What do you think of banks in Japan? Have you have any problems in your dealings with them?

After departure of Citi and HSBC from retail banking, there is not any bank left with the international image and mindset. Just check SMBC site to see that their English language homepage really sucks. SMBC Visa card site does not even have English site.

I like my SBI Sumishin netbank account, and moved most of my business there. All online, it’s great.

Citi exited retail but SMBCTB took over their operation and rebranded as Prestia, I think it is still pretty much the same thing. Although they have some system overhaul coming up this year, I think. I never really liked the Citi retail offering that much overall - I only used it for a few limited things like overseas transfers (which always completed quickly in my case).

Not sure what to expect from Japanese banks anyway. Not like they have many good opportunities to lend our money out to pay any decent interest.

They always strike me as very arrogant environments. Whereas banks in the USA always strike me as self-serving in that they really only care about providing services to their wealthy clients, Japanese banks never seem to me to care about any client. They always seem preoccupied with following a set of rules an procedures that benefit no one in particular in order to make sure they're always following a rule or procedure.

Worst bureaucracy I've experience in my life. They used to block overseas payments to my account because the overseas client failed to render my name correctly in katakana, and then the bank wouldn't even bother informing me of the action, leaving everyone in the dark for a couple of months. It's like they don't want me to get paid.

It took 4 hours and tons of papers to set up an online account, for which they now send me tons of paper records in the post every month, which, uh, kind of defeats the purpose of going online. LOL.

"Japanese financial institutions are bound in red tape provided by the Ministry of Finance.."

The host of ridiculous problems I've encountered have had nothing to with govt regulations. The red-tape was clearly generated in-house.

free ATM's 24/7, free ATM's overseas

From my understanding they are going to start charging for all of these type of services. Everyone talks about how great Shinsei Bank is but it seems like it is going to start becoming just another Japanese bank in the near future.

Expat summed up the numerous issues with banks here nicely. The more serious ones are pathetic interests rates, the number of hours you spend get simple transactions done and the attitude that they are doing us a favour by being our banks. They are closing up shop in terms of locations because more are using online banking yet the service inside a bank is still horrific.

Let's not forget that many don't even offer international cash cards and if they do, they don't always work. Not that I speak from experience or anything. I still carry a bank card from my home country when I travel as I have zero faith in my Japanese cash card working abroad. Had issues with a SMBC card just last year in Bangkok of all places.

From my understanding they are going to start charging for all of these type of services. Everyone talks about how great Shinsei Bank is but it seems like it is going to start becoming just another Japanese bank in the near future.

Until they do, they are the best bank out there (in Japan). I've been with them 13 years, they've done me well.

Highly inefficient on the whole. Over-staffed and running a business model that looked old fashioned even in the 1990s.

On the plus side, great service and you feel that you are dealing with real people and not computers.

@zichi

JeffLee, at the Shinsei Bank you can transfer funds using English.

Yep, I've since switched to PRESTIA for overseas transfers and other serious business. The bank I had been using was MUFJ, Japan's biggest bank and one of the world's biggest. Unbelievable.

StrangerlandMay 3  07:48 pm JST

Until they do, they are the best bank out there (in Japan). I've been with them 13 years, they've done me well.

I feel like calling Shinsei the best bank in Japan is damning them with faint praise. They are the best only because the bar is so low in Japan compared to most countries with advanced economies.

I mean, hell, Shinsei still doesn't even offer a real debit card. And sending an electronic transfer through them is still monstrously complicated compared to what any big American bank will let you do.

I feel like calling Shinsei the best bank in Japan is damning them with faint praise. They are the best only because the bar is so low in Japan compared to most countries with advanced economies.

Exactly. Their online banking system is cumbersome (to say the least) with imo far too many layers of verification and isn't particularly functional either ( feels like a late 90s/early 2000s website).

Can't really set up specific account/activity alerts i.e. it's all or nothing so i am still getting emails for withdrawals, bank transfers etc. Ppl who are in awe of shinsei have been here for too long.

I went to the bank at 2:59pm and the clerk at the door told me they're closed, lol

Serrano,

I was using an ATM in a bank when it spit out my card and closed. Closing time for the bank and so the ATM closed, too. While I was USING it.