Most expats in Japan are still juggling three plastic cards and two apps: a cash card for the ATM, a credit card for shopping, and a points app they never open. SMBC Olive — from Sumitomo Mitsui Banking Corporation, one of Japan’s three megabanks — puts your bank account, Visa card (credit and debit), and V Point rewards into one card and one app.
Even better: if you open your Olive account through the referral program below, SMBC gives you ¥1,000 worth of V Points. I’ve lived in Japan for 18+ years and run Tokyo’s largest international community (TIFE, 35,000+ members) — this is the exact setup I recommend to newcomers who ask me “which bank should I open?”
🎁 Get ¥1,000 in V Points when you open your Olive account
Referral code — copy & paste it EXACTLY (typos void the bonus):
FF67062-8762991
Then open your account and keep ¥10,000+ in it until the end of the month after your contract month.
📋 Quick Navigation
What Is SMBC Olive?
Olive is SMBC’s mobile-first “all-in-one” account. Instead of separate products, you get a single package: a Sumitomo Mitsui bank account, a Visa Flexible Pay card, and the V Point rewards program — all managed in the SMBC app.
The Flexible Pay card is the clever part. One physical card switches between credit mode (pay next month, earn points), debit mode (instant deduction from your account — great for budgeting), and point mode (pay directly with your V Points). It also works as your ATM cash card. The card is completely numberless — no card number, no account number printed on it — so losing it is far less scary.
Why Olive Is Perfect for Expats
- One card replaces three. Cash card + credit card + debit card in a single piece of plastic (or Apple Pay / Google Pay).
- ¥0 annual fee on the standard card — permanently, no conditions.
- Debit mode = Visa acceptance without credit screening worries. If you’re new to Japan and don’t have a credit history yet, use Olive in debit mode everywhere Visa is accepted.
- Up to 7% back at convenience stores and major restaurant chains when you pay with smartphone touch payment in credit mode (and up to 20% maximum if you stack V Point Up Program conditions).
- A megabank account — needed sooner or later for rent, utilities, and many employers’ payroll.
- Everything in one app: balance, card statements, point balance, transfers.
One honest caveat: the SMBC app and most of the Olive interface are in Japanese. It’s manageable with your phone’s translation features, and the sign-up flow is mostly form-filling. If a fully-English bank matters more to you than points and fees, compare options in our Best Banks in Japan for Foreigners 2026 guide first.
What You Need (Foreigner Requirements)
- Residence card (在留カード) — as a rule, issued 6+ months ago, or proof that you work for a company in Japan if you arrived more recently. It must have 3+ months of validity remaining.
- A Japanese address matching your residence card.
- A Japanese mobile number that can receive SMS.
- A smartphone — the whole application happens in the SMBC app, with selfie eKYC. Fastest cases are approved same day.
- You must be opening your first SMBC account, or already have an SMBC account but be contracting Olive for the first time. Existing Olive holders aren’t eligible for the referral bonus.
How to Open Olive + Claim Your ¥1,000 (3 Steps)
Step 1 — Enter the referral code on the entry form
Go to the official entry form and paste in the code FF67062-8762991. Copy-paste it — SMBC explicitly warns that a mistyped or edited code voids the reward for both sides. This entry step is separate from the account application, and skipping it is the #1 way people lose the bonus.
Step 2 — Open your Olive account in the SMBC app
Download the app and apply for an Olive account from the official application page. Have your residence card ready for the photo + selfie identity check. Choose the standard (¥0/year) card unless you already spend enough to justify Gold.
Step 3 — Deposit ¥10,000+ and leave it there
Your yen balance must be ¥10,000 or more at the end of the month following your contract month. Example: contract in July → keep at least ¥10,000 in the account through the end of August. Easiest method: transfer ¥10,000 the day your account opens and forget about it. Once SMBC confirms both conditions, the ¥1,000 in V Points lands in your balance.
✅ Ready? It takes about 15 minutes on your phone.
Code: FF67062-8762991
Fees, Points & Perks
| Item | Olive (Standard) |
|---|---|
| Annual fee | ¥0 — permanently free |
| Account / app | Free |
| ATM | Free at SMBC ATMs; a monthly selectable perk can also make convenience-store ATM withdrawals free |
| Card | Visa, numberless, credit + debit + point modes + cash card in one |
| Rewards | V Points; up to 7% at eligible convenience stores & restaurants via smartphone touch payment (up to 20% max with stacked conditions) |
| Referral bonus | ¥1,000 in V Points with code FF67062-8762991 |
Olive also lets you pick a bonus perk each month (like free convenience-store ATM withdrawals or extra point rates), and V Points can be spent directly via point mode — they work beautifully alongside cashless apps like PayPay, which we covered in our PayPay Japan Guide 2026.
5 Mistakes That Cost You the Bonus
- Typing the code by hand. One wrong character = no reward for anyone. Copy-paste
FF67062-8762991. - Skipping the entry form. There is no field for the code inside the account application itself — the entry form is a separate step.
- Missing the ¥10,000 deadline. The balance check happens at the end of the month after your contract month. Deposit immediately and don’t touch it.
- Applying when you already have Olive. The program is for first-time Olive contracts only.
- Applying with a residence card that expires within 3 months. Renew your card first, then apply.
FAQ — SMBC Olive for Foreigners
Can foreigners open an SMBC Olive account in Japan?
Yes. You need a residence card with 3+ months of remaining validity, a Japanese address, and a Japanese mobile number. As a rule your residence card should be 6+ months old, but proof of employment in Japan can substitute if you arrived recently.
How do I get the ¥1,000 Olive referral bonus?
Three steps: (1) enter code FF67062-8762991 on SMBC’s official entry form, (2) open an Olive account in the SMBC app, (3) make sure your yen balance is ¥10,000+ at the end of the month following your contract month. SMBC then credits 1,000 yen worth of V Points.
Is the Olive account really free?
Yes — the standard Olive Flexible Pay card has a permanently free annual fee, and the account and app cost nothing. Gold and Platinum Preferred tiers have annual fees with their own point offsets.
Is the SMBC app available in English?
The app is primarily in Japanese. Most expats manage fine using their phone’s built-in translation. If you need full English banking, compare alternatives in our Best Banks for Foreigners guide — but you’ll trade away Olive’s fees and point rates.
Do I need to be in Japan for 6 months before applying?
In principle SMBC asks that your residence card was issued 6+ months ago, but if you’re employed by a company in Japan you can generally apply earlier with proof of employment.
When and where do I receive the 1,000 V Points?
After SMBC confirms you met both conditions (code entry + ¥10,000 balance at the deadline), the points are added to your V Point balance in the app. Timing follows the official program schedule, so allow a few weeks to a couple of months after the balance-check month.
🏦 One card. One app. ¥1,000 to start.
Copy the code, enter it, open your account — done in ~15 minutes.
FF67062-8762991
Conditions may change — check SMBC’s official program page before applying.