Alleviating your concerns about studying and living in Japan. Useful information for living in Japan.
Money
Sending Money Abroad
Whether it be to make loan payments, support your family, or simply as a present, there are many reasons for people to send money back to their home country. However, currency exchange rates and the fees involved can make it difficult to decide the means by which we decide to make international remissions. There are several options available in Japan each with varying levels of convenience and fees each with their own advantages and drawbacks.
Remittance Options
Banks
Probably the most traditional method of sending money abroad, wire transfers through banks are reliable and relatively fast. This method allows you to send money directly from your own account to an overseas account.
Pros
Cons
Relatively fast
3-5 days to complete transfer
1-3 days in some cases
Some banks allow online transfers
Transfers via online banking often incur smaller fees
Relatively high fees
2,000 – 6,000 JPY on average
Additional fees may be skimmed at intermediary banks
Additional fees may be required at the destination
Certificate of Residence (Jūminhyō) with “My Number” printed
Beneficiary Information
Name, Address, and Contact Information
Bank Information
Name, Branch Name (if applicable), Branch Address, Account Number, SWIFT Code or IBAN
International Remittance Form One-Time Password
PayPal
This is a service that you may recognize for its widespread use in online shopping. It can also be used to send money to individuals who also have a PayPal account. It’s quick and easy, and maybe something to consider the next time you need to send money to somebody overseas.
Pros
Cons
Very fast
Only a few minutes to complete transfer
No fees to transfer money to a friend or family member’s PayPal account.
Domestic transactions only
Some banks charge fees to receive money transferred from PayPal accounts
Cross-border fee
International transactions
Required Documents
Full Name
Address
Phone Number
Credit/Debit Card or Bank Account Number
To link to account for payments
Recipient’s Information
Full Name
GoRemit
Shinsei Bank is widely considered as one of the most foreigner-friendly banks in Japan due to its ability to provide English language support as well as English language documents for customers that may need it. GoRemit is another service offered through the bank that allows for quick and easy remittance to foreign accounts. You don’t even need a Shinsei Bank account to use it.
Pros
Cons
English Support
Quick
About 3 days to complete transfer
Easy Transfers Through Mobile App
Transfer fee
2000 JPY
Additional fees may be skimmed at intermediary banks
Additional fees may be required at destination bank
Requires a Japanese Bank Account
Funds must be transferred into a Shinsei Bank account before transferring
Required Documents
Copy of Personal Identification
Passport
Residence Card
Driver’s License
Insurance Card
Copy of One of the Following Proof of Individual Number (aka “My Number”)
Notification Card
Individual Number Card
Certificate of Residence (Jūminhyō) with “My Number” printed
Beneficiary Information
Name, Address, and Contact Information
Bank Information
Name, Branch Name (if applicable), Branch Address, Account Number, SWIFT Code or IBAN
TransferWise
One of the most popular ways to send money is through the UK-based money transfer service, TransferWise. Holding accounts in the world, this company operates by accepting transfers at one of its accounts in the country of origin and dispensing money from one of its accounts in the destination country. This takes out the need for a traditional wire-transfer and ultimately saves its customers money usually taken in high fees by other services.
Pros
Cons
Multi-lingual support
Quick
About 3 days to complete transfer
Low transfer fee
Varies by Currency
No intermediary bank fees
No fees for the recipient
Easy Transfers Through Mobile App
Requires a Japanese Bank Account
Funds must be transferred into a TransferWise account before transferring
Required Documents
Copy of Personal Identification
Passport
Residence Card
Driver’s License
Insurance Card
Copy of One of the Following Proof of Individual Number (aka “My Number”)
Notification Card
Individual Number Card
Certificate of Residence (Jūminhyō) with “My Number” printed
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