TOKYOJul 9 (News On Japan) – Sumitomo Mitsui Banking Corporation (SMBC) is lowering transfer fees for individual customers starting in October. When you use an ATM with a cash card to transfer money to another SMBC account, the fee will be reduced from 110 yen to free.
The fee reductions apply to internet banking, ATMs and counter services for individual transfers. In particular, ATM transfers using a cash card will be reduced to zero for transfers to SMBC accounts. For transfers of 30,000 yen or more to other banks using an ATM, the fee will be reduced from 330 yen to 275 yen.
For internet banking transfers of 30,000 yen or more to other banks, the fee will drop from 330 yen to 220 yen.
On the other hand, the costs for cash transfers will be increased.
This comprehensive review of costs is the first since 2018. With negative interest rates lifted and leading to higher market rates and expected interest income, SMBC aims to attract more deposits, which serve as a source of lending, by reducing transfer costs.
Source: TBS
