For those who use Yucho-Ginko, paying fees per transaction of ATM installed in convenience stores in Japan is quite common thing. They pay compensation in exchange for convenience. However, as often as I use convenience store ATMs, my heart aches for wasted money and I always swear myself that I go all the way to my Bank to just withdraw and deposit money.
Shinsei Ginko solve such my worries that ATM should be paid fee per use. This Bank
uniquely make any of ATMs’ put in convenience stores free of charge to try to collect customers widely by undertaking transaction expenses. So you don’t have to go about in search of a bank of which you have a savings account in order just to withdraw cash from ATM installed in a bank.
Contents
- 1 What is Shinsei Bank?
- 2 Pros
- 2.1 Withdrawal from ATMs installed in convenience stores is free of charge 24 hours 365 days
- 2.2 T-POINT service which is given you a privilege according as fixed scores
- 2.3 2 week-term deposit
- 2.4 Happy Birthday term deposit
- 2.5 You can withdraw your money from foreign ATMs
- 2.6 Shinsei Bank is internet based bank but has physical branches
- 3 Cons
- 4 How to open a saving account?
- 5 Conclusion
What is Shinsei Bank?
Shinsei Bank is the successor of the Long-Term Credit Bank of Japan, which had a government monopoly on the issuance of many long-term debt securities.
| Bank Name | Shinsei Bank, Limited |
|---|---|
| Establishment | December in 1952 |
| CEO | Hideo Kudo |
| Capital | ¥512,200,000,000 |
| Total asset | ¥9,258,300,000,000 |
| Total deposit | ¥5,862,800,000,000 |
| Total loan | ¥4,833,400,000,000 |
| Securities | ¥1,014,600,000,000 |
| Revenue (2017) | ¥380,444,000,000 |
| Net income (2017) | 50,759,000,000 |
| Number of Employees | 5300 |
Pros
I will list up primary advantages you can take for those who don’t have time to check all the information.
- Withdrawal from ATMs installed in convenience stores is free of charge 24 hours 365 days
- T-POINT service which is given you a privilege according as fixed scores
- 2 week-term deposit
- Happy Birthday term deposit
- You can withdraw your money from foreign ATMs
Most of you who own saving an account in Japan use it for money storage space and pursue the convenience of withdrawal ,deposit and transfer whenever you want to do these.
If so, the above first advantage is the greatest offer that never banks other than Shinsei Bank set 0 fee for your money transaction at all ATMs installed in almost all the convenience stores all over Japan.
Withdrawal from ATMs installed in convenience stores is free of charge 24 hours 365 days
- You can deposit and withdraw for free from affiliated ATMs such as Seven-Eleven(Seven Bank), Family mart(E-net), Lawson(Lawson Bank), MiniStop(IEon Bank).
- Transfer charge to other banks is free of charge at least one time.
- There is a system that gifts you a premium that you are granted the right to transfer money to other banks’ accounts for free up to maximum 10 times depending on the account balance and financial asset that you own through this bank
Transfer charge to other banks’ saving accounts will be free up to muximum 10 times monthly
One more great offer you can receive is that transfer fee will be free according as your account stage but you need to register net banking called “Shinsei Power Direct”.
If an account you are going to transfer is the same Shinsei Bank’s account, no transaction fee will be charged.
But if an account you are going to transfer is other bank’s account, at least one trasfer will be free of charge.
The number of free charge transferring to other banks will differ depending on the stage of “Shinsei Step-Up program“.
| Stage | Number of free charge a month |
|---|---|
| Standard | 1 |
| Gold | 5 |
| Platinum | 10 |
One of the best way to rank up to the stage “Platinum” is to own your luxury card. However, its annual club due is expensive.
Gold stage has easy condition to satisfy compared with “Platinum” stage.
You need to satisfy either of the following conditions down below.
- Monthly average balance of total deposit should be more than 2000 thousands yen
- Monthly average balance of saving account and two week term deposit should be more than 1000 thousands yen
- There is at least one time withdrawal from Shinsei Aplus gold card per month
- Saving up 5000 yen monthly to Shisei investment trust.
If you want to reach gold stage firmly without running any risks, you need to save up more than 1,000,000 yen to both a saving account and two week term account.
