![]() GoRemit sign-up is a bit of a process-you can use the app to do it, but need to sign for key documents in the mail afterwards. We haven’t deducted the extra 1,500 yen below-but keep it in mind. While the exchange rates are more or less the same, the handling fee is a flat 2,000 yen, and there may be an additional charge of at least 1,500 yen for any remittances done in Japanese yen. The process is basically the same, but the fee structure is slightly different. GoRemit is the crusty incumbent to Wise’s feisty challenger (GoRemit has been at this for more than 15 years-they were formerly GoLloyds). Not usually the place to go for the best exchange rates. | Photo by Greg Lane GoRemit: Formerly the default option for expats *We deducted the fees from the starting amounts for this calculation and all other calculations below. For the sake of comparison, we chose a transfer to USD. The following was calculated using the transfer calculator on the Wise website on March 2, 2022. But with our test transfers, which included accounts in the UK, New Zealand and South Africa, the funds have arrived in just 1-2 days, and often on the same day. Wise gives you an estimate of when the money will arrive in the destination bank account-approximately 2-4 days, usually. However, in line with revised Japanese banking regulations, you will need to sign for the postal delivery of a letter with a special code, before you can send higher amounts, or make a second transfer. Note: Following the above steps should allow you to make a transfer of up to 100,000 JPY. (Note that if you’ve signed up for a new account, the transaction won’t go through until your documents have been checked off.) You can download the app for easy transactions going forward. After you agree to this, you’ll get information of a local account at Mitsubishi Tokyo UFJ to transfer the total amount to. Once you’ve uploaded your docs, you’ll get a confirmation screen with the details of your transaction. If you have the photo ID, that’s all you need to upload if not, you’ll need to upload a scan or pic of some other photo ID, such as a Japanese driver’s license or a foreign resident’s card. You’ll be asked to upload photos of either your “My Number” notification (that’s the plain piece of paper) or your My Number photo ID. To transfer, you go to their website and put in the amount that you want to send (in either the source or target currency), then enter your details. The exchange rates (when we checked) were almost identical to those on exchange rate reference site xe.com, which lists mid-market rates. What you pay depends on which currencies you’re using, but it’s very reasonable for most of the major ones. The cost structure is this: You pay a fixed fee, plus a percentage of the total amount. Several of our Cheapo staff members use Wise for international transfers. The main benefit of Wise is they don’t make money on the exchange rate, and they try to make the whole procedure as fast, smooth and painless as possible. They allow you to transfer your funds to a local bank account before they get whisked overseas. ![]() Wise have been around globally since 2011 (they recently changed their name from TransferWise to Wise). Wise (formerly TransferWise): Economical, quick and easy Unless you’re set on being a martyr to the Japanese banking system, our advice is to avoid this option. A simple international transfer at legacy banks like SMBC, MUFG or Mizuho will typically involve you filling out an overly detailed form at the branch, getting charged up to 4,000 yen just for the transfer, and then getting shafted with horrible exchange rates. Japan is renowned for its stable banking system, but that’s because the banks haven’t really changed the way they do business in 20 years. ![]() Regular bank transfers from Japan: Costly, slow and complicated
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |