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GIBBY
June 11th, 2007, 00:54
Just wondering if anyone has used it to send money home and if it's a good idea. Other than the fees they charge it seems like a pretty hassle free way of getting your money home.

nuttybuddy
June 11th, 2007, 02:51
Did you just read about it the handbook JETAA sent you?

Hyakuman
June 11th, 2007, 04:00
haha, actually i've read about lloyds in the g.i.h. and from some other places too. it sounds like a pretty decent way to send money home rather hassle free. i have to send money home maybe once a month (or once ever two months) to pay for my student loans and what not. normally i'd use a wire transfer at a bank, but 5000 yen is a little steep for my liking.

so i wouldn't mind some information on this too, anybody whose used it, let us know! :smt008

dombay
June 11th, 2007, 06:07
Yea Lloyds is pretty ok.

The fee the bank at home charges is a right bastard though. 30 bucks for bloody westpac to do absolutely nothing much with my money. Rip off.

Then there is a furikomi fee (about 5 bucks) and the lloyds fee which is also pretty exorbitant.

It makes sense to sned money back in big chunks if possible.

fragglerocker
June 11th, 2007, 06:10
Is it advisable to set that up before we go or can it easily be done out there?

Hyakuman
June 11th, 2007, 06:31
i think you set it up on the internet, but you need a japanese address...

dombay
June 11th, 2007, 06:39
Yea you apply online (you do need a japanese address) then you need to go down to bumufukukenginko or whatever your local bank is called and set up furikomi. Furikomi is bank to bank transfers. Cute little system that replaces internet banking but is actually pretty convenient once you get used to it.

The way it worked with me was that they gave me a letter in jgo and i showed it to the bloke at the bank and he did it for me. This is advisable because japanese ATMs can do fly to moon, transport you back in time, in fact do everything except have convenient opening hours and are thus unbelieveably confusing.

Remember that between Tokyo, your prefectural orientation and JET email lists this subject is going to be covered over and over again.

Hyakuman
June 11th, 2007, 08:23
yeah, that sounds pretty right... but if you're up to the challenge you can set up the furikomi right at the atm. it can also give you a special atm card that you can just pop in and it automatically pulls up the schematics for the furikomi you set up. i'm sure you can get a card that pulls up the schematics for the pentagon and nasa's next flight-to-the-moon schedule too (the atms are that advanced)! 8O

i'm still kinda wondering about how long it really takes... like a wire transfer to canada is usually there in about 2 business days!

az
June 11th, 2007, 09:05
When I furikomi with lloyds it usually gets there the next working day. I really hate the fees; 500 yen furikomi fee, 2000 yen lloyds transaction fee, 30 dollars when it gets to my bank and lloyds has a shit exchange rate- but I have found NO OTHER WAY to get money to New Zealand short of sending it in the post (is that legal?) , so I have to use lloyds :(

kiki
June 11th, 2007, 09:26
I always send post office money orders, and I've never had a problem.

az
June 11th, 2007, 09:32
Can't send money orders to NZ- I've tried

kiki
June 11th, 2007, 09:39
Hmm, I didn't know you couldn't.

I do know that it takes three times as long to send the money orders to Canada as it does to America, though why that is the case, I couldn't say.

Hyakuman
June 11th, 2007, 09:40
Hmm, I didn't know you couldn't.

I do know that it takes three times as long to send the money orders to Canada as it does to America, though why that is the case, I couldn't say.

haha, easy answer to that one... canada post! the worst postal service on the face of the planet!

psychohistoric
June 11th, 2007, 09:41
I use Lloyds because it's the only method I've found to get my money home without having to bother someone at home to help me. If you have a account at Washington Mutual then the transfer fee is only 10 dollars. 2000 yen flat rate for Lloyds regardless of how much you send. My bank here charges different furikomi fees for different amounts, but I can't remember every paying more than 400 yen. Plus, the big bonus with Lloyds is that if you transfer the money before 3pm Japan time it will be in your account on the same day. Great if you need money at home quickly.

Signing up is really easy. Just pick up an appication at the Tokyo orientation and fill out the enclosed form. If you forget at TO, or they don't have them for some reason, just go online and take care of it there. They'll send you instructions back in English and Japanese. Just take the Japanese instructions to the bank and have someone help you, like dombay said. You can have a card made so that everytime you send money home via Lloyds you can just slip the card into the machine instead of having to navigate all the kanji and enter all then information again.

The cheapest way I've seen to get money home is via a postal money order. Just buy a money order at the Post Office and send it home. Unfortunately, I think you have to have a family member deposit into your account, so this method is slower and you have to hassle someone else, too. This may be even more a hassle if you've got a smaller bank and they're not used to dealing with international money orders. There was a girl whose bank (a small credit union) refused to take the money orders for the first two months because the tellers her mother was dealing with didn't know how to process an international money order. If you choose to use this method make sure you insure the money order. A guy here in town sent 20 man home this way and the money order never showed up.

kiki
June 11th, 2007, 09:49
Hmm, I didn't know you couldn't.

I do know that it takes three times as long to send the money orders to Canada as it does to America, though why that is the case, I couldn't say.

haha, easy answer to that one... canada post! the worst postal service on the face of the planet!

Canada Post is not that bad...

Saben
June 11th, 2007, 11:22
Canada Post is not that bad...

Everyone thinks their own postal service is the worst on the planet.

psychohistoric
June 11th, 2007, 12:10
Canada Post is not that bad...

Everyone thinks their own postal service is the worst on the planet.