Or if you want to reach gold easily with a certain amount of risks, you should save up 5000 yen monthly to an investment trust.
Investment has of course price fluctuation and it will cost you purchase commission depending on the financial product you buy.
If you don’t worry about a little price fluctuation, this is the most easiest short-cut to reach Gold stage.
Bank ATMs you can withdraw or deposit for free
- Shinsei Bank’s ATM
- Seven Bank
- E-net
- Lawson ATM
- VIEW ALTTE
- Yucho Bank (Japan Post Bank) ATM
- MUFG Bank ATM
- Mizuho Bank ATM
- SMBC Bank ATM
- Risona Bank ATM
- Saitama Risona Bank ATM
- Sumitomo MItsui Trust Bank ATM
- Mitsubishi UFJ Trust and Banking ATM
- Misuho Trust and Banking ATM
- Aozora Bank ATM
- Shoko chukin Bank
T-POINT service which is given you a privilege according as fixed scores
T-point is a common point system that you can save and use according as the amount of scores you possess to an internet shopping site or an internet banking site affiliated with this system.
Your saving points can be consumed to exchange for products and points issued by a shop affiliated with T-POINT. If you have a valid T-POINT card, any of you can use this system.
T-POINT partner shop displays this T-POINT mark on a window or a door. If you go shopping and buy something or receive a service in a partner shop, your points will be saved.
1 T-point is counted as 1 yen at a partner shop
How you can save your point in Shinsei Bank’s service
| Transaction | Points |
|---|---|
| When entering T-POINT program | 1 point (once a month) |
| When logging “Shinsei Power Direct” | 3 points (once a month) |
| When withdrawing and depositing from E-net ATM | 10 points (twice a month) |
| When transferring more than 10,000yen (per transaction) from other bank accounts to Shinsei bank accounts | 25 points (forth a month) |
| When setting withdrawal account | 50 points (twice a month) |
| When withdrawing from foreign ATMs | 50 points (twice a month) |
| When withdrawing installment investment deposit | 5 points (once a month) |
| When withdrawing foreign installment currency deposit | 10 points (once a month) |
| In accorance with the transaction amount of foreign currency | 20 to 200 points (per month) |
| In accordance with the transaction amount of foreign currency term deposit | 20 to 200 points ( per month) |
| When receving asset management counselling through online booking. | 50 points ( once a month) |
| When the transaction amount of financial products is more than 300,000 yen | 200points |
What kind of stuff you can exchange your points for
Your saved point can be used to exchange for such as
- lottery
- present ticket
- home electric appliance
- Gourmet
You can probably find rare goods that you can get only here and life-friendly goods.
→T-POINT site
* This site is only written in Japanese.
You can donate your points
1 point is counted as 1 yen and your saved points can be used to donate to someone.
→Please check this site
* This site is only written in Japanese
2 week-term deposit
I cannot emphasis term deposit in Japan is really advantageous because of ultra low interest in Japan so the amount of the profit you can make from a term deposit is quite slight like if you deposit 100,000,000 in your term account, only 10000 yen to 30000 yen will be added into your account.
However, Shinsei Bank prepares a plan of two week term deposit. You can observe how much your asset will gain for trial 2 weeks.
How much you need to deposit
In case of internet banking, you need to deposit 500,000 yen
Annual interest rate is 0.0 5% (residual interest rate after tax is 0.0398%)
If you deposit 30,00,000, 47yen will be added in your account 2 weeks later
Happy Birthday term deposit
If you apply for term deposit with a certain amount of your asset for 3 months from the first day of the previous month of your birthday to the last day of the month of your birthday, it makes a concession to preferential interest.
In 2017, interest rate of this special term deposit is
- If you deposit 50,00,000 yen to 30,000,000 yen, the interest will be 0.5%
- If you deposit 1000000 to 50,00,000 yen, the interest will be 0/3%
If you deposit 10,000,000 yen, your interest income will be 9960 yen.
This special rate will be applied for just 3 months from the day you deposit.
You can withdraw your money from foreign ATMs
You can withdraw from 2600 thousands of ATMs and CDs with “Visa” or “Plus” mark placed in over 200 countries and regions.
You don’t have to make a special credit card only to withdraw in foreign countries. You can use your usual credit card which you received when opening a saving account.
