Switching banks, is there any reason to prefer (normal) SMBC over SMBC Prestia? I’ve been looking around and doing my research and I can’t really identify any major downsides to Prestia, but maybe I’m missing something. Anyone know if there’s major differences between things like ATM fee situation etc.?
For what it’s worth I have an SMBC credit card already if that will make anything easier.
6 comments
Prestia is great if you have a lot of money with them or a mortgage.
You’ll need 500k JPY minimum (or 200k+ equivalent of foreign currency), or have one of their credit cards to avoid monthly fees.
https://www.smbctb.co.jp/en/service/fees/
If you can swing Gold status which requires having an average monthly relationship balance over 10 million yen then you get all ATM fees reimbursed, free wire transfers, and other benefits.
https://www.smbctb.co.jp/en/gold/about/
https://www.smbctb.co.jp/en/gold/services/fees.html
That said Shinsei, Sony, and SBI all offer better foreign exchange rates. It really depends on your needs.
Edit: one downside to Prestia over SMBC is if you are linking it for direct withdrawals online (say for a credit card, investment accounts, or something) they are never supported. You’ll always be stuck doing paper applications for that.
Prestia has a smaller overall product portfolio than SMBC. Among other things, the _only_ type of loan they offer is mortgage for personal or investment use. No loans for cars, education, or anything else.
Prestia is also not part of the Pay-Easy system that banks use to do furikomi to each other quickly and cheaply.
The biggest advantage of SMBC over Prestia is you cannot do Prestia paperwork/etc. at SMBC and SMBC has a ton more offices.
I got both (Prestia Gold and SMBC), for regular stuff prestia sucks, best to be with one of the 3 major banks (smbc, Mizuho, MUFG).
Besides the negative for some of a minimum balance needed at Prestia to avoid the service charge, the positive for some is that you can walk into any Prestia and use 100% English