Banking in Japan｜Why is SMBC Trust Bank PRESTIA the preferred bank for foreigners?
SMBC Trust Bank PRESTIA has been the preferred bank for many foreign nationals in Japan.
This article describes its flagship product GLOBAL PASS (Multi Currencies Visa Debit with Cash Card) and the three types of special status.
Curious what sets SMBC Trust Bank PRSETIA apart from other banks in Japan? Please read on.
What is SMBC Trust Bank PRESTIA?
Capital relationship
SMBC Trust Bank is a subsidiary of Sumitomo Mitsui Banking Corporation whose holding company is Sumitomo Mitsui Financial Group, one of the three mega-bank groups in Japan.
History
SMBC Trust Bank made its start in October 2013 when Societe General Private Banking (Japan) Ltd. was welcomed into the SMBC Group.
In November 2015, the retail banking business of Citibank Japan joined, and launched a new brand called "PRESTIA".
Why PRESTIA?
Among banks in Japan which provide services in English, why is SMBC Trust Bank PRESTIA preferred by many foreigners? Let's find out.
Comprehensive English support
- ✓ English speaking staffs available to help you at branches or over the phone.
- ✓ Two flagship branches specialized in serving foreign customers, Akasaka and Hiroo in Tokyo.
- ✓ The majority of materials on banking services are available in English.
- ✓ Online banking (PC/mobile/app)
- ✓ Housing loan and other loan products
Online banking available in English
In addition to traditional phone banking and branches, SMBC Trust Bank PRESTIA offers online banking, all available in English.
Many useful transactional functions are available in its App as well.
- ✓ Fund Transfer / Overseas remittance
- ✓ Buy / Sell foreign currency
- ✓ Account / Balance inquiry, Bank statement, etc.
GLOBAL PASS (Multi Currencies Visa Debit with Cash Card)
SMBC Trust Bank PRESTIA offers GLOBAL PASS (*1), an international cash card with debit function, which can be used conveniently and cost-effectively in Japan and abroad for both withdrawing cash at ATMs and shopping in 18 currencies, more currencies than any other cards issued by Japanese banks.
*1 See further below for details on GLOBAL PASS.
Housing loan for foreign customers
SMBC Trust Bank PRESTIA offers full support for your loan consultation from initial inquires to loan disbursement in English.
One of the housing loan features includes financing up to 500 million yen.
What is GLOBAL PASS, a Visa debit card issued by SMBC Trust Bank PRESTIA?
GLOBAL PASS is a Visa debit card issued by SMBC Trust Bank PRESTIA.
- ✓ Unlike a credit card, no credit score is required to apply.
- ✓ You can only spend the amount within your balance, which helps avoid overspending (spending limits can be set on your own) / interest.
- ✓ To get y our GLOBAL PASS, all you have to do is open a bank account.
GLOBAL PASS is linked to Yen and foreign currency deposits in your bank account and can be paid in 17 foreign currencies and Japanese yen for shopping and cash withdrawals. Whether you are in Japan or overseas, this card does it all.
Shopping
Compatible with Visa and iD(*2), you can effortlessly make purchases in Japan and overseas.
*2 iD is available only in Japan.
Using ATMs
GLOBAL PASS also functions as a cash card. In Japan, you can deposit and withdraw cash at ATMs such as Sumitomo Mitsui Banking Corporation, Japan Post Bank, and Seven Bank, as well as SMBC Trust Bank PRESTIA(*3).
When you need cash outside Japan, you can withdraw local currencies at ATMs with Visa or PLUS logos in over 200 countries and regions worldwide with no overseas ATM fees(*4).
*3 FREE withdrawals / deposits at Sumitomo Mitsui Banking Corporation ATMs.
*4 ATM service is free, but an ATM owner may charge an additional fee separately.
Family cards
You can apply for up to two family cards.
Functions and services are the same as the primary card.
Notes:
There is a fee to issue a card.
The card will be issued only to family members such as your spouse and children who are the age 16 years or above (or high school students).
Alert service
Register for PRESTIA Alert Service to receive e-mail alerts.
- ✓ Withdrawals / transfers made with your card
- ✓ Shopping transactions
- ✓ Invalid PIN input at domestic ATMs
- ✓ Online banking sign-ons (both successful and failed)
- ✓ Online fund transfers to an unregistered domestic payee
PRESTIA Alert Service helps you to immediately spot any transaction you do not recognize, which minimizes the damage caused by the unauthorized use.
