Important Matters Concerning Foreign Currency Deposits

Foreign currency deposits entail some risks such as loss of principal.
When conducting foreign currency transactions, please be sure to make the investment decision on your own after confirming the following details as well as the "Terms and Conditions for Foreign Currency Savings Account", "Detailed Description of Foreign Currency Savings Account", and "Document Delivered Prior to Conclusion of Contract for Opening Foreign Currency Savings Account" on our English website.

1. Risks associated with foreign currency deposits

Foreign currency deposits - Common matters

Foreign currency deposits involve the risk of exchange rate fluctuation. Since the foreign exchange rate fluctuates in accordance with movements in the foreign exchange market, the principal amount may change when the amount you deposited and the amount you receive at the time of withdrawal are converted into the same currency. There is a risk that a certain loss of the principal amount may result depending on market trends. In addition, when you buy or sell foreign currency, you will bear the difference between TTB (rate when you sell foreign currency) / TTS (rate when you buy foreign currency) and TTM (reference rate) as the foreign exchange cost, respectively. Therefore, even when the foreign exchange market price does not fluctuate between the time of deposit and the time of withdrawal, the amount you receive at withdrawal may be below the amount you have deposited. (see "3. Foreign currency deposit fees").

2. Deposit insurance

Foreign currency deposits - Common matters

Foreign currency deposits are not covered by deposit insurance.

3. Foreign currency deposit fees

Foreign currency deposits - Common matters

When you buy or sell foreign currency, you will bear the difference between TTB (rate when you sell foreign currency) / TTS (rate when you buy foreign currency) and TTM (reference rate) as the foreign exchange cost, respectively. Therefore, even when the foreign exchange market price does not fluctuate between the time of deposit and the time of withdrawal, the amount you receive at withdrawal may be below the amount you have deposited.
(When Club S rewards are applied, a discount will be applied to the exchange fees. Because the discount may also be applied during campaigns, the following exchange fees should be understood as the maximum amounts.)

Standard Foreign Exchange Fee

Transactions against Yen

US Dollar
0.15 yen per US Dollar
Euro
0.15 yen per Euro
British Pound
0.45 yen per British Pound
Australian Dollar
0.45 yen per Australian Dollar
NZ Dollar
0.45 yen per NZ Dollar
Canadian Dollar
0.45 yen per Canadian Dollar
Swiss Franc
0.45 yen per Swiss Franc
Hong Kong Dollar
0.09 yen per Hong Kong Dollar
Brazilian Real
0.9 yen per Brazilian Real
Chinese Yuan (CNH)
0.3 yen per Chinese Yuan (CNH)
South African Rand
0.2 yen per South African Rand
Swedish Krona
0.09 yen per Swedish Krona

Transactions against US Dollars

Euro
0.0018 US Dollars per Euro
British Pound
0.005 US Dollars per British Pound
Australian Dollar
0.005 US Dollars per Australian Dollar
NZ Dollar
0.005 US Dollars per NZ Dollar
Canadian Dollar
0.005 Canadian Dollars per US Dollar
Swiss Franc
0.005 Swiss Francs per US Dollar
Hong Kong Dollar
0.025 Hong Kong Dollars per US Dollar
Brazilian Real
0.025 Brazilian Reals per US Dollar
Chinese Yuan (CNH)
0.025 Chinese Yuan (CNH) per US Dollar
South African Rand
0.025 South African Rands per US Dollar
Swedish Krona
0.009 Swedish Kronas per US Dollar

4. Cancellation prior to maturity date

Foreign currency time deposit account

In principle, cancellation prior to the maturity date is not permitted. If you have canceled your time deposit before it reaches maturity, 10% of the contracted interest rate or foreign currency savings account interest rate on the date of cancellation (whichever is lower) will apply retroactively to the date of deposit. However, if you have a forward foreign exchange transaction executed for a foreign currency time deposit account, cancellation is not permitted for any reason.

Brazilian Real time deposit account

Cancellation prior to maturity date is not permitted.

If Sony Bank deems it unavoidable and accepts a request for cancellation prior to maturity, 10% of the contracted interest rate or Brazilian Real savings account interest rate on the date of cancellation (whichever is lower) will apply retroactively to the date of deposit. Also, in case of cancellation before the maturity date, a cancellation fee shall born by the customer (3% of principal).

In such cases, the amount you receive at withdrawal may be below the amount you have deposited, and there is a risk of loss of principal.

5. Eligibility for foreign currency deposits

  • Accounts in principle are made available to persons over the age of 15 years or older. However, if the customer is under the age of 20, he/she may be restricted from certain transactions.
  • We restrict foreign currency deposits to those who chose "Considering asset investment, but have zero risk tolerance for loss of principal" as a "Purpose of investment" on their "Financial Profile" since foreign currency deposits entail a risk of loss of principal.

Transactions by customers under 20 years old

Available foreign currency transactions

  • Opening a foreign currency savings account (*1)
  • Cancellation of a foreign currency savings account (*2)
  • Outgoing foreign currency remittance (from Sony Bank) (*3)
  • Incoming foreign currency remittance (to Sony Bank)

Sony Bank WALLET Visa Debit function

  • Local currency withdrawal at overseas ATM
  • "Yen Account Assistance" function; This function automatically withdraws funds from your Yen savings account at the exchange rate (TTS) and credits them to your Foreign currency savings account when the balance of your Foreign currency savings account is insufficient.
  • Settlement in foreign currency
  • An account cannot be opened in Brazilian Real or Chinese Yuan (CNH).
  • The principal and unpaid interests at the time of cancellation shall be deposited to the customer’s yen savings account.
  • Non-residents of Japan cannot make outgoing foreign currency remittance.

Unavailable foreign currency transactions

  • Foreign currency purchase
  • Foreign currency sales
  • Foreign currency time deposit account opening
  • Foreign currency structured deposit application

6. Other important matters

Foreign currency deposits - Common matters

  • If you do not have an account with Sony Bank, you have to open one first. It takes about 10 business days to receive your cash card after applying to open an account.
  • Customer transactions may be delayed due to temporary access troubles caused by surges in traffic, and as a result, customers may not be able to access the service site at their desired timing.
  • A foreign currency remittance to Sony Bank will be deposited in a foreign currency savings account dominated in the same currency (Brazilian real or Chinese yuan (CNH) are not handled).
  • Foreign currency savings deposited with Sony Bank may be remitted to domestic or overseas banks.
    (Chinese Yuan (CNH) and Brazilian real cannot be remitted.)
  • Cash in foreign currencies and traveler's checks cannot be handled.
  • Note that foreign currency deposit interest rates are subject to change due to the changes in the interest rate environment, etc.

Emerging market currency transactions

  • Brazilian Real, Chinese Renminbi (CNH) and South African Rand, which are known as emerging-market currencies, are generally more likely to experience liquidity decline compared with those of developed countries, market function decline or large fluctuations in currency value due to change in political, economic or social circumstances, change in market environment or change in financial policies. In some cases, we may significantly revise the interest rate or suspend transactions.
  • When you carry out transactions of emerging-market currencies, please understand that they involve higher risks than transactions involving developed country currencies.