Have you ever wanted to send foreign currency to your Sony Bank account, but wondered how much will it cost? Or wondered how exactly to go about it? To help you out, we’ve outlined the associated fees and procedures for receiving a foreign currency remittance in this article.

First, let's take a look at the fees for receiving a foreign currency remittance at Sony Bank.

Fees for receiving a foreign currency remittance

To receive a foreign currency remittance, there are two fees that are typically charged by the beneficiary bank (the bank that is receiving the funds).

  • Remittance charges
  • Lifting fee (Transaction fee)

Sony Bank doesn’t charge you either of these.

When remitting foreign currency to Sony Bank, funds are sent by remitting banks around the world. Sony Bank doesn’t charge a handling fee for verifying and depositing the remitted funds into your account.
In some cases, a handling fee will be deducted from the remittance amount by an intermediary bank before it arrives at Sony Bank.

A lifting fee is the transaction fee charged to the recipient of a foreign currency remittance that doesn’t involve currency conversion, which the beneficiary bank or an intermediary bank imposes for handling the transaction. For example, such a fee is charged when you remit funds from a foreign currency savings account at another bank without changing the currency, or when the remitted foreign currency is deposited directly into your corresponding foreign currency savings account at Sony Bank. As is the case with remittance charges, Sony Bank will never charge you a lifting fee.

Buy and sell foreign currency anytime

At Sony Bank, you can send and receive money directly in 11 currencies, including US Dollars, Euros, British Pounds, Australian Dollars, and NZ Dollars. In addition to Japanese Yen, you can buy and sell foreign currency when the exchange rate is favorable.
Although you normally have to pay an exchange fee when converting currencies, Sony Bank offers the benefit of low exchange fees across the board. For example, you can convert Yen into US Dollars for a fee of 0.15 Yen per Dollar, while customers who have achieved Platinum level under our Club S Rewards program can enjoy the preferential exchange fee of 0.04 Yen per Dollar.

Next, let's look at the different phases for receiving a foreign currency remittance.

Email notifications when the funds arrive

When the remitted funds arrive at Sony Bank, an email will be sent to your registered email address notifying you of what you need to do to receive the funds. Once you receive this email, you should sign into our English online banking and register the purpose of the remittance and your relationship with the remitter. If you don’t have a foreign currency account at Sony Bank for the arriving currency, you’ll need to open one in that currency.

Funds deposited into your account following verification

At Sony Bank, we may ask you to submit additional documents for verification depending on the details and purpose of the remittance. In this instance, we will send you further instructions by email. The funds will be deposited into your account after you have submitted the requested documents and answered any questions we may have.

Important notes about foreign currency remittances

Sony Bank cannot accept business-related funds such as sales, working capital, and capital investment funds for ongoing production, sales, and services by customers, regardless of whether you are a corporation or an individual.

For details about remittance procedures, please confirm the following link.

Incoming foreign currency remittances

To ensure appropriate and strict compliance with the Foreign Exchange and Foreign Trade Act (Foreign Exchange Act) and other related laws and regulations, Sony Bank has tightened its foreign currency remittance verification procedures. In accordance with these efforts, we reserve the right to decline to deposit remitted funds into your account depending on the results of our verification process. We ask for the understanding and cooperation of all customers.

Deposited foreign currency can be converted to Yen for use with Sony Bank WALLET

Did you know that you can use the foreign currency in your Foreign currency savings account for direct purchases? When making purchases using Sony Bank WALLET, you can simply pay directly from your foreign currency account and use the funds immediately after depositing the foreign currency remittance. In addition, you can make Yen-based transactions using the remitted funds in your Foreign currency savings account for everyday purchases or at restaurants when you buy Yen and deposit it into your Yen savings account. Available to use anywhere Visa debit card is accepted, Sony Bank WALLET offers significant convenience by eliminating the need to search for a nearby ATM or bank branch to withdraw cash, saving you both time and money.

So why don't you remit foreign currency to Sony Bank and use with your Sony Bank WALLET?
You can also earn cash rewards according to the transaction amount under our special limited-time Incoming Foreign Currency Remittances Campaign, which runs from July 1, 2021 to September 30, 2021.
Please take this opportunity to our Incoming Foreign Currency Remittances Campaign!

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