Job Discussion Forums

[Master Shake]

Hello,

I'm going to be clearing out of Japan in a few months. I'm looking for an inexpensive way to send money back to the USA. I found GoRemit on Shinsei Bank's website: 2000 yen per transfer. Has anyone used this before?

I've been paid in yen while I've been here, so I also need to covert this into USD. Is it best just to let the bank convert it automatically, or use some kind of money changing service to get a better exchange rate?

Thanks!

[kzjohn]

GoRemit is fine.

Transfer once, rather than smaller amounts, and you'll save on fees.

http://www.reddit.com/r/japanlife/comments/33kkpd/what_is_the_cheapest_and_most_efficient_way_to/

[kzjohn]

And shinsei's rates are as decent as you'll get (as an acct-holder), let them do it.

[mitsui]

Yes but if your bank is small I think you have to pay extra.
I have a credit union account in Vermont and the money has to go to a bank in Maine first, since it can accept international transfers.

The post office bank charges 3500-4000 yen.

How much does Shinsei charge if you have no account?

[Master Shake]

The 2000 yen for Shinsie's GoRemit is the same whether you have an account with them or not.

To send the money, you've actually got to fill out a paper form and mail it in to them, or go in to a branch office. No way to do it online, as far as I can tell.

What a blast from the past. In Europe, it's all online and takes a fraction of the time.

Japan may be advanced in some ways, but banking is definitely not one of them.

[kzjohn]

It may (or may not) be the case with GoRemit, but Shinsei acct holders can register one destination acct. So that first time you have to go to a branch and fill out the paper, but on that there is a small check box to mark.

Then you can call and do it. It's not all that fast--what with being on hold for a while waiting for service in English, and then listening to them reconfirm the bank details, and then answering BS questions about whether the money has any connection to Iran/DPRK...

...but it's certainly better than having to go in and do the paperwork over again.

If your destination bank is smaller (or maybe even if it's just any bank!), there are two possible fees along the way. Your destination bank may have a charge for incoming wired funds, and there may also be a fee charged by an "intermediary" bank who routed the money to your bank. Those fees are flat costs, and not related to the amount being sent, so sending fewer/larger transfers is more cost effective.

[Master Shake]

I'll try to send as few transactions as possible.

Has anyone used Japan Post Office's money transfer service for comaprison's sake?

The account I'll be sending money to in the US is in US dollars. Do I have to convert the yen first, or will it happen automatically during the transfer?

[mitsui]

Yes but it is time consuming. They want to be sure the money is not going to North Korea, and it seems when I do it I get some kohai who has never done this before and has to ask the boss.
They are so concerned that they not make a mistake.

Yes first you must convert the money. The yen is weaker so I can send less than I used to. It also is not automatic. It took at least two full days.
I think I did it on a Thursday and got confirmation on a Tuesday morning,
maybe because my credit union in Vermont is not used to this.

[G Cthulhu]

Japan's banking system is a lot better than US retail banking, that's for sure. Try sending money from most US banks and they will look at you like you're insane.

Anyway, have the bank in Japan convert the money first. The bank in the US can convert, but they will always (always!) have a worse rate than the bank in Japan offers. Find out if your bank in the US has a SWIFT code. If they do, ask the bank in Japan to do a SWIFT (or IBANN) transfer, not a wire. It's faster (about 15 seconds to get there... (except it's going to a US bank, so they'll withhold the money for 1-3 days anyway)) and cheaper. Avoiding a wire also avoids intermediary banks delaying things and taking their cut out. If the amount is over US$10,000 then expect the Department of "Homeland Security" to stop the transfer and hold it for 3-10 days as well while they decide if you're an Evel Twerrorist. 50/50 chance on that front in my experience.

[HLJHLJ]

I used to use GoRemit for smaller amount and the Post Office for larger amounts. There wasn't a lot to choose between them, but there were limits with Shinsei that triggered additional security checks. I was sending it back to the UK and the exchange rate was about the same for them both, I didn't have to convert it elsewhere first.

The only problem I had with the Post Office was that you have to declare what the money is for, and your answer has to fit into one of their tick boxes. I sent it to pay a tax bill, and that was OK, but when I tried to just send it as savings, that wasn't OK. They wanted me to say the money was for my mother's expenses. I can't remember what it went through as in the end.

[kzjohn]

I've been sending money for years, most recent years using Shinsei. When asked, I've always said that it's going to my own account. (from there it goes to pay other bills, via personal checks) That's never been questioned, nor has there been any hiccough.

Also, I have occasionally sent well over 10k and have never been queried on that, nor have I noticed that the funds have been in any way 'held' by homeland security, or any other US agency. I'd call BS on that. (OTOH, I am completely up front and honest with both the US and J tax agencies regarding all my assets/income, so maybe that makes a difference? )

[Master Shake]

I've used Go Remit a couple of times now and found it really fast and easy to use. The money arrived at the US account in 24-48 hours both times. No issues with larger sums being held up.

The only tricky part was setting up the transfer from my Japanese bank to the Go Remit account. The instructions they sent me weren't accurate and I had to call them to straighten it out.

But I'd recommend this transfer service, especially now with the yen higher against the dollar.

[Chris21]

Money can be transferred through an ATM with Shinsei (as long as the destination account is registered). I use their service all of the time to send USD and CDN dollars to Canadian bank accounts. Their rates are good, using an ATM is very convenient, and transfers are fast. I just sent 300k ¥ on Tuesday, and it was showing up in my Canadian bank account by Wednesday morning.

It can be from any ATM. I use Mitsui-Sumitomo.

[Rooster.]

SBI Remit is what I like. It does require you to go pick up the money from a location and then deposit in your account so you unfortunately need someone in America.

You are able to use Family Mart to send money which is very convenient.

[ssjup81]

I too have a credit union account and want to send some money home easily...whenever I have some extra to send back. I have a Japan Post account though, will it make a difference?