【In-Depth Comparison】List of Bank Transfer Fees for Banks in Japan

　Minimizing bank service fees is crucial for saving even a small amount of money. Although cashless transactions have become more prevalent in recent years, bank transfers remain an essential service in a cashless society. In this analysis, we have thoroughly compared the bank transfer fees across 67 banks in Japan.

Bank Transfer Service in Japan

　First, a bank transfer refers to the process of “transferring funds to one’s own or someone else’s bank account.”
※Bank transfers and direct debits are not the same. Direct debits involve the automatic deduction of charges from a bank account owned by the account holder, who has pre-approved card transactions or payments for public utilities.

　In an internet survey conducted by MyVoiceCom Inc. from December 1st to 5th, 2021, more than 70% of respondents used money transfer services, including bank transfers. The most common methods of transfer were online-banking (45.9%), ATMs (31.9%), and bank counter-based transfers (11.8%).

　Money transfer services, such as bank transfers, are among the most accessible services provided by financial institutions and banks. Many readers of this article may have used bank transfer services at some point. If you frequently use these services, choosing a bank with relatively low transfer fees can be a way to save money.

　Now, let’s examine the trends in bank transfer fees.

Reduction of ZenGin-Net(Bank Transfer System) fees

　You may have already noticed that fees for transfers to other banks tend to be higher than those for transfers within the same bank. This is because transfers to other banks require the use of the “Japanese Banks’ Payment Clearing Network (ZenGin-Net)” to process interbank transactions, and fees are incurred for using this system.

　The fees for ZenGin-Net vary depending on the transfer amount and used to range from 117 yen to 162 yen per transaction. These fees had not changed for 40 years, but on October 1, 2021, the ZenGin-Net fees were significantly reduced to uniform amount of 62 yen.

ZenGin-Net Fees

　Following the revision of the ZenGin-Net fees, a trend of banks reducing their transfer fees has been observed. For example, comparing the transfer fees for Mizuho Bank between September 2021 and October 2022, the fees were reduced by 60 yen to a maximum of 330 yen.

Mizuho Bank: Fees for Account Transfers to Other Banks

List of Bank Transfer Fees

　We conducted a thorough investigation of bank transfer fees for 67 domestic banks (as of October 23, 2022). The details of the survey are as follows:

Survey Details

• Target: 67 Banks in Japan
• Type of Transfer: Bank-Transfer by Individuals
• Transfer Amount: 50,000 yen
• Transfer Methods: Counter-based transfer, ATM (with cash card), Online-Banking

List of Bank-Transfer Fees in Japan

Result 1: Online Banking is the Cheapest Transfer Method

　We conducted a survey of transfer fees for counter-based transfers, ATM (with cash card), and online banking. Across all banks, it was observed that online banking had the lowest fees for domestic transfers to other banks. Among the 68 banks surveyed, 9 banks offered free first-time transfers through online banking.

Result 2: Average Fee List

　The average transfer fees for transfers within the same bank (different branch) ranged from 23 yen to 555 yen. On the other hand, the average transfer fees for transfers to other banks ranged from 245 yen to 848 yen. In all three transfer methods, the fees for transfers to other banks were consistently higher by at least 200 yen compared to transfers within the same bank (different branch).

Summary

　In this article, we have thoroughly compared bank transfer fees. When considering opening a bank account, it would be beneficial to take into account the transfer fees as well, as it can contribute to savings.

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