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I love Shinsei Bank (新生銀行)

I previously mentioned how enjoyable the experience was of opening an account at Shinsei Bank. I recently found three more reasons to love the place.

1) Their exchange rates are better than anywhere else. Other places will charge you at least 1%, and some places will charge you 3% or more to change your money. If you have an account at Shinsei Bank, even if you don’t have a single yen in the account, they charge just .125%. I wish I had known this yesterday. I changed money at the post office yesterday. Had I done so at Shinsei Bank, like I will next time, I would have an extra 3,000 yen in my pocket today.
2) I can make deposits or withdrawals for free at any 7-Eleven.
3) Resona Bank (りそな銀行) wanted to charge me 600 yen a month to pay my rent at their bank. 600 yen a month may not sound like much but that adds up to almost $100 for the year we will be here. The only way around the fee is to open an account at Resona. Resona Bank requires a special bank hanko which I would have had to special order. Outside of the hassle, I’d have to wait for it to arrive and pay more than 1,000 yen. Then I’d have to take it back to the bank and wait an hour or more for my account to be opened just so I could give them money without a fee. Instead, Shinsei will allow me to pay this bill (and four more a month) for free, online, anytime I want. No more trips to Resona; no more fees; no more hassles.

4 Responses to “I love Shinsei Bank (新生銀行)”

  1. 1

    Forget about #1, above. It turns out they won’t change money for you afterall. They have good exchange rates for sending yen into dollars electronically, but they don’t change or allow you to deposit TCs or even USD, cash, at any of their branches or ATMs.

  2. 2

    Quick question: Shinsei bank charges ¥4000 for an international wire transfer. The JPost Bank charges ¥2500, but are there any additional fees for the JPost exchange? (My bank in the states does not charge to accept international wire transfers) Which one has a better exchange rate, Shinsei or JPost Bank? Basically, Im just looking for the cheapest way to send money home. I really appreciate the help!

  3. 3

    Hey redsoxman,

    Unfortunately, I don’t know. I haven’t been in Japan for a couple years now.

    Tomorrow I will be going to Fenway Park for the first time!

  4. 4


    If you are in japan and you can get a docomo phone they have a wire transfer option. it will cost you about 1000yen per transaction.

    go llyods or llyods bank charge you 2000yen a transfer and you can link that to your bank account. they have recently been taken over by shinseibank so it could help you there with a wire transfer.