- Campaigns & Offers
- Cash Reward on Incoming Foreign Currency Remittances
No entry is required
If you have foreign currency at other financial institutions inside or outside Japan, you have a chance to earn up to 100,000 yen cash reward by remitting foreign currency to your Sony Bank account!
Campaign Period: July 3, 2023 (Mon) to September 29, 2023 (Fri)
- For incoming foreign currency remittances from other financial institutions, additional time may be required between the time the funds arrive at Sony Bank and when they are deposited to your account. Please allow for this when making your transaction.
- Even if the deposit is not credited before the end of the campaign period, as long as the remittance arrives at Sony Bank by September 29, 2023 (Fri), and the deposit is credited to your account by October 20, 2023 (Fri), the remittance will be eligible for this campaign.
Eligible Currencies / Cash Reward
| Eligible Currencies |
|---|
|
| Transaction Amount | Cash Reward Amount |
|---|---|
| More than 1 million yen but less than 3 million yen | 5,000 yen |
| More than 3 million yen but less than 6 million yen | 6,000 yen |
| More than 6 million yen but less than 10 million yen | 8,000 yen |
| More than 10 million yen but less than 30 million yen | 10,000 yen |
| More than 30 million yen but less than 50 million yen | 30,000 yen |
| More than 50 million yen but less than 70 million yen | 50,000 yen |
| More than 70 million yen but less than 100 million yen | 70,000 yen |
| More than 100 million yen | 100,000 yen |
This amount is calculated according to the "Method for Determining the Transaction Amount" Steps 1 to 3, as described at the bottom of the page.
Criteria
Transactions must meet ALL of the following three criteria.
(1) Deposit made to Sony Bank's Foreign currency savings account via foreign currency remittance from other financial institutions inside or outside Japan during the campaign period.
You will be notified via email that the funds have reached Sony Bank. Please follow the procedures stated in the email to receive your funds. If you do not have foreign currency savings account for the currency in which the incoming remittance is denominated, you will be able to open such an account at the same time you perform the procedures for receiving the remittance.
(2) During the campaign period, "the sum total of incoming remittances from other financial institutions" minus "the sum total of outgoing remittances to other financial institutions" must exceed 1 million Yen, when converted to Yen.
Foreign currency remittances eligible for a cash reward are calculated as the sum total of incoming remittances from other financial institutions to Sony Bank minus the sum total of outgoing remittances from Sony Bank to other financial institutions during the campaign period.
Outgoing foreign currency remittances from Sony Bank are dated based on the date the remittance is requested, but if the remittance is not carried out due to the customer later canceling it, or some other reason, it will not be included in the cash reward calculation.
(3) If there are multiple incoming foreign currency remittances from other financial institutions during the campaign period, at least one of the remittances must amount to 500,000 yen or more on a Yen-equivalent basis.
The yen-equivalent amount will be calculated on the basis of TTM at 0:00 AM on June 20, 2023 (Tue). (The rate used to calculate the Yen-equivalent amount will be determined as described in "Method for Determining the Transaction Amount" at the bottom of this page.)
Method for Determining the Cash Reward
- Step 1: Calculate the foreign currency remittance amount for each currency.
- During the campaign period
-
Sum total of incoming remittances in the given currency from other financial institutions to Sony Bank
－
MinusSum total of outgoing remittances in the given currency from Sony Bank to other financial institutions
- Step 2: Convert the amount of each currency from Step 1 to its yen equivalent at the following rate.
-
The calculations will be made on the basis of TTM at 0:00 AM on June 20, 2023 (Tue).
Eligible Currencies Conversion Rate US Dollar 141.82 yen Euro 154.94 yen British Pound 181.49 yen Australian Dollar 97.14 yen New Zealand Dollar 87.97 yen Canadian Dollar 107.41 yen Swiss Franc 158.27 yen Hong Kong Dollar 18.15 yen South African Rand 7.80 yen Swedish Krona 13.20 yen - Step 3: Add together the Yen-equivalent amounts of each foreign currency amount as determined in Step 2.
- Please see below for a detailed example of how the Yen-equivalent is determined.
Example for Determining the Cash Reward Eligibility
Example: Customer receives incoming remittances from other financial institutions to Sony Bank, and carries out outgoing remittances from Sony Bank to other financial institutions during the campaign period.
Note
Example below is not eligible for cash reward because the total Yen-equivalent amount is less than 1,000,000 yen.
- Step 1: Calculate the foreign currency remittance amount for each currency.
