Sumitomo Mitsui Bank Cuts Transfer Fees

TOKYO, Jul 09 (News On Japan) - Sumitomo Mitsui Banking Corporation (SMBC) will reduce transfer fees for individual customers starting in October. When using an ATM with a cash card to transfer funds to another SMBC account, the fee will be lowered from 110 yen to free.

The fee reductions apply to internet banking, ATMs, and over-the-counter services for individual transfers. Specifically, ATM transfers using a cash card will see fees 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 decrease from 330 yen to 275 yen.

Additionally, for internet banking transfers of 30,000 yen or more to other banks, the fee will drop from 330 yen to 220 yen.

Conversely, the fees for cash-based transfers will be increased.

This comprehensive review of fees is the first since 2018. With the lifting of negative interest rates leading to higher market rates and expected interest income, SMBC aims to attract more deposits, which serve as a source for lending, by reducing transfer fees.

Source: TBS

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