Gold status offered by PRESTIA
PRESTIA offers three types of special status to customers with services tailored to meet customers' needs: PRESTIA GOLD, PRESTIA GOLD PREMIUM, and PRESTIA DIGITAL GOLD.
Dedicated consultants for PRESTIA GOLD and PRESTIA GOLD PREMIUM customers
PRESTIA GOLD Executives, dedicated consultants for PRESTIA GOLD and PRESTIA GOLD PREMIUM customers, can be assigned to each customer to meet asset management and wealth management needs.
Financial consultation
PRESTIA GOLD and PRESTIA GOLD PREMIUM customers can receive a tailor-made investment plan proposal. PRESTIA GOLD Executives will provide a detailed analysis of your investment goals, desired investment period and risk tolerance before presenting you with a variety of possible asset management portfolios by combining various investment products SMBC Trust Bank PRESTIA offers. You can choose a portfolio that is most satisfactory to you.
Financial consultation is a service only available for selected customers.
Sophisticated PRESTIA GOLD booths
Branches have special booths just for PRESTIA GOLD and PRESTIA GOLD PREMIUM customers.
At these booths, you can make transactions and consult about your wealth management needs in a closed and sophisticated environment.
Dedicated line for PRESTIA GOLD and PRESTIA GOLD PREMIUM customers
An exclusive PRESTIA Phone Banking service for PRESTIA GOLD and PRESTIA GOLD PREMIUM customers is available to respond to their requests.
PRESTIA GOLD and PRESTIA GOLD PREMIUM customer service representatives are ready to assist you over the phone. (*5)
*5 Offer subject to our call center availability.
Service fee discounts
PRESTIA GOLD and PRESTIA GOLD PREMIUM customers can enjoy free or discounts of service fees through all transaction channels (via online banking, telephone and at our branches).
Domestic yen fund transfers fee FREE
Transfer funds free of charge not only to another SMBC Trust Bank PRESTIA account but also to an account at other banks. (*6)
*6 Not applicable to cash transfers using ATMs.
Overseas remittances fee FREE
Transfer funds overseas free of charge both in foreign currency and yen. (*7)
*7 The payee must have been registered in advance.
Foreign exchange fees for buying 6 foreign currencies 50%-70% OFF
PRESTIA offers a discount on foreign exchange commission for buying 6 foreign currencies. 50% for PRESTIA GOLD customers and 70% discount for PRESTIA GOLD PREMIUM customers, respectively. (*8)
*8 6 currencies only (USD | AUD | NZD | GBP | CAD | EUR)
Foreign currency cash handling fee FREE
Foreign currency cash handling fee when depositing/withdrawing USD or EUR in cash at our branch will be free up to US$5,000 or €5,000 per day.
Foreign exchange commissions for cross currency transactions (converting a foreign currency to another currency) discount
For cross currency transactions, foreign exchange commissions when converting foreign currency to yen will be free and those when converting yen to foreign currency, included in the TTS rate, will be discounted up to 70%.
Other privileges for PRESTIA GOLD and PRESTIA GOLD PREMIUM customers
- ✓ Cashback bonus or ANA mile benefits offered (depending on customer status)
- ✓ Add-on interest rate for foreign currency time deposit and discount on foreign exchange commissions for cross currency transactions (when converting a foreign currency to another currency)
- ✓ Preferential programs available for various loan products that can also be used for high-priced properties
PRESTIA DIGITAL GOLD for customers who prefer digital banking
PRESTIA DIGITAL GOLD is a status for customers who prefer to complete banking procedures and transactions on their own through online banking. The benefits and privileges are the same as the PRESTIA GOLD customers except for manned channels.
Summary
SMBC Trust Bank is a subsidiary of Sumitomo Mitsui Banking Corporation whose holding company is Sumitomo Mitsui Financial Group, one of the three mega-bank groups in Japan. SMBC Trust Bank PRESTIA, a brand within the Bank, provides exceptional banking services which have attracted many foreign nationals in Japan to this date. This article covered services which set SMBC Trust Bank PRESTIA apart from other banks in Japan, in particular, its flagship product GLOBAL PASS (Multi Currencies Visa Debit with Cash Card) and the three types of special status, PRESTIA GOLD, PRESTIA GOLD PREMIUM, and PRESTIA DIGITAL GOLD, all provided with comprehensive English support.
If you are looking for a bank friendly to foreign customers, please consider opening an account with SMBC Trust Bank PRESTIA.
