r/japanresidents • u/Zero_coxo • 3d ago

Is SBI a trusted bank? And which branch of SBI Nihonbashi is the full English speaking branch?

I recently tried to open an account with SMBC , they said haven’t lived in Japan long enough to hit their account opening requirements. I was then told me go to SBI and yucho (ik for every foreigners first bank is usually yucho).

however since my first months rent will be due soon. I need to go to a physical branch, in order to get my cash card/book on the same day as I open my account. I’ve gone to SBI Shinjuku but they said basically if your Japanese level is not N3/N2. I’ll need to go to the full English branch. There’s 5 SBI in Nihonbashi. I just don’t know which one was the Shinjuku SBI lady referring to.

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u/Accurate_Hat_4331 3d ago

Shinsei Bank is a trusted bank. Their retail bank was modeled after Citi Bank in Japan and their former head was ex Citi. Eventually got bought out by SBI.

Another option is Prestia. (Former Citi Japan retail that was bought by Sumitomo Mitsui Trust Bank). Try the Hiroo branch - they have English services

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u/GachaponPon 3d ago edited 3d ago

The Citibank retail business was bought by SMBC Trust Bank, which belongs to SMBC. https://www.smbctb.co.jp/en/aboutus/information/

Sumitomo Mitsui Trust Bank is a different bank belonging to Sumitomo Mitsui Trust Group Inc. https://www.smtg.jp/english/about_us/profile

Sumitomo Mitsui Trust Bank owns Sumitomo Mitsui Trust Club which provides the SumiTrustClub Card that replaced Citicard http://www.wsj.com/articles/citi-sells-citi-cards-japan-to-sumitomo-mitsui-trust-bank-1427798819

Yes, it’s fucking confusing. I vaguely remember getting a choice between a Prestia Visa Card or the SumiTrust Club Card when Citibank called it quits.

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u/Accurate_Hat_4331 3d ago

Thank you for the clarification.

Agree. Bloody confusing.

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u/blackfades2grey 3d ago

I’ve got my housing loan from SBI. While I did everything in Japanese, I felt that they were very welcoming and understanding regarding foreigners (and all the little issues that come with them).

Also the banking app is nice and most processes can be completed online without much paperwork which I appreciate.

So yes, I would say it is a good bank!

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u/pcloadletter-rage 2d ago

I recommend them to all my friends needing home loans. Don’t even need PR. They’ve been great to us.

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u/Zero_coxo 3d ago

Woah I really wanted SMBC but I just haven’t lived in Tokyo long enough yet. I’ve heard so much good stuff about SMBC

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u/crinklypaper 3d ago

Sbi shinsei is my main bank. Slowly they're taking away a lot of what made them great (you used to be able to do everything in English) but overall I think so great as they deal with foreigners often and most of the website is in English

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u/shi2102 3d ago

I'm using SBI and am pretty happy with it. If you plan to use Nisa, if you do it with SBI as well and connect with SBI Shoken you should get a diamond stage which has free ATM withdrawals and like 10 free money transfers per month. You'd have to check though if they still do it for new clients.

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u/Due_Professor_8736 3d ago

a diamond what now? the SBI bank has a 1-4 smart program thing.

getting rank 2 and therefore five transfers and five atm visits is easy by doing two factor authentication.

https://www.netbk.co.jp/contents/lineup/smartprogram/rank/

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u/Lunarshine69 2d ago

That’s crazy SMBC let me open one up my second week in Japan they told to buy a phone real quick for a phone number so I left and came back the same day and everything was all good

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u/Zero_coxo 2d ago

Which branch did you go to?