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Pros

Access to a wide range of financial services.
Regulated by the Labuan Financial Services Authority (LFSA) in Malaysia.
Offers various account types under the Olive account system.

Cons

Limited international regulatory presence, which may raise concerns for some traders.
Reported issues with clients being unable to withdraw their capital.
Mixed reviews regarding customer service and overall reliability.

Sumitomo Mitsui broker Accounts

Sumitomo Mitsui Account Type

Sumitomo Mitsui Banking Corporation offers a single type of account known as the Olive Account, which is designed to provide various benefits to its customers. The Olive Account is divided into three tiers:

  • Olive General: Basic features with standard benefits.
  • Olive Gold: Enhanced benefits and features compared to the General tier.
  • Olive Platinum: Premium features with the most advantages, targeting high-value clients.
  • Key Benefits of the Olive Account:

    • No fees for transfers to other banks.
    • Up to 20% off with card payment points redemption.
    • ATM fee-free for 24 hours.
    • Access to special offers every month.
    • Safe and flexible payment options.

    Sumitomo Mitsui Broker Account Opening Process

    To open an account with Sumitomo Mitsui, follow these steps:

    • Download the Sumitomo Mitsui Banking Corporation App: Begin by downloading the app from the app store.

    • Identity Verification: Prepare one of the following identity verification documents:

      • My Number Card (with photo).
      • Driver's License.
      • Passport.
      • Application Process:
        • If using a My Number Card, you can verify your identity by simply holding it over your smartphone.
        • For other documents, take a photo and upload it through the app.
        • Receiving Account Details:
          • After verification, you will receive your account number within the same day if using the My Number Card; otherwise, it may take up to two weeks.
          • Multi-Numberless Card: You will receive your multi-numberless card within 1-2 weeks, allowing you to access your account.

          • Register for Internet Banking: It is recommended to register for the SMBC Safety Pass or one-time password to facilitate internet banking transactions.

          • Note:

            • The account opening process is designed to be user-friendly and can be completed without visiting a physical branch.
            • Ensure you have a smartphone compatible with NFC for a smoother verification process.

            For more detailed information, visit Sumitomo Mitsui Banking Corporation.

Sumitomo Mitsui accounts can be viewed for products that can be traded accounts with a minimum deposit of by (2+) .
Sumitomo Mitsui Account