Some online banks offer “up to 50 free transfers per month”… Choosing a bank in the “era of 990 yen bank transfer fees

Mitsubishi UFJ Bank “Bank Transfer Fee” is now 990 yen at the counter and 880 yen at ATMs! …other banks to follow?

Mitsubishi UFJ Bank’s price increase announced in April has become a hot topic. The bank will significantly raise the fees for transfers to other banks at branch counters and ATMs from October 2, 2011. Currently, the bank charges 594 yen over the counter and 374 yen at ATMs for transfers of less than 30,000 yen, and 770 yen at the counter and 550 yen at ATMs for transfers of 30,000 yen or more (for cash transfers. (For cash transfers, the fees include tax and are the same below.)

Starting in October, Mitsubishi UFJ Bank will charge 990 yen at the counter and 880 yen at ATMs, regardless of the amount transferred. The ATM fee for transfers of less than 30,000 yen will more than double, from 347 yen to 880 yen. This, combined with the recent rush to raise the prices of daily necessities and food products, has been reported negatively in the media as a “major price hike by banks. It has also been reported that “it is only a matter of time before other banks follow suit.

There are still many cases where “transfers to other banks” are necessary.

Thanks to the widespread use of smartphone payments, the number of times we have to withdraw money from ATMs has decreased, and the number of situations in which we are annoyed at being charged an overtime fee for ATM withdrawals has decreased considerably. However, there are still many cases where a transfer to another bank is necessary. When a credit card transaction amount is not deducted due to insufficient balance in the bank account, the amount must be transferred to the credit card company’s account. In many cases, people transfer money to pay for their own or their children’s lessons, cram school fees, or even travel expenses. If you are still transferring money using ATMs, you should get into the habit of using Internet banking, which offers cheaper fees, from now on.

Net banking allows one free transfer per month… “au Jibun Bank” and “Tokyo Star Bank” allow up to three transfers per month.

However, even if you use the online banking services of major banks, the transfer fees are still relatively expensive. It is cheaper to make transfers at an online bank, and there is a benefit of free transfers, although the number of times is limited.

We have selected banks that currently offer unconditional free transfers to other banks, or that offer free transfers if the conditions are relaxed.

Many online banks offer the privilege of free transfers, but “once a month” is the standard. Among them, au Jibun Bank andTokyo Star Bank are shining with “three times a month” offers. As long as you open an account with either bank, you can receive up to three free monthly payments unconditionally. In terms of ease of use, Tokyo Star Bank is slightly better: au Jibun Bank offers free ATM deposits up to twice a month, while the third deposit costs 110 yen. Tokyo Star Bank, on the other hand, offers up to eight free ATM visits per month, including after-hours visits (fees will be refunded at a later date).

However, au Jibun Bank offers unlimited free net banking transfers between Mitsubishi UFJ Bank, so if your main bank is Mitsubishi UFJ Bank, you can make deposits from Mitsubishi UFJ Bank. If you are a Mitsubishi UFJ Bank user, au Jibun Bank is probably easier to use.