Overview
Awa Bank is a financial institution that, while not a regulated bank, offers a broad spectrum of services for both individual and corporate clients. For individuals, it provides savings and fixed deposit accounts, various loan options, and insurance services. Corporate clients can access funding options, fund management, and internet banking services.
Account opening is made convenient with both online and in-store options. Awa Bank embraces digital banking with its ai-mo internet banking service and a dedicated mobile app, catering to the growing need for online financial management.
Customer support at Awa Bank is comprehensive, offering phone support, the option of visiting branches for in-person assistance, and online services. The bank has a varied fee structure, applicable to its diverse range of services.
Additional features that stand out include the ai-mo Passbook for digital record-keeping, the Awagin Plus Card which combines cash and credit card features, and the Awagin JCB Debit for direct debit transactions. Despite its unregulated status, Awa Bank presents a robust array of services and features, aimed at providing a versatile banking experience to its customers.
Regulation
Awa is not a regulated bank. It is important to exercise caution and due diligence when considering any financial institution for your banking needs. Regulated banks typically adhere to strict government guidelines and oversight to ensure the safety and security of their customers' funds. Awa, being unregulated, may not offer the same level of protection or accountability. It is advisable to research and choose a reputable and regulated bank to safeguard your financial interests and ensure the proper management of your assets. Always verify the regulatory status of any financial institution before entrusting them with your money.
Pros and Cons
Awa Bank's array of services and convenience features are significant advantages, especially for clients who value diverse banking options and digital accessibility. However, its unregulated status and potential limitations in international banking and modern communication platforms are critical aspects to consider.
Services
The services offered by Awa Bank for individual and corporate users can be categorized as follows:
Individual Users
a. Save and Increase
General Account: Basic banking account for daily transactions and savings.
Fixed Deposit: A time-bound deposit with a fixed interest rate.
Investment Trust: Investment opportunities in various financial markets.
Super Savings Deposit: A savings account with potentially higher interest rates.
Special Term Deposit Limited to Retirement Allowance: Tailored deposit scheme for retirement funds.
Financial Product Intermediation with Nomura Securities: Brokerage services for various financial instruments.
Foreign Currency Deposits: Accounts allowing deposits in foreign currencies.
Large Term Deposit: Deposits for significant amounts with potentially better terms.
Foreign Currency Fixed Deposit with Foreign Exchange Clause: Currency-specific fixed deposits with benefits linked to exchange rate movements.
Financial Products Intermediary Business: Services facilitating the purchase of various financial products.
b. Karuru (Loan Services)
Housing Loan: Loans for purchasing or building a house.
Car Loan: Financing for purchasing vehicles.
Card Loan: Credit facility linked to a card for general purposes.
Renovation Loan: Loans for home improvement or renovation.
Education Loan: Financial support for educational expenses.
Educational Loan (Card Loan Type): A variation of education loan linked to a card.
Wide Loan: A broader loan service for various personal needs.
Free Plan: Flexible loan plans tailored to individual needs.
Smart Next Loan: A specialized loan service with specific terms.
Loan Simulation: Tool for estimating loan terms and repayments.
c. Prepare/Nokosu (Protection and Planning)
Life Insurance: Insurance products for life coverage.
Defined Contribution Pension: Retirement savings plan where contributions are defined.
Inheritance Procedures: Assistance with legal and financial aspects of inheritance.
Fire Insurance: Insurance coverage for property against fire damage.
Testamentary Trust: Services related to the creation and management of wills.
Educational Fund Donation: Facility to set up funds for educational purposes.
Pension Consultation: Advisory services for pension planning.
Family Trust: Services related to setting up and managing trusts for family.
Guardianship System Support Deposit: Financial services supporting legal guardianship.
Safe Deposit Box: Secure storage for valuables and important documents.
Corporate Users
a. Funding
Business Support Loan: Loans aimed at supporting business operations.
Awagin Business Support Loan: Specific loan service under the Awagin brand.
SDGs Loan: Loans specifically tailored to support Sustainable Development Goals initiatives.
b. Fund Management
Large Term Deposit: Corporate term deposits for large amounts.
Foreign Currency Deposits: Accounts for managing funds in foreign currencies.
Financial Product Intermediation with Nomura Securities: Corporate brokerage services.
Certificate of Deposit: Short-term, marketable securities for corporate investment.
Foreign Currency Fixed Deposit with Foreign Exchange Clause: Specialized deposit products for foreign currency with exchange rate benefits.
c. Other Services
Awagin Corporate Internet Banking: Digital banking services for corporate clients.
Electric Power: Services related to electricity, potentially energy financing.
Awagin Foreign Exchange Web Service: Online platform for managing foreign exchange transactions.
Farm Banking Service: Banking services tailored to agricultural businesses.
Foreign Remittance: Services facilitating international money transfers.
d. International Services
The international services offered by Awa Bank are likely to include:
Cross-border Financial Transactions: Facilitating international trade and investment activities.