I don't. I've always found the USPS to be quite good. Much more reliable than UPS. Japan's also seems to be quite timely and efficient.

az
June 11th, 2007, 12:21
Really? How long does it take you to get mail from Jap to US, it takes about a week for NZ

psychohistoric
June 11th, 2007, 13:53
The last thing I sent was some shochu to my dad and it took 6 days. That was the regular groud mail. I can get stuff there in 2 days (or so I'm told) if I'm willing to pay out the ass for it.

nothing123
June 11th, 2007, 14:11
When I furikomi with lloyds it usually gets there the next working day. I really hate the fees; 500 yen furikomi fee, 2000 yen lloyds transaction fee, 30 dollars when it gets to my bank and lloyds has a shit exchange rate- but I have found NO OTHER WAY to get money to New Zealand short of sending it in the post (is that legal?) , so I have to use lloyds :(

I can't think of any reason for that to be illegal, unless you're sending a monolithic sum of money which you should have to declare and pay tax on.

Just send a jumper home, and tape some cash to the inside so that it doesn't get found if some sticky fingered bastard at the post office decides to have a gander at what's in your parcel.

HellaBAD
June 11th, 2007, 14:21
Has anyone considered paypal, or do they have some crazy fees that I don't know about?

mteacher80
June 11th, 2007, 14:27
i thought about it, like setting one up with my american and japanese accounts, but the transfer rates and international transfer rates make it even more expensive than a normal postal transfer.....

I just usually buy TC when the exchange rate is resonable and then bring them home or send them home with a friend or relative after they come to visit, i know taht cant always happen, but it seems to be the cheapest way...

1492
June 12th, 2007, 14:47
Yeah, I need some help here too. Apaprently South Africa is part of the Great Unknown, so neither the post office nor Lloyds will send money there. The only method I've come up with is physically changing the money to travellers cheques and taking it with me when I visit home. Problem is, that's once a year or less.

az
June 12th, 2007, 15:30
Llyods ca't send money to these countries


Please note that we are currently not able to send funds to the following countries:
Cuba, Libya, Iraq, Sudan, Iran, Nigeria, North Korea, Myanmar, Syria, Angola, India, Nauru, Democratic Republic of the Congo, and Afghanistan.

So, since South Africa isn't on the List- I'd assume it'd be fine??

dombay
June 12th, 2007, 15:51
I htink they can send to South Africa but you have to do it in US dollars? Call them.

fenyx66
June 13th, 2007, 11:25
I used to send money home by the post office, cause it was the cheapest way. But the people at the office next to my house weren't used to sending international money orders, so it would take a really long time, first I would fiill out the apps and if I made even one mistake, I'd have to start all over again. One time, it took three times. Then they realized they gave me the wrong form, and then after that, it took them a long time to do something on the computer. And then I had to address an envelope and mail it to a relative to deposit into my bank.

then I switched to lloyds and every month on payday, I just go to the atm, stick the furikomi card into the machine, and 10 seconds later, it's finished. a day or 2 later, I've got my money directly in my account at home, and in total, the fees are around 3500 yen (2000 for lloyd, around 500 for the furikomi and 1000 that my bank charges me in the states). A week later, I get a statement from lloyds in the mail and it tells me the exchange rate and some other info.

1492
June 13th, 2007, 13:21
okay, maybe it changed, I'm sure when I checked last year, SA was on the Timbuktu-list

mteacher80
June 14th, 2007, 13:23
This sounds like a great option espically for those jets that are leaving for good and want to bring the rest of their money with them......


After 3 years of living here I have finally looked into sending some cash home. I found the Visa TravelMoney card which seems the perfect solution to taking/sending cash overseas.

Here's what I understand, if anyone has anything to offer I would love to hear about it.

Firstly you buy a Visa TravelMoney card from a retailer in Japan (I've listed a couple below). A TravelMoney card is basically a prepaid visa card. You load the card up with your Japanese yen (there is a minimum purchase of around 3man). The card then has a pin number loaded onto it (obviously selected by you).

From there you can take the card overseas (home), and use any ATM which accepts visa to withdraw funds in the local currency. The exchange rate is the same as Visas normal credit cards rate (very reasonable (better than lloyds)) and a single transaction fee of 500yen (or there abouts) is charged.

The card incurrs no other fees. There is no set-up fee.

All funds loaded onto the card are monitored electronically. So if you lose your card you don't lose your money and you can also check your funds over the internet.

You can 'reload' funds on the card whenever you wish.

You can have more than one card issued (so if you want to send one home, someone trusted can withdraw money when you ask them). Or if you are travelling and you lose a card you can still access your money with the second one.

You can choose when you want to withdraw money (ie when the exchange rate is favourable). You can leave the card charged for as long as you wish (years if you want. Other countries versions of TravelMoney charge a fee (about US$8) if the card is unused for 12 months. This doesn't happen in Japan).

You can get the cards at the following places...(plus others, any travelex affiliate will have them)

c/o Nippon Travel Agency TiS Kyoto
JR Kyoto Station Central Exit

c/o Nippon Travel Agency TiS Osaka
JR Osaka Station
3-1-1 Umeda, Kita-ku
Osaka, 530-0001
So from what I can see this would be a great solution for most JETs. And what makes it better is that you can also use the card when you decide to hit up other countries too. If anyone has ever used one of these cards please let me (and everyone else) know what you thought.

az
June 14th, 2007, 13:47
That sound like a fantastic option if there are really no other fees...

