When it comes to alternatives to cash, one of the most common payment methods that come to mind are debit cards. A debit card is a great way to pay for everyday items at convenience stores or supermarkets and eliminates the worry of overspending as the purchase amount is immediately deducted from your account. Debit cards linked to foreign currency savings accounts are also a very convenient way to make payments when overseas.

In this blog, we highlight the benefits of using Sony Bank WALLET for foreign currency purchases when traveling abroad.

Your ideal overseas travel companion

As you know, debit cards allow you to use the funds available in your bank account, so you only need to carry a minimum amount of cash. As a cash card with Visa Debit functionality, Sony Bank WALLET enables you to pay for purchases at stores, restaurants, and other Visa merchants in more than 200 countries and regions around the world by instantly debiting your Sony Bank Yen or Foreign currency savings account.

One of the biggest advantages of using a debit card overseas is that the purchase amount will not be affected by the exchange rate. As long as you purchase foreign currency when the Yen is strong prior to your trip, you can avoid the risk of exchange rate fluctuations during your stay abroad and save yourself the trouble of having to exchange Yen into foreign currency at an unexpectedly high exchange rate and running out of funds.

Unique cost advantage

Before traveling overseas, we recommend that you open a Foreign currency savings account with us through our English online banking. Without a Foreign currency savings account, the amount debited from your Yen savings account will be obtained by converting your overseas purchase amount into Yen at the rate specified by Visa, plus 1.79% (including tax) as an overseas transaction processing fee.

One of the major advantages of our Foreign currency accounts is our competitive exchange fees. When you exchange Yen into foreign currency over the counter in either Japan or overseas, you’ll be charged a high exchange fee depending on the location. Also, when you use your credit card overseas, a handling fee of 1.6% to 2.0% is typically applied. If you convert currency at Sony Bank before departing Japan, however, the fees you pay will be greatly reduced. For example, the exchange fee for US Dollars is only 0.15 yen per Dollar, one of the lowest in the industry. By depositing foreign currency into your account before your trip and using Sony Bank WALLET to make purchases while you’re overseas, you can enjoy the double benefit of low exchange fees and no risk of exchange rate fluctuations.

Yen assist function

As mentioned above, Sony Bank WALLET is connected to your Foreign currency savings account, so when you use it, foreign currency will be debited from your Sony Bank account. So, what happens when you’ve used up your foreign currency balance? With Sony Bank WALLET, even if the balance of your Foreign currency savings account is insufficient to cover your purchase, funds from your Yen account will automatically be converted into foreign currency and used for the payment, thereby eliminating the worry of whether you have enough funds in your Foreign currency savings account. In addition, the exchange rate at such times is preferential to the market rate, thus reducing exchange fees.

ATM withdrawals in local currencies

When travelling abroad, there’ll undoubtedly be times when cash comes in handy. Therefore, it’s convenient to be able to withdraw the minimum amount of cash you need from a local ATM so that you can cover tips or to ensure that you have a way to pay at stores, restaurants or other establishments that don't accept cards. Sony Bank WALLET allows you to withdraw local currency from ATMs worldwide. All you need to do to withdraw cash from overseas ATMs using a debit card is find an ATM that your card is affiliated with. For example, if you’re looking for an ATM that accepts Visa Debit, keep an eye out for ATMs that display either the Visa or PLUS logos.

Having a Sony Bank WALLET when traveling abroad can help you save money. You’ll not only save on exchange fees, but the nature of debit cards means the risk of overspending will also be reduced. With application available to anyone aged 20, Sony Bank WALLET Visa Debit can be used not only for international travel, but also when studying abroad or traveling overseas on business.

Share this article

Share