Foreign Currency Exchange Services: Offering competitive rates for currency exchange.
International Trade Finance: Providing financial support and instruments like letters of credit for international trade.
Global Market Analysis: Offering insights and analysis on global financial markets.
Overseas Remittance Services: Efficient and secure options for sending money abroad.
Foreign Branches and Partnerships: Access to services through international branches or partner banks.
Customized Solutions for Multinational Corporations: Tailored financial services for businesses operating in multiple countries.
Specific details and terms of each service can vary and should be confirmed directly with Awa Bank.
How to open an account？
Opening an account with Awa Bank can be done through two main methods, each tailored to different customer needs. Here's a detailed description of how to open an account:
Open a Savings Account Online
This method is ideal for individual customers who may find it difficult to visit a store during business hours. The process is entirely digital and can be completed anytime.
Steps to Open an Account Online:
No Seal Required: No need for a physical seal or stamp.
No Mail Required: The entire process is conducted online.
No Store Visit Required: There's no need to physically visit a branch.
24/7 Availability: The online process is available round the clock, throughout the year.
To open an account online, you simply need to follow the online instructions provided on the Awa Bank website under the “Open an account online” section.
Open an Account at a Store
This option is suitable for those who prefer in-person assistance or consultation while opening an account.
Steps to Open an Account at a Store:
Visit a Store: Choose a convenient Awa Bank branch to visit.
Bring Necessary Documents: You will need to bring identity verification documents, such as a driver's license or personal number card, especially if you wish to receive a cash card immediately.
Delivery Stamp: This may be required as part of the account opening process.
Immediate Cash Card Issuance: If eligible, you can receive an IC cash card on the spot. This is subject to certain conditions, such as the type of branch and verification of identity with a photo ID.
Note: There are certain exceptions and conditions:
Some branches (e.g., Tokyo Branch, Kamata Branch) may not offer immediate cash card issuance.
If opening an account at a branch not nearest to your residence or workplace, you may need to provide a reason, and the bank may refuse account opening based on the rationale or intended use of the account.
Additional documentation may be requested based on the nature of your application.
Additional Services and Features
ai-mo Passbook: Instead of a traditional paper passbook, transactions can be monitored via the ai-mo internet banking service. This allows for an environmentally friendly and convenient way to check your account.
Awagin Plus Card: Combines the features of a cash card and credit card, offering benefits like free ATM after-hours fees and no annual fee under certain usage conditions.
Awagin JCB Debit: For cashless transactions directly debited from your account.
ai-mo (Awagin Internet Mobile Banking): This service facilitates bank transfers and account management via computer or smartphone, offering convenience and savings on transfer fees.
Consultation and Support
Reservation for Visit: You can reserve a visit for personalized service.
Consultation Plaza: Some branches and consultation plazas may even be open on holidays for added convenience.
Telephone Consultation: Customer support is available via a toll-free number, operational Monday to Friday, 9:00 AM to 5:00 PM, excluding holidays.
Whether you choose the online or in-store method, Awa Bank provides a streamlined and customer-friendly approach to account opening, catering to various preferences and needs.
Fees
Awa Bank offers a variety of banking services with different fee structures. Here's a summary of the fees for various services:
Transfer Fees
To Awa Bank:
Ledger: Up to ¥30,000 - ¥330; ¥30,000 or more - ¥550
MT/FD: Up to ¥30,000 - ¥275; ¥30,000 or more - ¥495
Data Transmission: Up to ¥30,000 - ¥110; ¥30,000 or more - ¥330
To Other Banks:
Ledger: Up to ¥30,000 - ¥660; ¥30,000 or more - ¥880
MT/FD: Up to ¥30,000 - ¥605; ¥30,000 or more - ¥825
Data Transmission: Up to ¥30,000 - ¥380; ¥30,000 or more - ¥550
ai-mo (Awagin Internet Mobile Banking) Transfer Fee
To Awa Bank: Free for all amounts
To Other Banks: Up to ¥30,000 - ¥215; ¥30,000 or more - ¥275
Awagin Corporate Internet Banking Transfer Fee
To Awa Bank: Up to ¥30,000 - ¥110; ¥30,000 or more - ¥330
To Other Banks: Up to ¥30,000 - ¥380; ¥30,000 or more - ¥550
Salary Transfer (General Type): Free up to ¥30,000; ¥330 for higher amounts
Salary Transfer (Advance Payment Type): Free up to ¥30,000; ¥220 for higher amounts
Farm Banking (FB) Transfer Fee
To Awa Bank: Up to ¥30,000 - ¥110; ¥30,000 or more - ¥330
To Other Banks: Up to ¥30,000 - ¥380; ¥30,000 or more - ¥550
Cash Corner Usage Hours and Fees
Using Awa Bank Card (Withdrawal)
Using Other Bank Cards (Withdrawal)
Using Awa Bank Card at a Convenience Store ATM
Using Japan Post Bank Card at Awa ATM, and vice versa
IC Cash Card Issuance Fee
Loan Fees
Mortgage Fee
New Contract: ¥55,000 (handling fee)
Early Repayment Fee: Variable based on repayment amount and interest rate type