BarcelonaDude
June 14th, 2007, 13:58
So is this the way I would go about paying my US credit card bills? Or do we get a bank set up in Japan and can pay for at-home bills that way?

mteacher80
June 14th, 2007, 14:03
yeah my mom dad and brother are coming on tuesday, and i will check this out when they are here, coz if there really are no fees, i will put about 500,000yen on a card and send it home wiht my mom........

so in about two weeks time i will be able to give a personal account about if this works or not!

az
June 14th, 2007, 14:09
I googled the card and found the USA version and fees- but to be honest they look tiny, compared to lloyds

Additional Card Fee $2.00
Reload Fee $2.95
Reload Fee via Helpline $15.00
Cash out Fee at your Travelex Branch or via Helpline $15.00
Domestic ATM Withdrawal Fee** $2.50
International ATM Withdrawal Fee** $2.00
Over the Counter Withdrawal Fee $10.00
Balance Inquiries Fee at ATMs or via Helpline $0.50
Paper Statements Fee per Month $2.00
Maintenance Fee*** per Month $1.25
Foreign Exchange Mark up 7%
Card Replacement Fee $5.95
Overdraft Fee $15.00

* Limits and Fees are subject to change.
**Some Visa ATM operators/merchants may charge an additional fee.
***Debited to your account if your card has not been used for more than 12 months and until your account is closed, the balance has reached zero or use (including credits) has resumed.

tash_bert
June 14th, 2007, 15:56
This sounds like a great option espically for those jets that are leaving for good and want to bring the rest of their money with them......


Visa Travel Money Card stuff..


Hey Mark, where did you read about this? Do you have a link for the Japanese card? I googled but could only find masses of stuff on the US card, nothing for Japanese providers. I don't live anywhere near a Travelex, Kyoto or Osaka, so was looking to see if online application is available etc.

Cheers.

mteacher80
June 14th, 2007, 16:42
a friend of mine just posted it in another forum i go to, ill try and talk to him later and ask if he knows about a japanese site....

Tealeaf
June 15th, 2007, 13:18
This may be a stupid question but why can't you just initiate a wire transfer from your Japanese bank account to your home account? Is there some kind of international banking law that says you have to have an intermediary like Llyods?

Zee
June 15th, 2007, 13:34
I don't quite remember the specifics of how a wire works (been a few years since I worked at a Credit Union and took finance classes), but I'll give it a stab. Domestic US wires are done through the Federal Reserve system as all banks are linked to it and can thus communicate with each other. An international wire would require a separate mutual system that your local bank might not be a part of. I believe that this is where Lloyd's steps in as common territory.

mteacher80
June 15th, 2007, 14:03
direct wire transfers are possible but are the most expensive of all the ways to transfer money.

Hyakuman
June 15th, 2007, 14:41
direct wire transfers are possible but are the most expensive of all the ways to transfer money.

yeah, most japanese banks charge somewhere in the area of 5000 yen per transfer. but you can definately send the wire. lloyds seems a little better due to being overall cheaper.. i dunno how good the rate for lloyds is tho...

natsume
August 20th, 2007, 02:45
The cheapest way I've seen to get money home is via a postal money order. Just buy a money order at the Post Office and send it home. Unfortunately, I think you have to have a family member deposit into your account, so this method is slower and you have to hassle someone else, too.

Not true, if you arrange with your home bank to deposit these directly into your account. A good friend of mine did this when he was on JET. It may be a bit of a hassle, but I would rather have all those transfer fees in hand rather then giving it to the bank. Between Lloyd's and my bank, that would be about $40 a month, rather than about $5-6 doing it with the postal money orders. I think this is the way I am going to go.

dombay
August 20th, 2007, 05:49
My bank, which is the biggest bank in Australia, had no conceptulatisation of WHY anyone would want to do this.

If you can sure, but a lot of banks won:t.

popsiclestand
August 24th, 2007, 09:40
For any of you looking to send money home the cheapest, I just sent home about $1350 out of my first paycheck through XETrade. The total cost for the transaction, including the spread between the day's average trading rate and what I actually paid for my dollars and all furikomi fees and delivery to my US bank account, was 1,697 yen.

This is my first time using the service, but it was rather painless. I used the ATM (with special instructions, not the ones they give you on the site - PM me if you want more details about this) to do it yesterday and it is already being delivered to my US bank account. Should be there tomorrow.

All in all, rather painless and seemingly the cheapest option I have heard of so far.

XETrade charges no fees at all. They make their money on the spread between what they buy the currency for and what they sell it to you for. Mine was about 1 yen higher than the daily average -- though I'm sure XE bought it much cheaper than the daily average. Still, it's hard to find a better deal.

Also, their bank account is located in Japan so you can do a cheap domestic transfer through an ATM and not the expensive international transfer. They deliver EFT to your US account which, for most banks, is free.

1795
September 9th, 2007, 22:30
bump for payday

Hey, popsiclestand, any follow-up on the XE-trade money order? How did it go? Was it really as cheap as you thought it would be? comments?

popsiclestand
September 10th, 2007, 07:54
It really was as cheap as I had planned. At $16 and some change for the total cost of the transfer. About $4 of that was the cost of the furikomi from my bank in Japan to XE's' bank account in Tokyo. The rest was the spread between the day's quoted rate and what rate I got from XE for my transfer. No charges from my own bank to receive the transfer (EFT). I initiated the transfer on a Thursday. The money was in my US account on the following Monday. I think if I had initiated the transfer earlier in the week, it would have been something like 2 or 3 days, but I had to account for the weekend.

Pretty hassle-free transaction. Was able to do it at the ATM with the help of a bank clerk (because I can't read Japanese yet).

Powers
September 10th, 2007, 10:58
I signed up for XE-Trade today, after getting fed up with GoLlyods online application process. What were the special ATM instructions you mentioned?

1795
September 10th, 2007, 17:19
It really was as cheap as I had planned. At $16 and some change for the total cost of the transfer. About $4 of that was the cost of the furikomi from my bank in Japan to XE's' bank account in Tokyo. The rest was the spread between the day's quoted rate and what rate I got from XE for my transfer. No charges from my own bank to receive the transfer (EFT).

