Mitsubishi UFJ Financial Group Inc. in late May will abolish money transfer charges between its group banks for customers using cash cards at its automated teller machines, sources at the group said Thursday.
MUFG, created last October by the merger of Mitsubishi Tokyo Financial Group Inc. and UFJ Holdings Inc., is the world's largest banking group in terms of assets and manages the largest number of deposit accounts.
The sources said the group will waive charges for customer remittances between its group banks, including Bank of Tokyo-Mitsubishi UFJ and Mitsubishi Trust and Banking Corp.
MUFG currently charges 210 yen for remittances of 30,000 yen or more, and 105 yen for smaller remittances. Transfers made in cash through an ATM or at the counter will charged at the current rates.