GMO Aozora Net Bank business account review

The business account charges a monthly fee of ¥0, and it runs on a no monthly fee model. For a company that keeps its day to day balance here, the monthly charge is the only standing cost, with transfer fees applying when money leaves for another bank.

The currency conversion fee on the overseas remittance service is 0%. Transfers between GMO Aozora accounts are free, while transfers to another bank carry a fee that a paid transfer-fee membership tier reduces, and settlement runs across 9 currencies.

GMO Aozora Net Bank, Ltd. is a registered deposit bank, supervised in Japan by the Kanto Local Finance Bureau, Financial Services Agency. The legal entity behind the account is GMO Aozora Net Bank, Ltd. with headquarters in Japan, so the money is held with a bank rather than an e-money issuer.

The account is digital only, so there is no branch counter, and the cash machine allowance is ¥0. A business that needs to pay in cash, deposit notes or meet someone in person is better served by a branch-based bank.

Support runs on phone, email and help centre, so questions can be raised by phone, by email or through the help centre. The account is digital only, so most day to day questions are handled online rather than in person.

The account is aimed at business, so companies registered in Japan that pay suppliers in other currencies are the natural fit. It suits firms that want a bank account and an overseas remittance service in one place, without a monthly charge.

GMO Aozora Net Bank, Ltd. was founded in 1994 and is headquartered in Japan, so it is an established domestic bank rather than a new app. The business account builds on that, with a digital-only service and no monthly charge.

PayPal Colombia charges a monthly fee of $0, Plazo ES €0 and Skrill €0, so the monthly charge is not what separates this bank. The deposit bank registration and the 0% conversion fee are the differences that matter.