How does their rate compare to the daily mid-market rate? Better than banks? My bank takes three yen on the dollar from the mid-market rate. ie if the quoted exchange rate online is 115yen/$ then I can buy dollars for 118yen/$ or sell for 112/$.

popsiclestand
September 10th, 2007, 20:14
I think it's the same or cheaper. If I remember correctly, I paid 118 to the dollar and the mid-market rate for the day was 116. When I was telling you that it cost me about $16, I was calculating in the difference between the mid-market rate and what XETrade actually charged me as well as the cost to do furikomi within Japan. XETrade charges nothing. The transfer from their Japanese bank account to your American account costs nothing.

I should state, however, that I have heard the difference can be as much as 3 yen sometimes. I made my purchase in the middle of the day and I think what happened was that the yen actually strengthened from the time I made my purchase till the close of the market that day, so I lucked out a bit.

popsiclestand
September 10th, 2007, 20:35
I signed up for XE-Trade today, after getting fed up with GoLlyods online application process. What were the special ATM instructions you mentioned?

Ah, it's kind of hard to explain, but I'll give it a try.

When you finish signing up with XETrade and get your account all set up and ready to transfer, XETrade will tell you that you have to initiate an "International Wire" transfer from your bank. DON'T DO THIS. It will end up costing you 4,000 yen or something for your bank to do this.

Instead, print out the confirmation/information sheet page that you will get once you initiate the transaction with XETrade. The information on it will have the name of the XETrade's Japanese bank branch (Bank of America), its location (Tokyo), and the name of the account (Customs House Limited or something) and the account number. It will also have a confirmation number for your transaction with XETrade (a sort of reference number).

Take this to your bank (with your supervisor if you don't speak/read Japanese). Tell them you want to initiate a "domestic transfer", a furikomi. Have them look up Bank of America, Tokyo Branch. Make it very clear that you are sending yen to a bank inside of Japan and that you want it to be received in yen. You shouldn't have to fill out any paperwork or anything for this.

In my case, the clerk took me to the ATM. She initiated the furikomi and found the bank of America, Tokyo branch selection for me. After that, I was asked to put in the account number. XETrade will send you two account numbers. One is for international transfers, one is for domestic transfers. The domestic one is the shorter one, a number that should be 1484011. Then you are asked to put in the name on the account. Put in these exact words: "CustomHouse Currency Exchange LTD NonRes JPY".

If you do not put in the "NonRes JPY" part your money will be returned to you. CustomHouse (XETrade) is not considered a traditional japanese account and you must indicate such in the name.

Anyway, after that, there's a part where you would normally put in your name. Instead, put in the confirmation number.

Hit send or whatever and that should be it.

On a side note, make sure you tell the clerk (or your supervisor) that you want to pay for the charge of the furikomi. Otherwise, it will come out of the money that you are sending. The charge for my bank was 472 yen. Your bank may be more or less or even free.

I think that about covers it. Let me know if you have any questions.

PS - Make sure that you indicate, when setting up your transaction online, that you want to send your funds to your US bank account as an EFT (Electronic Funds Transfer). This is 99.9% of the time free for all banks in the US. If you do a wire transfer or something, it will probably cost you. If you want to send the money to someone whose account is not connected to your XETrade account, you can also have a check delivered to them.

PPS - The XETrade account setup can be a little bit of a headache. You have to fax them a clear copy of your passport and drivers license. Mine never went over clear enough, so I ended up taking pictures of them with my digital camera and emailing them that way.

Zan
September 10th, 2007, 20:44
aaah, I'm guessing this wouldn't work for people wanting to send money to other countries if it's just Bank of America?

popsiclestand
September 10th, 2007, 20:52
Let me do some research on that, Zan. I like finding cheap ways around things.

dombay
September 10th, 2007, 20:57
What happened to the paypal thing where you paypal a mate back home and they transfer the money for you to your bank?

Does that still work? If so i'll get my sister onto it!

popsiclestand
September 10th, 2007, 21:03
So, Zan, I just got off the line with XETrade. Unfortunately, it's not as cheap for UK people because UK banks don't accept EFTs. The cost for XETrade to send a wire transfer is 10.00 GBP. The process is still the same for initiating the transfer, however. You would just choose wire instead of EFT for delivery of funds.

I estimate that your total charges might range somewhere near 13.00 GBP in fees, plus the spread between the mid-market rate and what you're charged if you want to count that.


Just thought of this: Perhaps you can get around the wire fees by having funds delivered by check if that's possible. I'm not sure since the banking systems are different than the US.

Sciby
September 10th, 2007, 21:16
What happened to the paypal thing where you paypal a mate back home and they transfer the money for you to your bank?

Does that still work? If so i'll get my sister onto it!

Well, I was pondering this. You're allowed two Paypal accounts, one normal and one "international", so I have one registered to an australian address with connections to an australian bank account and credit card, etc.

I also have one "based" in Japan, that wants a japanese bank account, so one would assume that if I had a jap bank account, I could forward funds from it via ScibyJapanPaypal to my ScibyAustraliaPaypal account and so on.

I did look at it like 6-7 months ago, so your mileage may vary.

Edit:
http://www.paypal.com/cgi-bin/webscr?cmd=_display-approved-signup-countries-outside
Send. Receive. Withdraw to a Local or U.S. Bank Account.
Send and receive payments in these countries. Withdraw from your PayPal account to your in-country bank account or to a U.S. bank account.

I suspect this means to get money from Japan to Oz that I'd need a paypal account with a us bank account, and do a threeway transfer. It's almost tempting to see if I can get a US bank account and try it out...

Thundryn
September 10th, 2007, 21:29
The big problem with paypal is that you can only directly deposit $500 from your paypal account into your bank account every month. There are other methods of getting money from your paypal account such as having them send you a check or withdrawing from an ATM using your paypal credit card, but as a way of transferring money from Japan to a foreign bank, the monthly cap is a pain to deal with.

