First of all, apologies if this is an oft discussed topic.
I’m currently in the onboarding process for my first full time job in Japan and this requires me to finally open a bank account here (I have been paid in cash and used my Wise account for everything else so far).
My company has offered to assist me with opening an SMBC Prestia account. I’ve done some research into them and see that it used to be CitiBank up until being bought out a few years ago. At face value Prestia looks fine. I plan to frequently send money home as well, so there are benefits to be had there I do have a few concerns that I’m hoping to get some advice on.
I can see that there is a monthly fee, which is waived if you hold at least 200,000¥ in foreign currency. This is not ideal but ultimately not an issue for me.
I’m looking to find out how well supported Prestia is when making online transactions and with things such as establishing mobile phone contracts. Also with using services like PayPay. Will there be any friction here? I believe that life may be easier in some respects with a standard SMBC account with an Olive card.
I am also looking to get my hands on an SMBC credit card at some point and was wondering if it would be advantageous to have an SMBC account for this purpose. Or have a Prestia account as well as an SMBC account?
Also wondering if it’s easy to open an SMBC account with only basic Japanese language skills. Prestia having English support is nice.
by socslave
6 comments
You can open it and see how it goes, while trying to open an account from another bank. From first hand experience I wish I had never opened from Prestia.
From what I understand from other posts on here there is some friction in trying to use Prestia with services like PayPay or direct deposits for phones, credit cards payments, etc.
Would recommend opening an SMBC or other account for daily banking and ease of use via wider support for stuff.
It was straightforward enough to open the Olive account using their app for me with basic Japanese. Worst case you can just use Google Translate or other translation app to help you along.
> I’m looking to find out how well supported Prestia is when making online transactions and with things such as establishing mobile phone contracts. Also with using services like PayPay. Will there be any friction here?
Prestia is not great in that respect. There will be things they don’t work with. If your Japanese is weak they make a good starter bank account but you’ll probably want to open one with a more widely accepted bank as well eventually.
> I am also looking to get my hands on an SMBC credit card at some point and was wondering if it would be advantageous to have an SMBC account for this purpose.
Maybe slightly. Prestia can refer you for the Prestia gold card which might give you a good chance of being accepted if that works for you.
> Also wondering if it’s easy to open an SMBC account with only basic Japanese language skills.
SMBC staff were very rude and racist when I tried (at a level of Japanese where both MUFG and Mizuho were happy to open accounts for me) so I would steer clear of them personally.
I opened an smbc prestia account and it has served me well till now. It gives an account number the same day which was very convenient for me. I have been able to use it for mobile contracts, internet contracts and utility payments without any issues. Only places where I could not use it was auto debit for rent payment and paypay which I can live without or you can load paypay or similar app through cash.
I also opened a JP bank account through the app and it was done in 10 days. Anywhere I can’t use smbc I can use JP bank like rent auto debit etc. Considering my Japanese is level 0, both of them worked fine for me. Prestia also does a credit card application at account opening. Haven’t received my credit card yet but my friend received it in few months and his application was also few months before me. No other bank will touch you with credit card so soon after entering Japan.
I opened a Prestia account within a couple of weeks of my arrival. It was pretty painless and the staff helped me sign up for a credit card at the same time.
As others have noted, you can’t top up PayPay from Prestia.
Other than that I’ve not had any issues with my account.
I have a Prestia. When you open one make sure to ask for Credit Card. They will allow you to apply together with your bank account opening.
The only issue I have with Prestia is it does not connect to Paypay. However, all my utilities are billed to my Prestia CC and it has no problems.
Oh one other thing, maintaining balance is I think 500k. 1M if you dont want ATM fees charged.
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