Mizuho Bank plans to cut its fees for money transfers to accounts at other banks by up to ¥120, effective Oct. 1.

The Mizuho Financial Group Inc. unit announced the plan Wednesday, following similar moves by the other two domestic megabanks, MUFG Bank and Sumitomo Mitsui Banking Corp.

At Mizuho Bank, the costs will drop by ¥60 to ¥70 to between ¥150 and ¥710 for a transfer of under ¥30,000. For a transfer of ¥30,000 or more, the fees will be ¥320 to ¥880, down by ¥110 to ¥120.

Hoping to enhance the convenience of its digital services, the bank will lower the fees for transfers using its online banking platform more than those for over-the-counter and ATM transfers.

MUFG Bank and Sumitomo Mitsui have set uniform reductions in fees for online banking, over-the-counter and ATM transfers to other banks so users can easily understand their merits.

Many regional banks have also decided on uniform cuts. But strategic pricing depending on transfer methods is likely to spread as lenders try to differentiate themselves.

Banks will trim the fees imposed on users as interbank remittance costs will be lowered to a uniform ¥62 from Oct. 1.

The government asked the industry to lower the costs to reasonable levels as the fees have remained unchanged for over 40 years at ¥117 for a transfer of less than ¥30,000 and ¥162 for ¥30,000 or more.

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