1795
September 10th, 2007, 21:39
The big problem with paypal is that you can only directly deposit $500 from your paypal account into your bank account every month. There are other methods of getting money from your paypal account such as having them send you a check or withdrawing from an ATM using your paypal credit card, but as a way of transferring money from Japan to a foreign bank, the monthly cap is a pain to deal with.

Apparently you can transfer more that $500 if you consider the money a "service" instead of "goods". My tenant in my house back home pays the rent this way.

Zan
September 11th, 2007, 09:03
I read somewhere that you can only withdraw money with a japanese account rather than send (or something like that). A person who wanted to do the paypal to paypal thing checked it out I think.

Powers
September 11th, 2007, 09:28
I tried to do Paypal and that was exactly the problem. It was very easy to take money out of a US bank account and deposit it in a Japanese one, but IMPOSSIBLE, (I confirmed this over the phone) to withdraw money from a Japanese Bank Account, and deposit it in a US one.

As for XE Trade, popsiclestand, I will be depositing into a Canadian account, which I believe accepts EFT, do you know for sure? Working on all the paperwork right now...

Ini
September 11th, 2007, 09:42
What the hell do you people do all month? Sit at home in the dark eating pot noodles? I would send 1000 dollars out the country every month but I always end up spending it on crazy things like electricity, rent and food.

Powers
September 11th, 2007, 10:35
electricity, rent and food.

We don't all eat caviar and kobe beef; my necessities like rent and food and utilities come to $1500/month, my car is provided by the BOE, and so my only other cost is alcohol, random purchases etc., so let's say another $500. (Gotta love inaka sometimes) Besides luxuries like travel or a new snowboard sometime this fall, I still have a fair bit to send home...but most of it is going to student loans. :(

Powers
September 21st, 2007, 13:25
Hate to double post, but I was hoping you could clarify somethng popsiclestand. So my account has been confirmed and I am trying to set the bank accounts into it. I am adding two EFT accounts, (one to parents, one mine) which seems easy enough; however how do I find out the account info for XEtrade's japanese bank so that I can send money to it?

popsiclestand
September 21st, 2007, 22:43
Sorry to be checking on here so long after your post, but they'll give you those details after you place your trade. Both in the screen after you've finished and they'll email you the details.

Use the shorter number the 14.... number because that's the account number for domestic trades.

You place your trade, they put it on hold until you go to your bank and make the transfer, then they process the trade. You have three days from the time you place the trade request to the time you need to transfer your funds or you will incur some sort of fee.

Today was a good day to place trades as the mid-market rate was good and so was xe's selling rate. I made the mistake this time of placing my request really late at night on a thursday and the rate was bad (in my opinion). Wish I had just waited until today to do it all.

popsiclestand
September 26th, 2007, 15:46
Hey Powers, I was curious to know how your transfer with XETrade worked.

Powers
September 27th, 2007, 13:24
Still waiting on some bank account details from home; God parents are slow!

popsiclestand
September 27th, 2007, 16:46
Lol, hang in there.

yeulih
September 27th, 2007, 17:12
So, I've reached the point where xe.com calls me to confirm the bank details. However, I am confused as to exactly what banking info do they need from me.

They are asking for:

Account number (ok)
Transit number (?)
Routing number (?)

I've got a bank number and a branch number for the Yamanashi Chuo bank. Is this enough?

popsiclestand:
Once my xe account is set-up, can I transfer the money to xe.com's Japanese branch w/o asking the bank clerk? I would rather do it myself than try to communicate with my bad Japanese.

neo_relina
September 27th, 2007, 21:46
Hey, I had trouble with that. I just read all the numbers on my bank book to them... Hahaha... Good luck! I still don't have my account finally set up.

popsiclestand
September 28th, 2007, 00:42
The banking details are not for your Japanese bank, but for your bank back home. They want to know what bank to deposit funds into, they don't really care which bank you are transfering from.

My Japanese bank account is not registered with them at all. They just know its me when I do the transfer for the specified amount and put the confirmation number in the transfer info.

XE will not deposit funds into any bank account that is not registered with them.

popsiclestand
September 28th, 2007, 00:46
So, I've reached the point where xe.com calls me to confirm the bank details. However, I am confused as to exactly what banking info do they need from me.

They are asking for:

Account number (ok)
Transit number (?)
Routing number (?)

I've got a bank number and a branch number for the Yamanashi Chuo bank. Is this enough?

popsiclestand:
Once my xe account is set-up, can I transfer the money to xe.com's Japanese branch w/o asking the bank clerk? I would rather do it myself than try to communicate with my bad Japanese.

You could try yeulih, but it was pretty difficult the first time. My japanese is as bad as it comes and I still managed to make it happen (with the help of my supervisor of course).

I still need some of the teller's help to navigate the screens at the ATM for this type of furikomi -- and I've already done it twice. My bank is small and the ATM does not have an English option. If your bank does have this option, then I would suggest doing a bank transfer and following the instructions as each bank can be a little different for the process.

Also, transit and routing numbers are the same thing and (from what I understand) are only available on American bank accounts. this enables you to do an EFT, which is simple, fast, and free.

They will probably also take a Swift number or whatever is the equivelent to a routing number in other countries.

Japanese bank accounts do not have transit number equivelents as they rarely ever deal (easily) with overseas transfers. I find this ridiculous and frustrating, but there it is. For American accounts, the transit/routing number is the first (something number) digits on the checks in your check book. After that comes your account number.

yeulih
September 28th, 2007, 10:31
popsicle stand,
Thanks for all the help so far. I'm going to be so frustrated if it ends up not going thru in the end. So now I'm supposed to wait for a call on the 1st of OCtober.


The banking details are not for your Japanese bank, but for your bank back home. They want to know what bank to deposit funds into, they don't really care which bank you are transfering from.


