Sumitomo Mitsui is a comprehensive financial services provider offering a diverse range of products including account management, loans, insurance, and internet banking. The company is headquartered in Japan and has been operational since 2002. Currently, it is regulated by the Labuan Financial Services Authority (LFSA) in Malaysia.
Pros and Cons
Is Sumitomo Mitsui Legit?
Yes, Sumitomo Mitsui is authorised and regulated by the Labuan Financial Services Authority (LFSA) in Malaysia.
Services
Sumitomo Mitsui offers banking business, leasing business and other business.
Sumitomo Mitsui's head office and domestic and overseas branches are engaged in banking business. SMBC Leasing & Finance Company provides leasing services.
Credit-related operations:financing, factoring, collection and venture capital services.
Investment Advisory Services:investment advisory services, investment trust consignment services, operations and management services related to defined contribution pension plans.
Account Type
The only account that can be applied for Sumitomo Mitsui is an Olive account which has three account types, including Olive General, Olive Gold and Olive Platinum Preferred.
Deposit and Withdrawal
Sumitomo Mitsui accepts cash card, debit, credit, point payment, and payment with an additional card. When clients use an ATM or CD, they will be charged an “ATM/cash card usage fee” for each transaction of “deposit”, “withdrawal”, or “transfer”. Usage fees vary depending on the ATM, cash card, and time of day.
Fees
Sumitomo Mitsui offers several fee-related benefits for its Olive account holders:
No fees for transfers to another bank.
Up to 20% off with card payment points redemption.
ATM fee-free for 24 hours.
Access to special offers every month.
Safe and affordable Olive Flexible Pay options.
