Sumitomo Mitsui Banking Corporation announced that it will reduce the fee for transferring money at ATMs by up to 110 yen from November.
Similar movements are spreading, with major companies already announcing price cuts at Bank of Tokyo-Mitsubishi UFJ.
Sumitomo Mitsui Banking Corporation will reduce the transfer fee from November 1st as the remittance fee using the common system between banks will decrease.
The target is the fee when the customer transfers to the account of another bank.
The price reduction is the same for all methods such as ATM = automatic teller machine, online banking, and store counters. The price will be reduced by 55 yen for less than 30,000 yen and 110 yen for more than 30,000 yen.
As a result, when using a cash card at an ATM or when using online banking, the transfer fee will be 165 yen for less than 30,000 yen and 330 yen for more than 30,000 yen.
However, regarding online banking, the fee will be reduced from January next year due to system migration work, so the amount of the price reduction will be refunded to the account after November.
Bank of Tokyo-Mitsubishi UFJ has already announced that it will reduce the transfer fee by up to 110 yen from October.