started the thread.