ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Articles

Japan Post Bank to bring back transfer fees

TOKYO -- Japan Post Bank in October will start charging customers for transferring money between accounts at the bank for the first time in nine years, seeking to bolster profits squeezed by negative interest rates.

The bank will allow three free transfers per month, with users required to pay 123 yen ($1.22) per transfer thereafter.

A 120 yen fee for sending money between Japan Post accounts was scrapped in October 2007, when the company was privatized, in a bid to lure customers from big banks. But the Bank of Japan's negative interest rate policy has sent Japanese government bond yields plunging, denting investment profits, Japan Post Bank's main source of earnings.

With net profit expected to sink 8% to 300 billion yen this fiscal year, the bank is being forced to find other ways to make money, such as selling mutual funds and charging for previously free services. The transfer fee will likely boost annual profits by hundreds of millions of yen.

(Nikkei)

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends July 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to Nikkei Asia has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more