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johncanada24
Joined: 19 Oct 2006
Posts: 119
Location: Canada
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 Posted: Mon Feb 12, 2007 6:49 pm Post subject: Posts 4 Cheapest Way to Send cash From Japan Has it changed? |
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I've gone through a couple of old threads on here but I want to make sure nothing has changed in terms of the best and cheapest way to send money from Japan.
We all know it costs around 30-50 bucks per tranaction for wiring money to north america if you go through some japanse banks.
So far I was suggested to open an account with Citi Bank here in Japan and tranfer money from Japan Citi bank to north america Citi bank. But since I'm a canadian citizen I can not apply to the USA citi bank online I would have to fly to the nearest office in Toronto which is a 3 hour flight.
All I want to do is to be able to make my minimum payments every month for my debts online. Has anybody found an easy and cheap way to accomplish this? Thanks in advance.
Last edited by johncanada24 on Mon Feb 12, 2007 9:57 pm; edited 1 time in total |
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canuck
Joined: 11 May 2003
Posts: 1921
Location: Japan
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| Posted: Mon Feb 12, 2007 9:18 pm Post subject: Re: What's The Cheapest Way to Send Money From Japan ? |
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| johncanada24 wrote: |
I've gone through a couple of old threads on here but I want to make sure nothing has changed in terms of the best and cheapest way to send money from Japan.
All I want to do is to be able to make my minimum payments every month for my debts online. Has anybody found an easy and cheap way to accomplish this? Thanks in advance. |
You're the first person ever to ask this.  Nothing has changed.
http://www.eslcafe.com/forums/job/viewtopic.php?t=41455&highlight=send+money
Or even better, from the FAQ #18
http://www.eslcafe.com/forums/job/viewtopic.php?t=3788&sid=9ef98eb4eb151ab3e86d6fd0fe960c12
| Quote: |
18. How do I send money home?
In Japan, bank interest is exceptionally poor -- less than 0.5% on any account. If you do set up such an account though make sure you have enough money on hand to cover any possible emergencies. Bank hours are about the same as in the US -- they close at 3PM on weekdays. Most have ATMs, but outside of central Tokyo they close around 6 PM or so. Also, you can save money just like banks through the post office. The P.O. is open til 4:00 (their ATMs until 9:00 weekdays, 5:00 Saturdays), has slightly better interest rates, and vastly more offices than any of the banks. Being a foreigner, you probably can get by without an inkan in establishing an account, but if you get one and use it once you'll be forever required to use it. It is the same as your legal signature -- take VERY good care of it.
Checks in Japan are nearly unheard of for consumer transactions. People use cash and credit cards. Credit cards are generally accepted only at larger department stores and hotels, as well as shops that handle a lot of tourists. Generally smaller shops and supermarkets do not accept them. But it's now possible to withdraw money using a Visa, AmEx, Mastercard, Cirrus, Maestro, Plus, or Electron affiliated card at some ATMs and post offices, as well as Citibank.
Japanese banks do offer one big convenience, though. You can automatically have your bills for utilities paid through bank transfer. This will save you the hassle of paying the bills yourself. Just fill out the necessary forms from your utility company. You can revoke this power at any time, and you'll get a receipt through the mail of what was deducted. If you choose not to do this, you can still pay your bills through the post office, or almost any convenience store if it's not overdue.
In some cases though you may have to send it through a bank, which takes about 4-7 days. If you have a Citibank account with over a million yen you can send the money for free to any bank account through the Internet Banking System. Simply download and mail in their recipient registration form to a Citibank administration center first. Another alternative is through GoLloyds, which has a 2000 yen fee (kokusai soukin tesuryo) per remittance. Through a Japanese bank, the fast way is direct electronic transfer, which costs 2500-7500 yen, and maybe more when it reaches its destination from the receiving bank(s). The smaller the bank you send it to, the more times the money bounces around from one bank to another and incurs service charges. A cheaper way is the bank mail transfer, which takes up to a couple of weeks. The costs are around 2500 yen, but vary from bank to bank. A US bank must inform the US government anytime over $10,000 is moved, so frequently depositing more than US$10,000 in an account might attract government scrutiny and increase the chance of a tax audit by the IRS. Since 1986 to willfully attempt to circumvent the bank's $10,000 reporting law (e.g. sending several blocs of $9900, etc.) is also illegal and a bank can inform the government voluntarily anytime they wish. |
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G Cthulhu
Joined: 07 Feb 2003
Posts: 1373
Location: Way, way off course.
