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

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

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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.

Mitsubishi UFJ Bank has announced that it will significantly raise fees for transfers to other banks at branch counters and ATMs starting October 2 (PHOTO: AFRO).

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.

The somewhat disappointing “PayPay Bank” and “Rakuten Bank”… There is a big gap even among online banks.

SBI Sumishin Net Bank is no less excellent than these two banks. The basic number of free transactions is one per month, but if you sign up for “Smart Authentication NEO,” you will receive five per month. The “Smart Authentication NEO” program allows users to use biometric authentication by simply downloading an app and registering for authentication, and it is very convenient because it waives ATM fees up to five times per month.

Somewhat disappointing are PayPay Bank andRakuten Bank. Just having an account does not entitle you to the free benefit. Both banks offer three free per month if you designate the account as your payroll account, but in many cases, depending on where you work, the payroll account is set and cannot be changed. Recently, however, some banks allow customers to designate a “second account” into which only a portion of their salary or bonus is deposited, and this second account is also eligible for the benefit. If you are already a user of both banks, check with your employer first.

For the self-employed and those with a side business… What are the banks that offer “50 free monthly payments” and the “tricks behind the scenes”?

Although not listed in the table, some banks offer free benefits when used in combination with a securities account. They are Daiwa Next Bank andNomura Trust & Banking. Both banks require a securities account to open an account, Daiwa Next Bank with Daiwa Securities and Nomura Trust & Banking with Nomura Securities, but once an account is opened, up to three times a month is free at Daiwa Next Bank and up to 10 times a month at Nomura Trust & Banking.

Nomura Trust Bank offers more free deposits than Daiwa Next Bank, but the latter offers ATM deposit services, so Daiwa Next Bank is easier to use. Note that all transfers from banks to Daiwa Securities and Nomura Securities via Internet banking are free of charge, so there is no need to worry about that.

Finally, I would like to mention SBI Shinsei Bank, which offers up to 50 free monthly transfers if you register for SBI Shinsei Connect, which links your SBI Shinsei Bank account with your SBI Securities account (fees will be paid back later). As expected, this is too much for the average user, but for those who are self-employed or have a side business and make many transfers to other banks, the value of this service is quite high.

The fee for a single transfer to another bank is about 200-300 yen, but if it is repeated many times each month, it is more than just the amount of money, it makes me feel bad. If you do not want to feel unnecessary stress, please take advantage of the free benefit.

  • Interview and text by Kenji Matsuoka

    After working as a money writer, financial planner, and market analyst for a securities company, Matsuoka became independent in 1996. He writes articles on finance and asset management mainly for business and economic magazines. Author of "A Textbook for the First Year of Robo-Advisor Investing" and "Understanding with Rich Illustrations! A book that will definitely benefit you with cashless payment".

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