When exchanging from foreign currency to yen, 4% transaction fee will be added on the exchange rate regulated by “Visa Worldwide”.
Maximum withdrawal is 100,000 yen per day. Considering the situation that you loose your credit card, if you don’t use your credit card frequently during your journey, you should lower the credit limit.
Shinsei Bank is internet based bank but has physical branches
Shinsei Bank is thought to be one of the representative internet bank in Japan. You don’t have to go to branch bank but to apply for a saving account online. All you have to do is to download an app from Shinsei Bank site and fill in application form online and send a picture of identification document and your sign or Hanko impression you take with your smart phone.
However, one thing that differs from other internet based banks in Japan is that Shinsei Bank has physical branches all around Japan. You can also go through various procedures manually and give inquires to a person in charge directly at the reception of branches.
One of people who use this bank make the most of advantages such as free charge of transfer fee on the internet transaction for internet auction site.
Cons
Your disadvantage has always something to do with your visa status. Your visa status is highly related to identification verification when you open a saving account because Japanese law regulates only the people who are recognized as “resident” can be opened bank account and issued with bank cash card in Japan.
Financial regulation becomes severe year after year with atmosphere that no financial offenders allow to transfer money to foreign bank accounts in order to keep them from money laundry.
So if your visa status grants you permission to stay in Japan for less than year, banks which accept your offer of opening saving account is very few at the time. Shinsei Bank is no exception to this rule.
If you come to Japan for working holiday, you should go first to Japan Post Bank, they accept non-resident people to open newly bank account.
The conditions of opening savings accounts in Shinsei Bank
This conditions are based on classification between resident or non-resident in Immigration Act.
- A person who have stayed more than 6 months after entering Japan.
- A person who has visa-status granted permission to stay in Japan for more than a year
Please read this article explaining what kind people are subject to opening bank account.→How to open a Japanese bank account?
How to open a saving account?
Principally, aliens cannot open bank account from apps provided by Shinsei bank. So you have two choces which is, you send necessary application to Shinsei Bank or visit directly to apply for saving accounts.
What you need to bring with
Most important thing you need to pay attention to before sending or bringing the following documents with you is the fact of whether you are distinguished as non-resident or resident on your visa status. If you are non-resident, you are not qualified to open savings account in Shinsei Bank.
| Documents | Things to note |
|---|---|
| Status of residence and Special permanent certificate |
|
| Your tax payer number | If you have your tax payer number issued by the current country of residence you are from, you should copy and prepare to send it just in case. After 2017 on first January, an alien who open savings account in Japan report notification of the current country of residence. So you are required to submit your tax payer number in accordance with Shinsei bank’s requirement. |
You also need to prepare your utility bills to prove that you live in registered address.
| Utility bills | Things to note |
|---|---|
|
|
Until you open a saving account
Fill in and send an application form
Access Shinsei Banks’ saving accounts application site and fill in application form
An application can be printed directly from the site or you can request it to send you a form.
Send your adentification documents
Sign or stamp your “Inkan” onto your filled application form, post your application form with your identification documents to Shinsei Bank.
Cash card will be sent to you in 2 weeks
After perfection of procedure, Guidebook, cash card/ security card, passcode will be sent to you individually
This is English application page of Shinsei Bank
Conclusion
Selecting Shinsei Bank for your savings accounts is pretty good choice. If what you expect to this Bank is a minimum transaction of withdrawal and deposit to use as storage space, accessibility that you can withdraw your money from convenience stores will widen because almost all the ATMs installed in convenience stores around Japan is affiliated with Shinsei Bank and it offered no charge to transact simply withdrawal and deposit.
However, various regulations stop you from opening savings acount in Japan. Especially those who come here in Japan for working holiday are really in trouble to find a way to handle your living money during your stay in Japan.
In Australia, most of primary banks willingly accept working holiday maker to open bank account easily if you have granted permission. But in Japan, it is quite natural to prove yourself by your visa status when you open bank account and apart from that, you also need to show the fact you have stayed in Japan for at least 6 month with utility bills or resident certificate.
Principally, you cannot open bank account in terms of taxiation law regulated by Japan tax agency. Until you spend 6 months in Japan, you need to transfer your money from your country.