News

Important notice of Foreign Currency Deposit Service: Free foreign exchange commission and changes of the service.

June, 2018

Dear valued Customer

Thank you for banking with SMBC Trust Bank PRESTIA.

From July 17, 2018 onwards, the Foreign exchange commission will be 0 (zero) yen when Yen is converted to foreign currency via Foreign Currency Deposit Service (hereinafter referred to as the “Service”). This free exchange commission will be applied to the currency conversion by the Service dated on and after July 17, 2018 both to the applications that will be submitted and the applications that already submitted (*).

*For customers who already submitted the application, there is no need to cancel or apply for the Service again in order to enjoy the free exchange commission from July 17.

Having this free exchange commission, customer can buy more foreign currency if the deposit amount is specified in Yen.

Applicable Currencies: United States Dollar, Australian Dollar, New Zealand Dollar, Great Britain Pound, Canadian Dollar, Swiss Franc, Euro, Hong Kong Dollar, Norwegian Krone, South African Rand.

Also, please refer to the below changes scheduled to the Service in relate to the transition to new system as of July 14, 2018.

  • The transaction description of the Service will be changed on Statement and PRESTIA Online transaction history, etc.

The currency conversion by the Service will be described by below two transactions.

  1. 1.REMITTANCE (From your Yen savings account, JPY to FCY)
  2. 2.REMITTANCE (To your PRESTIA Multi Money account, FCY)
  • Currently, we send the notification by postal mail in case the currency conversion does not happen on the Deposit Date due to insufficient balance, etc. After the change, we will not send this notification. To inquire the result of the currency conversion, please refer to Statement and PRESTIA Online transaction history, etc.
  • “Terms and Conditions of Foreign Currency Deposit Services” will be changed on July 14 2018.

【Major changes of “Terms and Conditions of Foreign Currency Deposit Services”】

  • When the deposit amount is specified in foreign currency, no currency conversion will take place if the yen value of the foreign currency on a Deposit Date exceeds 3 million yen equivalent currently. After the change, the currency conversion will happen even if the yen value of the foreign currency amount on each deposit date exceeds 3 million yen equivalent.
  • Currently, cancellation of the service via PRESTIA Phone Banking takes effect on the second (2nd) business day after the date of notification of cancellation at the earliest. After the change, it will take effect on the fifth (5th) business day after the date of notification of cancellation at the earliest.

For more details about the terms and conditions for this service changes, please refer to “Foreign Currency Deposit Service Terms and Conditions Comparison Table”.

Foreign Currency Deposit Service Terms and Conditions Comparison TableLink to PDF document

About current terms and conditions and current service details, please refer to Page 4 of “Terms and Conditions of Foreign Currency Deposit Service”.

Foreign Currency Deposit Service Information Memorandum and Pre-Contract DocumentLink to PDF document

*This document is valid until July 13, 2018.

SMBC Trust Bank Ltd.