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Transferring money- go lloyds or JP post?

 
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Rakuten



Joined: 14 Jun 2010
Posts: 67
Location: Japan

PostPosted: Thu Apr 04, 2013 5:48 am    Post subject: Transferring money- go lloyds or JP post? Reply with quote

I have a large sum of money I need to transfer back home.

I have an account with go llyods and have transfered smaller amounts of money with them before, but never a large amount (i.e. more than 100,000 yen). I got a mail from them in the post earlier this year saying they had been bought out by another company and would be acting under that new company (but retaining the name go llyods bank) from March 2013 onwards.

Anyone have experience transferring money with go llyods since the change?

I was also considering sending money back home through the JP post. The charge is only 2,500 yen, but I have never used them before, so just curious how fast/reliable they were.

Which do you think is the better/fastest/safest method of transferring a large sum of money?

Thanks
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teacher4life



Joined: 22 Apr 2012
Posts: 121

PostPosted: Thu Apr 04, 2013 6:56 am    Post subject: Reply with quote

define "large", because both have max transfer limits and ask ?'s regarding why you are transferring.
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Rakuten



Joined: 14 Jun 2010
Posts: 67
Location: Japan

PostPosted: Thu Apr 04, 2013 7:02 am    Post subject: Reply with quote

Well in my case, my "large amount" Laughing is between 100,000 and 1 million yen (but not exceeding 1 million, so I don't think that amount will be a problem).

The case is simple enough- going home (otherwise why would I transfer any money with this current piss poor exchange rate?) ConfusedZ

Just looking for the safest/most reliable option and anyone's personal input or experiences with either of them. No horror stories I hope? (i.e- whoops, looks like your 1million yen got "lost in transit" like the JP post has done with a number of my packages....)
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HLJHLJ



Joined: 06 Oct 2009
Posts: 915

PostPosted: Thu Apr 04, 2013 8:32 am    Post subject: Reply with quote

I use Go Lloyds, which is now Go Remit http://www.goremit.jp/ since it was bought out by Shinsei Bank. I've never had any problems with it. I transfer similar amounts to you, 500,000 max in one go, and as far as I could see there wasn't much difference between JP and Go, so I went with Go because it was marginally more convenient for me. After the name change I had to change the bank details of the account I send to, but other than that it was just the same as before. My Go account details all stayed the same, it took the same amount of time to transfer, and the charges were the same.

I bank with Shinsei but it doesn't seem to confer any benefit to the remit service.
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OneJoelFifty



Joined: 06 Oct 2009
Posts: 463

PostPosted: Thu Apr 04, 2013 9:33 am    Post subject: Reply with quote

Thanks for that, I also have a Shinsei account and was wondering if it would make it easier for me to sign up with Goremit.

I want to transfer 1,000,000 Yen back to England to let it gain interest for a few years, as that doesn't seem to be an option in Japan. I saw someone say that xe.com is a good option, anyone have experience with them?
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HLJHLJ



Joined: 06 Oct 2009
Posts: 915

PostPosted: Thu Apr 04, 2013 9:49 am    Post subject: Reply with quote

I tried to sign up with XE after I saw the post on here about it, but I couldn't. I don't know if I was trying to use the wrong service or something?! It wasn't available to people living in Japan, I went through the application details anyway and used my UK address details, but then there was a phone interview and they wanted all sorts of extra stuff off me to prove I wasn't resident in Japan, and I gave up.

It took me about 10 mins to sign up with Go Lloyds and then I had to wait a few days for the paperwork to come through. I don't know if the sign up system has changed since it changed though. The JP sign up looked pretty straight forward as well.

However, have you seen UK interest rates recently? It will likely cost you more in transfer fees than you could ever earn in interest. If the UK isn't going to be your money's final destination it's probably not worth transferring it just for the interest.
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OneJoelFifty



Joined: 06 Oct 2009
Posts: 463

PostPosted: Thu Apr 04, 2013 10:17 am    Post subject: Reply with quote

HLJHLJ wrote:


However, have you seen UK interest rates recently? It will likely cost you more in transfer fees than you could ever earn in interest. If the UK isn't going to be your money's final destination it's probably not worth transferring it just for the interest.


From what I saw, you can get 2.5% quite easily. I plan on bringing it back to Japan as and when. Over a three year period or longer, assuming the Yen doesn't become extremely strong against the pound, I think I should be able to make money. I'll need to see what exchange rate I can get through Goremit and JP though...
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Mr_Monkey



Joined: 11 Mar 2009
Posts: 661
Location: Kyuuuuuushuuuuuuu

PostPosted: Sat Apr 06, 2013 5:19 am    Post subject: Reply with quote

Goremit currently offer 151:1.
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Pitarou



Joined: 16 Nov 2009
Posts: 1043
Location: Narita, Japan

PostPosted: Sat Apr 06, 2013 11:54 am    Post subject: Reply with quote

OneJoelFifty wrote:
Thanks for that, I also have a Shinsei account and was wondering if it would make it easier for me to sign up with Goremit.

I want to transfer 1,000,000 Yen back to England to let it gain interest for a few years, as that doesn't seem to be an option in Japan. I saw someone say that xe.com is a good option, anyone have experience with them?

I think XE have stopped doing business in Japan.
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