Tokyo, Jan. 19 (Jiji Press)–Sumitomo Mitsui Financial Group Inc. said Monday it launched the same day a service to allow individual customers to make fixed-amount monthly deposits in foreign currency accounts using credit cards. In the first-ever service in Japan, users of Sumitomo Mitsui Banking Corp.’s Direct online banking services are able to deposit 500 yen to 100,000 yen with their cards in savings accounts denominated in either Australian dollars, British pounds, euro, New Zealand dollars, Swiss francs or U.S. dollars. They do not have to pay currency exchange fees when making the yen-term deposits. Holders of cards for SMBC’s Olive mobile financial services can receive bigger points than other cardholders. SMFG aims to achieve about 100 billion yen in annual foreign currency deposits in five years. END [Copyright The Jiji Press, Ltd.]
SMFG Taking Foreign Currency Deposits by Credit Card
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