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| Posted: Mon Feb 12, 2007 9:22 pm Post subject: Re: What's The Cheapest Way to Send Money From Japan ? |
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Postal remittance is still the chepaest way AFAIK. If you want to go the wire transfer route then www.xe.com (a Canadiac company) offer an international transfer service that has very good rates and very low costs - much cheaper than any other service I've ever seen.
Other than that wire transfers through banks (everyone always mentions GoLlyods, but they're not really all that cheap, nor is the service anything special - other than they won't panic at the sight of a foreigner ;> ) is about it, I thnk - IIRC, there aren't any Japanese banks offering SWIFT transfers any more. |
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johncanada24
Joined: 19 Oct 2006
Posts: 119
Location: Canada
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| Posted: Mon Feb 12, 2007 9:47 pm Post subject: Re: What's The Cheapest Way to Send Money From Japan ? |
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| canuck wrote: |
| johncanada24 wrote: |
I've gone through a couple of old threads on here but I want to make sure nothing has changed in terms of the best and cheapest way to send money from Japan.
All I want to do is to be able to make my minimum payments every month for my debts online. Has anybody found an easy and cheap way to accomplish this? Thanks in advance. |
You're the first person ever to ask this. Nothing has changed.
http://www.eslcafe.com/forums/job/viewtopic.php?t=41455&highlight=send+money
Or even better, from the FAQ #18
http://www.eslcafe.com/forums/job/viewtopic.php?t=3788&sid=9ef98eb4eb151ab3e86d6fd0fe960c12
| Quote: |
18. How do I send money home?
In Japan, bank interest is exceptionally poor -- less than 0.5% on any account. If you do set up such an account though make sure you have enough money on hand to cover any possible emergencies. Bank hours are about the same as in the US -- they close at 3PM on weekdays. Most have ATMs, but outside of central Tokyo they close around 6 PM or so. Also, you can save money just like banks through the post office. The P.O. is open til 4:00 (their ATMs until 9:00 weekdays, 5:00 Saturdays), has slightly better interest rates, and vastly more offices than any of the banks. Being a foreigner, you probably can get by without an inkan in establishing an account, but if you get one and use it once you'll be forever required to use it. It is the same as your legal signature -- take VERY good care of it.
Checks in Japan are nearly unheard of for consumer transactions. People use cash and credit cards. Credit cards are generally accepted only at larger department stores and hotels, as well as shops that handle a lot of tourists. Generally smaller shops and supermarkets do not accept them. But it's now possible to withdraw money using a Visa, AmEx, Mastercard, Cirrus, Maestro, Plus, or Electron affiliated card at some ATMs and post offices, as well as Citibank.
Japanese banks do offer one big convenience, though. You can automatically have your bills for utilities paid through bank transfer. This will save you the hassle of paying the bills yourself. Just fill out the necessary forms from your utility company. You can revoke this power at any time, and you'll get a receipt through the mail of what was deducted. If you choose not to do this, you can still pay your bills through the post office, or almost any convenience store if it's not overdue.
In some cases though you may have to send it through a bank, which takes about 4-7 days. If you have a Citibank account with over a million yen you can send the money for free to any bank account through the Internet Banking System. Simply download and mail in their recipient registration form to a Citibank administration center first. Another alternative is through GoLloyds, which has a 2000 yen fee (kokusai soukin tesuryo) per remittance. Through a Japanese bank, the fast way is direct electronic transfer, which costs 2500-7500 yen, and maybe more when it reaches its destination from the receiving bank(s). The smaller the bank you send it to, the more times the money bounces around from one bank to another and incurs service charges. A cheaper way is the bank mail transfer, which takes up to a couple of weeks. The costs are around 2500 yen, but vary from bank to bank. A US bank must inform the US government anytime over $10,000 is moved, so frequently depositing more than US$10,000 in an account might attract government scrutiny and increase the chance of a tax audit by the IRS. Since 1986 to willfully attempt to circumvent the bank's $10,000 reporting law (e.g. sending several blocs of $9900, etc.) is also illegal and a bank can inform the government voluntarily anytime they wish. |
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Can you read english?
