TOKYO – A Japanese bank will reduce its surcharge from its normal rate of 105 yen to 52 yen for customers using cash cards at newly-established IYBank ATMs in December.
Sanwa Bank will begin applying the new rate in December to withdrawals and deposits made between 8:45 a.m. and 6 p.m. 52 yen is equal to about 42 cents in U.S. dollars.
Sanwa announced it will charge 157 yen per transaction outside of regular business hours. Between now and Nov. 30, the bank said it will waive the fee on daytime transactions and 52 yen for off-hours transactions.
Retailer Ito-Yokado Co. and its subsidiary, Seven-Eleven Japan Co, established IYBank last month. ATMs will be installed at 64 retail outlets in Tokyo in its initial phase, and increase that number to 1,650 machines later this year.