Here is the detail from xe. com

When we call, please have the following information on hand:

1. The name of the Bank *from* which you will generally be
sending money to us to be converted.

2. The full postal address of this bank, including zip or
postal code (if applicable) and country.

3. If possible, the name and phone number of a contact at
this bank with whom we can verify this information.

4. Your account number, transit number, and bank code (e.g.
as Swift code, Sort code, USB, Routing Number, BSB, etc.)

#1 to me sounds like it's referring to my Jaapanese bank. Just to be on the safe side, I'll get the info for my U.S. bank too.

*sighs*

popsiclestand
September 28th, 2007, 11:52
Yeulih,

I signed up while still in the US. At that time, I didn't have any idea what my Japanese bank would be. I just told them that I would be transferring from some bank account in Japan to my bank in America. Then they only wanted my US bank information. Perhaps, try calling them (or going to their live chat) and explaining things to them. Because they have a Japanese bank account in Tokyo, they should understand that there is no routing number.

If I were you, I would just wait till they call and tell them that you're not exactly sure of your Japanese bank details as you haven't got your account set up yet, but that you know which bank in the US you will be transferring to.

Incidentally, which address did you give them when you signed up? That might be why they're asking for Japanese info from you. I'm registered under my US address. I never thought about that making a difference until now.

Powers
September 28th, 2007, 14:29
Yeulih, I signed up in Japan as well, and yes, they did ask for my JAPANESE bank details. They didn't care about my CDN bank details, as you add those over the internet later. Your bank account book may have all this info, but you may need to phone the bank to get all of it.

Name of the Bank and Branch Name, Account Number, Address of the Bank, Bank Code (4 digits) and Branch Code (3 digits). They also said they were going to ask for a contact at the bank, but they didn't ask for this over the phone. The phone call comes from New York so I'm not sure what time yours will come at.

they also asked for my home address, had me set up passwords etc.

yeulih
September 28th, 2007, 15:27
Thanks for the info. At least I know they won't be asking me for a routing number with my Japanese bank...

Yes, I did sign up with my Japanese address, since that's the address associated with my phone number.

Powers, have you done the domestic transfer furikomi yet? if so, did you do it by yourself?

meganegaki
September 28th, 2007, 15:33
I'm past the calling stage too and they did take my Japanese bank details on the phone. I added the Canadian banking details via their website and submitted a signed form.

However I'm a little confused about the transfer process itself. I went into 'Basic Trade' and put in the info I was sure about:

Your Exchange Rate Is: 117.10726323
Inverse: 0.00853918
This Rate Is Valid For: ---
You Wish To Buy From Us: 600.00 CAD - CANADA DOLLAR
To Be Delivered By: EFT
Account To Deposit Funds To: RBC Royal Bank - CANADA - RBC
You Wish To Sell To Us: 70264 JPY - JAPAN YEN
To Be Paid To Us By: WIRE TRANSFER (Instructions follow this page)
Funds To Be Paid To: Custom House Ltd.


It says 'instructions follow this page' but I wanted to be sure that this is the right method, because as far as I know wire transfer is NOT the same thing as furikomi. And none of my co-workers seem to know where I'd go to get a wire transfer, so I can't really complete the transaction. u.u Can anybody help?

yeulih
September 28th, 2007, 18:21
You have to get it as a wire transfer otherwise you get hit with the international wire fees. I believe popsiclestand found a way around that and posted it in the other thread.

I just want to get this process over and done with...

popsiclestand
September 28th, 2007, 19:56
Yeulih, I signed up in Japan as well, and yes, they did ask for my JAPANESE bank details. They didn't care about my CDN bank details, as you add those over the internet later. Your bank account book may have all this info, but you may need to phone the bank to get all of it.

Name of the Bank and Branch Name, Account Number, Address of the Bank, Bank Code (4 digits) and Branch Code (3 digits). They also said they were going to ask for a contact at the bank, but they didn't ask for this over the phone. The phone call comes from New York so I'm not sure what time yours will come at.

they also asked for my home address, had me set up passwords etc.

Good info, powers. I had no idea about what they wanted for sign up in Japan. I never gave them any japanese banking details, but it still works.

meganegaki
September 28th, 2007, 22:17
Failure. T_T

I pay my rent and many of my bills by furikomi so I figured I could navigate it OK. However, there was only space for about 20 letters in the "Name of recipient" field. You're sure it wouldn't work if I just put down CustomHouse? T_T

I hate having to ask my JTE -again- because she's come out with me twice already trying to figure out sending money home. Maybe I should send the furikomi from a different bank...who do you bank with, popsiclestand? I'm with Resona.

popsiclestand
September 29th, 2007, 13:01
Failure. T_T

I pay my rent and many of my bills by furikomi so I figured I could navigate it OK. However, there was only space for about 20 letters in the "Name of recipient" field. You're sure it wouldn't work if I just put down CustomHouse? T_T

I hate having to ask my JTE -again- because she's come out with me twice already trying to figure out sending money home. Maybe I should send the furikomi from a different bank...who do you bank with, popsiclestand? I'm with Resona.

I was told by XE themselves as well as others who use the service that just putting CustomHouse is a sure way to getting your money returned to you instead of transferred. Plus, you have to still pay for the furikomi both ways. I bank with Tomakomai Shinkin Bank in Hokkaido.

I would just bite the bullet and ask your JTE again. Get her some omiyage or something for her trouble. At least after that time you can print out a furikomi card with all the info and never need her help again. The bank tellers are also a lot of help even if your Japanese is crap like mine. Just ask them to help you with the ATM and furikomi.

Not sure what to tell you about the not enough letter space though. At my bank, I can put in the whole thing and then some. Are you sure that is the name of recipient field and not just the account number field? At my bank, those two are completely different.

