MUFG and Mizuho to end overseas cash transfers

Megabanks' branches in Japan take step to fight money laundering

Many regional banks in Japan have already stopped offering overseas cash remittances considering the difficulty of tracking down the source. (Photo by Yumi Kotani)

YUMIKO OSHIMA, Nikkei staff writer

March 1, 2019 03:32 JST

TOKYO -- MUFG Bank and Mizuho Bank will soon stop offering international cash remittances at branches in Japan in a move to combat money laundering.

MUFG Bank, the core unit of Mitsubishi UFJ Financial Group, currently offers international cash remittances for a charge of 5,000 yen to 5,500 yen ($45-$50) from its branches. This will stop on June 3.