I've already read these....
These posts date back To July 06 the other one is for the year 2003.
Is it possible that one would think that maybe it's a little outdated ?
I'm simply confirming that this is still the case in Japan since i know nothing about the country's changes in bank tranactions OR how fast it changes.
again.. your giving me what I don't need
The emphasis here is change if you didn't understand the first time.
thanks for nothing, you might want to read then understand first before you post..?
Last edited by johncanada24 on Mon Feb 12, 2007 9:48 pm; edited 1 time in total |
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Glenski
Joined: 15 Jan 2003
Posts: 12844
Location: Hokkaido, JAPAN
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| Posted: Mon Feb 12, 2007 9:48 pm Post subject: |
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| (everyone always mentions GoLlyods, but they're not really all that cheap, nor is the service anything special |
Banks have always charged me 5000 yen per wire transfer.
The Post Office rates have just gone up to 2500 yen.
Lloyds is 2000 yen.
Why is this not cheaper? |
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johncanada24
Joined: 19 Oct 2006
Posts: 119
Location: Canada
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| Posted: Mon Feb 12, 2007 9:54 pm Post subject: |
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| Glenski wrote: |
| Quote: |
| (everyone always mentions GoLlyods, but they're not really all that cheap, nor is the service anything special |
Banks have always charged me 5000 yen per wire transfer.
The Post Office rates have just gone up to 2500 yen.
Lloyds is 2000 yen.
Why is this not cheaper? |
Yeah I've looked into wire transfers and I've already had this conversation with my Japanese friends. Call me a cheap skate but im looking for something cheaper than that. If I can't then The idea of having it automatically taken from my account is my only option as i heard that this costs nothing. Citi bank seems to be the easiest to work with since it's global and I also confirmed today that citi bank money transfers on EZ - chequing accounts between foreign citi banks are free so thats a plus. But I can't get signed up on citi bank here in north america for reasons stated above. |
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womblingfree
Joined: 04 Mar 2006
Posts: 826
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| Posted: Mon Feb 12, 2007 10:35 pm Post subject: |
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Post office is the cheapest way with the best exchange rate in my experience.
Costs 1000 yen for up to about $1000. |
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Gordon
Joined: 28 Jan 2003
Posts: 5309
Location: Japan
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| Posted: Mon Feb 12, 2007 10:53 pm Post subject: |
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| womblingfree wrote: |
Post office is the cheapest way with the best exchange rate in my experience.
Costs 1000 yen for up to about $1000. |
I have never found that the post office gives better rates than Lloyds, usually 5 yen higher. |
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c-way
Joined: 19 Nov 2004
Posts: 226
Location: Kyoto, Japan
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| Posted: Mon Feb 12, 2007 11:04 pm Post subject: |
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Glenski wrote
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| Why is this not cheaper |
I'm not 100% sure of this, but I've been keeping close tabs on the yen lately to try and transfer my money when the yen makes a push, and I noticed something a little peculiar.
In the Reuters stories about the yen where the yen price is explicitly stated, I noticed that the quote given by Golloyds on the same day was about 0.9 yen higher.
I just checked Golloyds website and then xe.com, and the two rates are 122.25 and 121.838 (USD). Not a whole lot, but it acts as a small commission that adds up if you are transferring hundreds of thousands of yen back home.
NOt sure how the post office and other companies' rates measure up to Lloyds, but I thought that was a sneaky way to squeeze a bit more out of us on top of the 2000 fixed payment.
