I’ve had an account with Sony bank for years that I didn’t use for much, but now that Shinsei [is pushing a shitty phone app to use their online services](https://www.sbishinseibank.co.jp/campaign/sp_certification/) I am considering moving everything over to them.
I do not want to use the app because I do not want to tie access to my banking to a single device – there is no reason I should be unable to use anything with a working web browser if I so choose. I also do not want to have to agree to terms of service with Symantec and give them access to my device for data mining.
One thing is giving me pause though, [their insane requirements to justify money transfers to/from accounts abroad](https://moneykit.net/visitor/fx/fx48.html): has anyone who did so experienced any of what the link describes?
I honestly find it offensive that a bank would ask those questions – requiring documentation even – to move **my** money to **myself**.
4 comments
Why not set up an accessory account like Wise or Revolut and send your international transfers to your other account domestically first. Those other platforms are much friendlier to international transfers/currency exchanges
It’s almost like they care about your security and don’t want to be caught facilitating money laundering.
Yes, I use Sony Bank and had to give a fair bit of information to set up wiring to a bank account owned by myself in another country — basically requested the exact documents listed in your link.
That said, the only actual document I provided was a small screenshot of my salary listed in my employer’s internal system — everything else was just me telling them how much I plan to send per year (they cap your sending amount per year at the amount you set, so set it high enough in advance otherwise you probably need to go through more procedures to raise it), the reason for the amount (didn’t provide any documents or very specific details; just explained the general uses of the money and said it was my best estimate), and an explanation I wasn’t transferring money in from another account so explained that information was unnecessary to give.
Once that email was sent out, the account was approved in a few days and no issues/additional questions since.
It’s the same.
I have to agree it is a pain in the ass. I remember my jp morgan account didn’t need those back in the day.
However credit when it’s due, after the initial setup it is the best wiring experience I’ve had. Like literally a few seconds of wire request and all done. I do remember doing the wire trf with shinsei prior to this app, you have to go to the teller and fill out the form etc. So definitely a much better experience now with the app.
Also, even if they mine/use your data.. I mean.. Like.. We’re nobody..