Hi Everyone. This is Steve from Sony Bank.

As you may have seen, we are currently running the Incoming Foreign Currency Remittances Campaign, which entitles eligible customers to earn cash rewards on Incoming foreign currency remittances.

When remitting foreign currency, one thing you are probably wondering is how much exactly it will cost. In this article, we will take a look at the different fees associated with foreign currency remittances.

1. Foreign currency remittance fee

Just as the name implies, this is the administrative service fee for remittance. A foreign currency remittance fee is charged by the remitting bank, the bank from which remitted funds are sent. The exact amount varies from bank to bank, but in Sony Bank’s case, the fee is 3,000 yen. While this may seem high compared to the fees charged for Yen-denominated fund transfers, it is low compared to foreign currency remittance fees charged by many other banks in the market.

2. The intermediary bank’s charge

This is the administrative service fee charged by the intermediary bank. The obvious question is, what is an intermediary bank?

Although it is a bit difficult to understand, the easiest way to explain is that an intermediary bank acts as a middleman between the remitting bank and the beneficiary’s bank. An intermediary bank is often needed when remittances are performed between two banks that are in different countries. And the intermediary banks could be more than one.

The intermediary bank’s charge is charged by the bank that acts as the middleman. Sony Bank's designated intermediary banks do not charge a fee for Incoming foreign currency remittances. The exact fee is often not known in advance, since it is not possible to know beforehand which bank will serve as the intermediary bank, depending on the country where the beneficiary bank is located.

3. Receiving fee

This is the fee incurred at the beneficiary’s bank where the remitted funds are sent. Depending on the bank, the receiving fee is usually around 1,500 yen, an amount that cannot be ignored.

However, you’ll be pleased to know that Sony Bank doesn't charge you any fees for incoming remittances regardless of the amount and the number of times you receive foreign currency remittances.

In addition, you may also be charged a foreign currency handling fee for making Outgoing foreign currency remittances or when receiving Incoming foreign currency remittances. Some banks charge a fee based on the remittance amount, such as 0.05% of the total remittance amount (minimum 2,500 yen).

The following is a summary and comparison of the different fees.

For Outgoing foreign currency remittances of 10,000 USD

Foreign currency remittance fee
Sony Bank: 3,000 yen (*)
Bank A: 3,500 yen
Online Bank B: 3,000 yen
Foreign currency handling fee
Sony Bank: free!!
Bank A: 0.05% of total remittance amount (minimum 2,500 yen or 25 USD)
Online Bank B: free

Customers are entitled to up to three fee-waived Outgoing foreign currency remittances per month depending on your Club S level.

For Incoming foreign currency remittances of 10,000 USD

Receiving fee
Sony Bank: free!!
Bank A: 1,500 yen
Online Bank B: 25 USD
Foreign currency handling fee
Sony Bank: free!!
Bank A: 0.05% of total remittance amount (minimum 2,500 yen or 25 USD)
Online Bank B: free

So, what do you think?

Foreign currency remittances require a lot of work, and the fee structure is somewhat difficult to grasp. However, with Sony Bank, you can make both Outgoing foreign currency remittances and Incoming foreign currency remittances online, without having to visit the bank branches.

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