Cash-back program for Customers receiving foreign exchange remittances
cash-back on fees which will be charged for incoming foreign exchange remittances
December 10 2019
Starting from remittances received on Monday, December 16, 2019, due to the revision of our handling fees for incoming overseas and domestic foreign currency remittances and overseas and domestic Japanese yen remittances*1, Shinsei Bank will return 2,000 yen per receipt of an incoming foreign exchange remittance to customers satisfying the eligibility and conditions specified by the Bank (virtually free of charge*2). The Cash-back program will apply an unlimited number of times for each incoming remittance. Cash-back will be credited to customers' account by the end of the following month from the date of receipt of funds to customer's account.*3
- *1 Overseas and domestic Japanese yen remittances: Refers to yen-denominated remittances from overseas or non-residents of Japan.
- *2 The handling fee for incoming foreign exchange remittance is an amount equivalent to 2,000 yen. However, the handling fee for Shinsei Platinum and Shinsei Gold customers will be virtually free of charge because 2,000 yen will be returned to them by the end of the following month. Foreign currency-based handling fees are determined so that they are equivalent to 2,000 yen. The fees are reviewed regularly since their amounts translated into yen change due to fluctuations in foreign currency exchange rates.
- *3 Customers who have terminated their account by the cashback date will not qualify.
Eligibility and Conditions for Cash-back Program
- 1. The customer’s stage under Shinsei Step Up Program is either “Shinsei Platinum” or “Shinsei Gold” when the customer's Shinsei Bank account has received the foreign remittance.
- 2. Debiting the handling fee from your account is completed.*4
- *4 Shinsei Bank will not deducted the handling fee when it is paid by the sender. Cash-back will not apply in this case.
Currencies that can be deposited and Incoming foreign exchange remittance administrative Fees (Handling fees)
Foreign currency-based handling fees are determined so that they are equivalent to 2,000 yen. The fees are reviewed regularly since their amounts translated into yen change due to fluctuations in foreign currency exchange rates.
As of December 4, 2019
| Currency to be deposited (Currencies available at Shinsei Bank) |
Handling fee (Tax-exempted） |
|---|---|
| Japanese Yen | JPY 2,000 |
| US Dollar | USD 18.00 |
| Australian Dollar | AUD 26.00 |
| Canadian Dollar | CAD 24.00 |
| Sterling Pound | GBP 14.00 |
| Hong Kong Dollar | HKD 145.00 |
| Norwegian Krone | NOK 160.00 |
| New Zealand Dollar | NZD 28.00 |
| Singapore Dollar | SGD 25.00 |
| Euro | EUR 16.00 |
| South-Africa Rand | ZAR 278.00 |
| Turkish Lira | TRY 111.00 |
| Chinese Yuan | CNY 125.00 |
Chinese yuan can be deposited only when it is sent within Japan. Brazilian real cannot be deposited.
Remittance financial institutions or intermediary banks may charge fees separately from the handling fee.
The handling fees for incoming foreign currency remittances will be deducted separately from the incoming foreign exchange remittance amount.
The handling fee will be deducted or debited from one of the following in the following order of priority: (1) the incoming funds (2) savings account of the same currency as the incoming funds (3) yen savings account. Customers cannot designate the currency for the handling fee.
(3) In case of debiting the handling fee from customer's yen saving account, 2,000 yen will be debited regardless of the currency received. The remittance will be returned to the requester if (1) funds received, (2) the amount of the saving account of the same currency with the funds received and (3) yen saving account are smaller than the amount of the handling fee. (1),(2), and (3) cannot be combined.
Customers who have terminated their account by the cashback date will not qualify.
Regarding foreign currency deposits
- As the conversion rates of foreign currencies into yen (foreign exchange rates) fluctuate, foreign exchange deposits carry a risk of loss of yen denominated principal resulting from exchange rate fluctuations when converting foreign currencies back into yen.
- In the event of high market volatility, system malfunctions, etc., the foreign exchange rates applied by the Bank may differ significantly from prevailing market rates. Customers are urged to confirm the foreign exchange rates to be applied to any such transactions.
- Foreign exchange fees apply when depositing/withdrawing yen into/out of foreign currency accounts. Unconventional currency exchange fees may be applied in the event of drastic foreign exchange rate fluctuations or when major markets are closed. The maximum rates of such one-way exchange fees and round-turn exchange fees are 5.5 yen per unit and 11 yen per unit respectively. For a direct non-yen cross currency exchange, the foreign exchange fees will be 0.02 multiplied by one of the currencies.
- There is a risk of loss of yen denominated principal due to the application of foreign currency exchange fees and applied interest rates, even if foreign exchange rates do not fluctuate.
- Preferred rates of Step Up program are applied to transactions changing yen to a foreign currency and vice versa. (n.b. Preferred rates are not applicable to transactions between non yen foreign currencies or when the outstanding foreign currencies balance is converted to yen as part of closing an account. Additionally, preferred rates are not applicable in exchanging currencies or paying interest in the PowerSupport Plus program, or purchasing foreign currencies through the PowerBuilder program.)
- Foreign currency deposits are not guaranteed by deposit insurance.
- In principle, foreign currency denominated time deposits may not be cancelled before maturity. However, in the event the Bank recognizes extraordinary circumstances and deems the cancellation of foreign currency denominated time deposits before maturity as unavoidable, only principal amounts will be refunded (interest thereon will not be honored).
- Interest is subject to 20.315% withholding tax (national tax 15.315% and local tax 5%). The fractional figure of the after-tax interest rate shall be rounded down.
- Principal and interest of foreign currency time deposits shall be credited into PowerFlex savings deposits of the same currency on the maturity date without converting into another currency. The savings deposit interest rate for the same currency will be applied on and after the maturity date.
- Cash in foreign currencies and foreign currency remittances are not available at our branches.
- Fees will be charged for foreign currency remittances.
- Handling Fee will be charged for incoming foreign exchange remittances.
- Application to GoRemit overseas remittance service must be made before making foreign currency remittances.
- Before investing in foreign currency deposits customers should carefully read the product description of foreign currency deposits (pre-contract document) that is available in the Bank branches and online so that they can fully understand characteristics of the foreign currency deposits.
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