Important Matters Concerning Foreign Currency Deposits
Overview
You can receive Incoming foreign currency remittances from banks inside and outside Japan in Sony Bank's 11 supported currencies. You can receive remittances using either your Sony Bank Yen or Foreign currency savings account.
Sony Bank does not charge any fees for Incoming foreign currency remittances.
Other banks involved in the remittance (such as intermediary banks) may charge fees before the funds arrive in your account.
With Sony Bank WALLET, you can make payments directly from your Foreign currency savings accounts and withdraw local currency at ATMs outside Japan that display the VISA and/or VISA PLUS mark.
11 Currencies Available
With Sony Bank, you can receive Incoming foreign currency remittances in the following 11 currencies: Yen, US Dollar, Euro, British Pound, Australian Dollar, New Zealand Dollar, Canadian Dollar, Swiss Franc, Hong Kong Dollar, South African Rand, and Swedish Krona.
If you wish to receive a Yen-based remittance from a domestic financial institution into your Yen savings account, please make a fund transfer instead.
Sony Bank cannot receive remittances made in Chinese Yuan (CNH) and Brazilian Real.
Who Can Use This Service?
You can receive foreign currency remittances if you are an individual customer, a resident of Japan, and have an account at Sony Bank.
Purpose of Remittance
This service is limited to non-business funds such as personal funds, living expenses, salary, pension, and funds for education.
Sony Bank cannot accept Incoming foreign currency remittances for business funds.
Business funds refers to sales, working capital and funds for business investment associated with ongoing production, sales or services provided by the customer, regardless of whether the customer is a corporation or an individual.
Your Incoming foreign currency remittances may help you to upgrade your Club S level by increasing the balance in your Foreign currency savings account.
Club S is a reward program that offers you various benefits, such as a higher cashback rate and preferential foreign exchange fees.
- IMPORTANT
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Verification at the time of remittance
- Sony Bank is strengthening its measures against money laundering and terrorist financing. In regards to the use of foreign currency remittance services, we are tightening our verification process at the time of pre-registration and remittance execution in an effort to more appropriately and strictly comply with Japan's Foreign Exchange and Foreign Trade Control Law ("Foreign Exchange Law") and other related legislation. In light of this, we may need to confirm additional details of remittances during both pre-registration and/or remittance execution stages.
- As a general rule, after receiving the remittance, we will ask the customer to submit in writing the purpose of the remittance, the source of the remitted funds, and documents that confirm the relationship with the remitter.
- The time taken to deposit the remittance into your account varies depending on the details that need to be verified and might take longer in some cases. Depending on the results of the verification process, Sony Bank may return the funds to the remitter's bank without depositing them into your account.
- If verification cannot be completed within one month because documents requested by Sony Bank have not been submitted, Sony Bank may return the funds to the remitting bank without depositing them into your account.
- Even if you have received a foreign currency remittance from the same remitter before, Sony Bank needs to verify the details each time a foreign currency remittance is received.
- The information you register when confirming a received remittance shall be verified based on Sony Bank's prescribed methods at the time of remittance. To avoid circumvention of our verification process, Sony Bank cannot disclose the details of our verification criteria.
- The remitted funds will be deposited into your account after verification by Sony Bank.
- Foreign Currency Remittances That Cannot Be Handled by Sony Bank
- "Important Notice to Customers" (Links to Japanese Bankers Association website)