-
- USD
- Transaction Date: Jul. 7
Transaction Amount: 60,000 USD Deposit
Transaction Date: Sep. 8
Transaction Amount: 40,000 USD Withdrawal
Deposit Amount for Each Currency: 20,000 USD - AUD
- Transaction Date: Aug. 17
Transaction Amount: 30,000 AUD Deposit
Deposit Amount for Each Currency: 30,000 AUD - NZD
- Transaction Date: Sep. 15
Transaction Amount: 60,000 NZD Withdrawal
Deposit Amount for Each Currency: -60,000 NZD
- Step 2: Convert to Yen equivalent at the conversion rate.
-
Convert to Yen equivalent at the conversion rate Yen-equivalent Amount 20,000 USD × 141.82 yen 2,836,400 yen 30,000 AUD × 97.14 yen 2,914,200 yen -60,000 NZD × 87.97 yen -5,278,200 yen Sum Total of Yen-equivalent Amounts 472,400 yen - Step 3: Determine Cash reward based on sum total of Yen-equivalent amounts.
-
Total Yen-equivalent Amount is determined to be 472,400 yen Total Yen-equivalent Amount less than 1,000,000 yen.
Not eligible for Cash Reward.
Cash reward is determined based on total deposits (converted to Yen-equivalent amount) during the campaign period.
Cash Reward Payment Method and Timing
Cash reward will be credited into your Sony Bank Yen savings account no later than early November 2023.
- Eligible customers will receive an email notification in advance of the cash reward payment. (Sony Bank cannot take responsibility if this email fails to arrive due to problems with your email address or email provider.)
- If Sony Bank determines that a customer has been moving funds back and forth multiple times from the same source of funds, these transactions will not be eligible.
- Even if all the conditions of eligibility are met, if Sony Bank deems a transaction is fraudulent, it will not be eligible for a cash reward.
FAQ
- #1 How to remit my foreign currency to Sony Bank?
- A: Please follow the Guide "Incoming foreign currency remittance" from our English Website.
- #2 Does it matter who the remitter is?
- A: The name of the remitting account holder is not required.
- #3 Can I deposit foreign currency by fund transfer or by Partner ATMs in Japan?
- A: No, Fund transfer or ATM deposits are for Yen transactions only. Please follow the Guide "Incoming foreign currency remittance" from our English Website, to remit your foreign currency to Sony Bank.
- #4 I've remitted 1 million Yen worth of foreign currency to my Sony Bank account. However, the amount deposited to my Sony Bank account is less than 1 million Yen-equivalent, due to the lifting fees charged by intermediary banks or correspondent banks. Will I be eligible for a cash reward?
- A: Cash reward is determined based on total deposits (converted to Yen-equivalent amount) during the campaign period, and Yen-equivalent amounts must exceed 1 million Yen. Therefore, if the amount of your total deposits during the campaign period is less than 1 million Yen-equivalent, you will not be eligible for a cash reward.
Important
- Regarding this campaign
-
- No entry is required.
- Please note the following policies regarding Foreign currency remittances
-
- If intermediary banks or correspondent banks charge lifting fees, these will be deducted from the amount of the deposit to the beneficiary's account.
- When receiving incoming remittances from other financial institutions, procedures may take a certain number of days, depending on each financial institution. Please allow enough time for the remittance to be fully processed and deposited to your account within the campaign period.
- Please direct any inquiries about the status of a remittance to the originating bank.
- Customers under the age of 15 may not receive foreign currency remittances to their accounts. (Foreign currency accounts are for account holders age 15 and up.)
- Sony Bank reserves the right, whenever it is determined to be necessary, to require the customer to explain the purpose of a foreign currency remittance.
Remitting Foreign Currency to Sony Bank (Incoming Foreign Currency Remittances)
- Please note the following policies regarding Foreign currency transactions
-
- In principle* Sony Bank supports buying and selling foreign currencies 24 hours a day. However, for certain designated times of day, which vary depending on the day of the week, transactions are not available.
Foreign Currency Trading Hours
Excluding times when foreign currency transactions are not available, system maintenance, etc.
- If you are not yet a Sony Bank account holder, you will need to open an account first.
- You will receive a cash card within approximately 10 business days from completion of the account opening procedures. Foreign currency savings accounts can be opened after you sign in to our English online banking.
- In principle* Sony Bank supports buying and selling foreign currencies 24 hours a day. However, for certain designated times of day, which vary depending on the day of the week, transactions are not available.
- Risks of Foreign currency deposits
-
- Foreign currency deposits are inherently exposed to the risk of fluctuations in the foreign exchange rate. Movements in the foreign exchange markets may result in the amount of the principal at the time of deposit differing from the amount you receive at the time of withdrawal, when converted to the same currency at those two points in time, which constitutes a risk of loss of principal. In addition, when buying or selling foreign currency, an exchange fee will be incurred, due to which, even in the absence of exchange rate fluctuations between the time of deposit and the time of withdrawal, the amount of principal at the time of withdrawal may be less than the amount at the time of deposit
- Foreign currency deposits are not covered by deposit insurance.