And speaking of the yen, what a bad time to be sitting on this currency. In the Reuters reports they were saying that the interest rate was suppressing the value of the yen because traders in the foreign exchange market were taking loans in yen and then buying ANY other currency because of the disparity. |
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c-way
Joined: 19 Nov 2004
Posts: 226
Location: Kyoto, Japan
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| Posted: Mon Feb 12, 2007 11:06 pm Post subject: |
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Gordon wrote
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| I have never found that the post office gives better rates than Lloyds, usually 5 yen higher. |
Are you sure you have the decimal right on that, that's a huge difference. |
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johncanada24
Joined: 19 Oct 2006
Posts: 119
Location: Canada
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| Posted: Mon Feb 12, 2007 11:28 pm Post subject: |
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| womblingfree wrote: |
Post office is the cheapest way with the best exchange rate in my experience.
Costs 1000 yen for up to about $1000. |
Actually thats pretty cheap!
Do all types of post offices ...offer this service ? And is it generally the same price between post offices depending on the area in apan? |
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G Cthulhu
Joined: 07 Feb 2003
Posts: 1373
Location: Way, way off course.
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| Posted: Mon Feb 12, 2007 11:34 pm Post subject: |
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| Glenski wrote: |
Why is this not cheaper? |
GoLloyds charge you that as *their* fee. Every other bank that handles the transfer will add on their fee as well. Depending on which bank it is that can add up very quickly. There are a couple of banks i Japan that send on a flat fee basis - the charge is higher at first, but they cover the costs of each additional corespondent bank that is involved. That and the GoLyyods rate is pretty sucky compared to some others.
Obviously, people should use whatever they feel happy with. (I wasn't aware the PO had put there rates up. Thanks for that.  ) |
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Nu
Joined: 29 Aug 2006
Posts: 2
Location: Japan
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| Posted: Mon Feb 12, 2007 11:40 pm Post subject: |
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| Hello! recently I transferred money back to Canada through Lloyds, I was charged 2000 yen by Lloyds, then charged another $10 CAD by CIBC for the transfer, then another $20 by branch bank for receiving the transfer, (which should have been $10?? I contacted the bank and they don't know why they charged $20, still trying to sort it out.) So, in total I had to pay $50CAD for 1 transfer. |
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womblingfree
Joined: 04 Mar 2006
Posts: 826
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| Posted: Tue Feb 13, 2007 12:21 am Post subject: |
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| johncanada24 wrote: |
| womblingfree wrote: |
Post office is the cheapest way with the best exchange rate in my experience.
Costs 1000 yen for up to about $1000. |
Actually thats pretty cheap!
Do all types of post offices ...offer this service ? And is it generally the same price between post offices depending on the area in apan? |
I think it's a standard rate.
It's been a couple of years since I did it though but the rate didn't change in the 3 years I was doing it. I used the post office in Ikebukuro. |
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canuck
Joined: 11 May 2003
Posts: 1921
Location: Japan
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| Posted: Tue Feb 13, 2007 12:32 am Post subject: Re: What's The Cheapest Way to Send Money From Japan ? |
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Actually, you are the one that is really silly. Not only is it you who has trouble reading English, but you also pull this:
| johncanada24 wrote: |
| Last edited by johncanada24 on Tue Feb 13, 2007 6:57 am; edited 1 time in total |
| johncanada24 wrote: |
| Last edited by johncanada24 on Tue Feb 13, 2007 6:48 am; edited 1 time in total |
Everyone here has also provided you with similar information to what I provided you with. Yet, you insist on firing insults and your typical "newbness." is really showing. It's alright...we're here to help.
| johncanada24 wrote: |
| thanks for nothing, you might want to read then understand first before you post..? |
What part of
| canuck wrote: |
| Nothing has changed. |
did YOU not understand?
| johncanada24 wrote: |
I've already read these....
These posts date back To July 06 the other one is for the year 2003.
Is it possible that one would think that maybe it's a little outdated ? |
The FAQ thread is clearly labeled. What part of "(revised 27 January 2007)" do YOU have trouble understanding? |
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