Administrative Fee: ¥5,500 (payee: guarantee company)
Asset Utilization Loan/Wide Loan Fee
Full Prepayment: Same as mortgage length plus variable type
Partial Early Repayment: ¥5,500 for certificate loan; ¥1,100 for wide loan
Internet Banking Fees
ai-mo (Awagin Internet Mobile Banking) Basic Fee: Monthly fees vary
Awagin Corporate Internet Banking Basic Fee: Initial contract fee is free, monthly fees vary based on plan
Farm Banking (FB) Fee
Other Financial Services Fees
Automatic Remittance Service: ¥110 per transaction
Transfer Fee: Up to ¥30,000 - ¥110 to Awa Bank, ¥380 to other banks; ¥30,000 or more - ¥330 to Awa Bank, ¥550 to other banks
Personal Information Disclosure Fee
Disclosure of Information Regarding Customers Themselves: ¥1,100
Transaction Details: ¥1,650 within 1 year, ¥550 for each additional year
International Remittance Fee
Outbound Remittance: Handling fee varies based on method (window, counter, web service)
Incoming Remittance Handling Fee: ¥1,500
Yen-Denominated Fee: ¥3,000
These fees give a comprehensive overview of the cost associated with various services at Awa Bank. For specific details and any updates, it's always best to consult directly with the bank.
Customer Support
Awa offers several methods for customers to contact them for support, inquiries, and services:
Phone Support: Customers can reach Awa Bank's customer support through a dedicated phone number. The bank provides a toll-free number, which is particularly useful for immediate assistance or for queries that require detailed discussion.
Branch Visits: For in-person assistance, customers can visit Awa Bank branches. This is suitable for services that require face-to-face consultation or for complex transactions.
Online Services: While Awa Bank doesn't seem to have a prominent presence on major social media platforms, they likely offer support through their website. This can include information on products and services, as well as possibly an option for email or contact form inquiries.
Mobile Banking App: For customers using Awa Bank's mobile banking services, the app might provide a direct line of communication for support related to app-specific queries or digital banking services.
Summary
Awa Bank is a financial institution that provides a range of services to both individual and corporate clients, although it is important to note that Awa Bank is not a regulated bank. This means it may not adhere to strict government guidelines and oversight that ensure the safety and security of customer funds, as regulated banks do. Consequently, customers considering Awa Bank for their banking needs should exercise caution and conduct thorough due diligence.
For individual users, Awa Bank offers services under categories like “Save and Increase,” “Karuru (Loan Services),” and “Prepare/Nokosu (Protection and Planning).” These include various types of accounts, loan services, and financial planning tools. For corporate users, services include funding options, fund management, other services like internet banking, and international services.
Opening an account with Awa Bank can be done online or at a physical branch, catering to different customer preferences and needs. The online process is convenient and available 24/7, while the in-branch method offers in-person assistance.
Awa Bank has a fee structure for services like transfers, ATM usage, loan services, and internet banking. These fees vary based on the service type and transaction amounts.
In terms of customer support, Awa Bank offers phone support through a toll-free number, branch visits for in-person assistance, online services through its website, and a mobile banking app for digital banking services. This variety of contact methods ensures that customers can reach Awa Bank in a way that suits their needs.
For the most current and detailed information, it's recommended to directly contact Awa Bank or visit their official website.
FAQs
Q1: Is Awa Bank a regulated financial institution？
A1: No, Awa Bank is not a regulated bank. This means it does not adhere to the strict government guidelines and oversight that regulated banks follow, potentially affecting the safety and security of customer funds.
Q2: What types of services does Awa Bank offer to individual customers？
A2: Awa Bank offers a range of services for individual customers, including general and special term deposit accounts, investment trusts, various loan options (such as housing, car, and education loans), life insurance, pension plans, and inheritance procedures.
Q3: Can I open an account with Awa Bank online？
A3: Yes, you can open an account with Awa Bank online. This process is available 24/7, does not require a physical seal or stamp, and can be completed without visiting a branch.
Q4: What are the transfer fees at Awa Bank？
A4: Awa Bank's transfer fees vary based on the transaction amount and whether the transfer is to an Awa Bank account or to other banks. They range from ¥110 to ¥880 for different types of transfers, with some services like ai-mo (Awa Bank's internet mobile banking) offering free transfers to Awa Bank accounts.
Q5: What customer support options does Awa Bank provide？
A5: Awa Bank offers customer support through various channels, including a toll-free phone number, branch visits for face-to-face assistance, online services through their website, and support via their mobile banking app.
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