Also, there are two different types of bank transfers. The teller at my bank had to try twice the first go round because she didn't understand the nature of my transfer. One, I gather, is for sending to individuals/companies for payments. The other (the correct one) is for sending money to other people's bank accounts.

yeulih
September 29th, 2007, 15:41
popsiclestand, did xe give you the info about the domestic transfer route? When I was researching banking options, the consensus was that there was no way around the int'l wire transfer. I was wondering how you got the info when no one else could figure it out.

I think I might drop by my bank and take a look at its ATMs.

popsiclestand
September 29th, 2007, 17:48
I did a search on the net and found some stuff at gaijin pot. At least two different people who had successfully done it.

Also, for my first transfer, I made my trade request a little too early (because of my eagerness to know if it would work) and didn't actually get paid until about a week later. To remind me to transfer my money soon so I wouldn't get any fees, XE emailed me again. In this email, they said that MANY of their customers in Japan had been able to do a "domestic" transfer by using the same methods I had found on gaijin pot. XE also gave me the CustomHouse LTD Nonres JPY name to put on the account holder's name and told me why I would have to.

I don't know why they just don't initially tell people that, instead of scaring them with the international wire transfer thing. I guess, if it ends up not working, they don't want to be responsible for giving people false information.

Moving2fast
October 1st, 2007, 11:13
Great info! Incidentally, I noticed that my American bank at home started charging me a $4.95 "maintenance" fee because I no longer had paychecks being direct-deposited into my account (as I've obviously left my job). If the XE thing works out ok, the EFT will also count towards this requirement, so I can continue to avoid any maintenance fees on my American bank account and not worry about setting up a different type of account.

Moving2fast
October 1st, 2007, 11:13
Great info! Incidentally, I noticed that my American bank at home started charging me a $4.95 "maintenance" fee because I no longer had paychecks being direct-deposited into my account (as I've obviously left my job). If the XE thing works out ok, the EFT will also count towards this requirement, so I can continue to avoid any maintenance fees on my American bank account and not worry about setting up a different type of account.

Moving2fast
October 1st, 2007, 11:14
Great info! Incidentally, I noticed that my American bank at home started charging me a $4.95 "maintenance" fee because I no longer had paychecks being direct-deposited into my account (as I've obviously left my job). If the XE thing works out ok, the EFT will also count towards this requirement, so I can continue to avoid any maintenance fees on my American bank account and not worry about setting up a different type of account.

Powers
October 1st, 2007, 13:14
Triple post FTW! Incidentally, still waiting on parents to try XE trade...:(

popsiclestand
October 1st, 2007, 15:58
Tell them it's a matter of life or death. :D

Powers
October 1st, 2007, 16:36
Ha I would except the main reason I am setting this up is so that I can pay them back for school. They want to be slow, doesn't hurt me any! ;)

meganegaki
October 1st, 2007, 17:31
Seems like you can only send furikomi from your own bank, so my plan of going to UFJ and hitting the 'English' button has failed.

JTE's coming with me tomorrow, hopefully we can work this out.

Moving2fast
October 1st, 2007, 17:33
Oops, sorry! Computer kept crapping out whenever I hit "post." Damn school computers -_-

Powers
October 24th, 2007, 15:52
As a follow up, I did my first XE-trade today, and I think it went fine, wrote up the furikomi on a paper slip from my bank at the office with my supervisor, then went by myself to pay for it. There wasn't enough space on the form for all the names, but I jammed it all in there, and the clerk assured me she could send it all.

Moving2fast
October 25th, 2007, 00:16
So I just initiated my first trade, and now all I have to do is go to the bank and do the furikomi. However, I am a bit worried because the only option I had for remitting the money to XE trade was "wire transfer." There was no option for domestic transfer? Also, on the confirmation page, there was also a disclaimer of "Although our JPY account is in Japan, please send your funds via an International Wire transfer. The banking system will return domestic/local wires to your account and will result in delays to your trade." What should be done in this case? I had not seen this mentioned on the forum previously o_0

Moving2fast
October 25th, 2007, 01:12
Follow-up: I also contacted XE Trade about doing a domestic transfer, and received this response:

Thank you for your email.

You account is classified as an international account and a domestic transfer unfortunately will not be possible. Below you'll find some instructions on how to wire the JPY funds to our bank.

below were wire instructions, but also it listed this:

The instructions below are for non-resident designated account:

Please note that this account is NOT a regular/local resident account. If an account type designation is needed it is technically a business/corporate account.

Your bank will need to initiate an international transfer (hikyujusha kanjyo') so that we receive credit for the funds.

C^[iViCA[gXt@[ニオトAアフネスフsノAhoCXオトュセウ「BワスヘAヘネスノヤウナオ、B

If your bank is unable to wire the funds as an international transfer you can attempt to remit payment to Bank of America using an ATM via a domestic funds transfer. From experience with several of our clients they have been successful in sending us JPY using an ATM. Though Custom House is a non resident account, you may transfer via domestic funds transfer system (so called Zengin system) provided that you indicate "non resident account" as part of the beneficiary information.

"Beneficiary information" is called "Bikou" in Japanese. Unless there is an indication of "Non resident Acct", we are not able to receive payment from you. If you have difficulties in locating the column of "beneficiary information" at an ATM, they may input this word "Non Resident JPY" after the beneficiary name.

Example: Customhouse Currency Exchange Ltd, Non res JPY.

Also, please ensure that your financial institution does not perform any foreign exchange and that the currency remitted is the same as the trade confirmation that you have received.

Do not hesitate to contact us should your bank have any difficulties using this information or should you have any questions.

Sincerely,

Vantage Customer Service

So can I or can't I do a furikomi? Did anyone else encounter this? Bit confused now o_0

Powers
October 25th, 2007, 09:09
Yeah, just like they said, you can try to do a Furikomi, although it's technically not supported. Use the 7digit account number, do a domestic wire transfer, and make sure to include NonRes JPY in the name and you should be fine.

Hyakuman
October 25th, 2007, 12:26
what exactly is the reason for using xe-trade again? i don't want to sound like a jerk, but from reading what you guys have said xe-trade sounds like a totally shady deal. lloyds works exceptionally well for any bank that can recieve international wire transfers, does it not? i furikomi'd some money into my lloyds account and it was in my canadian account the next morning!

C-dub_PDX
October 25th, 2007, 15:25
what exactly is the reason for using xe-trade again? i don't want to sound like a jerk, but from reading what you guys have said xe-trade sounds like a totally shady deal. lloyds works exceptionally well for any bank that can recieve international wire transfers, does it not? i furikomi'd some money into my lloyds account and it was in my canadian account the next morning!

I have to aggree entirely. Lloyds has been extremely reliable and very easy to use, especially once you've done it once. I can get the money into my home bank the same callendar day if I send it from Japan before 3:00.

yeulih
October 25th, 2007, 15:27
The deal with xe is that you can skip the service fee, intermediary bank fee, and any incoming wire transfer fee if you make an EFT.

I just went to the bank to transfer the money. Hopefully the process goes through... If it does i can give the details on how to do it from the Yamanashi Chuo bank.

However, is it me or is xe's exchange rate not that good? When I made the trade, the mid-market rate was 114, but the rate xe charged me was 116.58. Golloyds rate the next day was 115. If the rate posted on the golloyds site is the rate it charges you then I think golloyds is the better deal if you're sending alot of money home.

I was sending 400000 yen home, so that would have made a big difference. Go lloyds would've been cheaper, even factoring in the fees.

Powers
October 25th, 2007, 16:28
I can't get it to work, still working on a solution, apparently XEtrade has changed the name of the account.

yeulih
October 26th, 2007, 13:13
Yep, the name is wrong. The bank called my school. :(

Anyone know the right name off the top of their heads?

547
October 26th, 2007, 13:19
Yeulih - XEtrade will be making their money off the difference at which they buy and sell the 2 currencies at.

So you'll (probably) get a worse rate off them than Lloyds - as Lloyds change a fee, they don't care about the rate.

yeulih
October 26th, 2007, 14:00
Tom, thanks for the info.

Then Golloyds would indeed be the better choice if you're sending a large amount of money home. More than 250000 yen I think.

And to answer my own question, I talked to a chat rep and the name is Custom House Ltd.

doublenatural
October 26th, 2007, 16:48
Tip for other british types - if you are a lloyds TSB customer and are paying into your lloyds account at home, all fees other than the furikomi one are halved. I was sneaky and opened a lloyds account before I left for this very reason. :D

Hyakuman
October 26th, 2007, 18:34
sounds like you all are putting in a lot of trouble for a few yen savings. but of course to each his own. let's just hope that money isn't forwarded to an african bank account in the name of ruwan alibjharan, hehe :smt005

popsiclestand
October 27th, 2007, 12:09
Hyakuman, when you're sending home money every month to cover bills in your home country those "few yen" of savings (the bank transfer fees, the wire fees, blah blah) can equal hundreds of dollars a year, so it really does matter.

Yeulih and Powers, yeah, XE Trade either changed the name of the account, or Bank of America just started matching up name and account numbers this month. I had to change the name on my furikomi and it went through as scheduled. Even the bank manager at my Japanese bank was confused as to why the name I sent on the furikomi was a problem when I had done it the exact same way two times before.

:?:

yeulih
October 27th, 2007, 12:50
The trade went through.

So just a note, the account name you should be typing is "Custom House Ltd Non Res JPY."

Actually, the new name was in the transfer instructions, but I thought it was an abbreviation of the full name.

Powers
October 28th, 2007, 17:56
Yeah, it goes through fine on that. But I had to pay an extra 600yen :( And the furikomi fee at my bank is 750! Which is ridiculous, I'm going to see if the post office is cheaper.

Moving2fast
October 30th, 2007, 15:54
Finally initiated my transfer yesterday. I went to my local bank branch, who said it was not possible because they could not find the ATM name. Undeterred, I went to 7-11 and found Bank of America on their ATM list. Except, there was no place to type in the name of the account. I sent the request and crossed my fingers.

Today, the bank called asking for the name of the account to send the money to, so I figured that was a good sign even if I screwed it up. Incidentally, I was just glad to have accomplished this with little more help than a friend who can read kanji better than I can. Although, eventually I should be able to do this on my own. I envy those that got outside help from supervisors/JTE's: my supervisor would probably have no idea what I was talking about, and my JTE's generally ignore me. Fun times.

I'll let you know the final outcome...

yeulih
October 30th, 2007, 16:05
I went by myself, but I asked a bank clerk to help me out. Initially, she could find the name either,a nd kept on telling me "inai."

Bank of America // "America Ginkou" is actually listed under Gaigoku Bank at my bank's ATM.

Knowing the kanji was a tremendous help.

Zan
October 30th, 2007, 20:38
I went in with my 'help letter' that lloyds sent me (for anyone who hasn't tried this yet it's all the instructions they gave you in English translated to Japanese), gave it to the helper guy, he took me to the atm and put everything in for me. I typed in the amount I wanted to send and presto, all done. The helper guy printed me a furikomi card so next time I can just put it into the machine without having to type all the info in again so I should just be able to do it myself from now on.

Fingers crossed I should have 200,000 yen in my account back home shortly.

All in all it was painless. The translations they send you are a god send.

dorovar
October 30th, 2007, 21:03
Just did my first furikomi with lloyds and (aside from setting it up, which i had a friend help me with) it was damn easy and fast! doesn't cost THAT much either. it was in the account the next day. badda bing!