Recently I discovered that Japan Post, which not only provides the postal services one might expect but also savings accounts and credit cards, provides one of the cheaper ways to send money internationally. Even in rural areas, one should be able to do this as long as the local post office has a savings account service desk. Banks offer a few methods as well, but their fees are usually higher.
There are two ways to do this at a post office:
- 通常為替 tsuujou kawase Standard Remittance Cheque: Make a remittance cheque for a certain amount in the target currency and then take it over to the post desk to mail it. The fee is ¥2500円 except for the U.S. which costs ¥2000円 (USD$22). Someone has to cash or deposit this on the other side.
- 口座あて送金 kouza ate soukin Direct to Foreign Account: More convenient and quick, transfer electronically the amount directly into a foreign bank account from yen notes. Alternatively, you can transfer from a Japan Post savings account (口座間送金 kouza kan soukin). The fee is ¥2500円 (USD$22) and it takes about four business days to clear.
Having done neither of these before, I chose the second option using cash, and while it took some time to figure out, the process is fairly straightforward once one knows what to do. So, here’s all you need to know to do a 口座あて送金 kouza ate soukin.
The post office gives you a form to fill out, conveniently in both Japanese and English. Everything it asks for is straightforward except the international bank code, which you have to call your bank to retrieve. If your bank is not a major institution, this may not be possible.
Here’s what you need to have and know for the form and transfer:
- Yen cash for the transfer
- Passport
- Foreigner Registration Card
- (Foreign) bank code (International routing number)
- (Foreign) bank account number
- (Foreign) bank branch and its address, associated with the account
- The address listed on the foreign bank account
- Your Japanese address and telephone number
- A reason for the transfer, which you may have to explain simply in Japanese.
- 2500 yen for the service fee
On the two sections where you write your Japanese address, you also have to write your name. Write it exactly as it appears on your foreigner registration card (last name first).
Where it asks for the amount of currency, let them fill it out. They will determine how much based on the amount of yen you provide, and write the amount in the foreign currency, along with the appropriate currency code.
Once you have the form filled out, the savings account desk will ask to copy your passport and/or foreigner registration card. Once they’ve done that and looked over everything, it will take between five to ten minutes for them to process it, and you can be on your way.
In my experience, the head office was confused by the state abbreviation on my form, and asked me to come in another day to confirm that it was the particular state. So if your address involves a state or province name, it’s best to write it out.
For those who will be visiting abroad, Shinsei Bank offers free savings account services in English and no fees for ATM use, so other than the cost of travel, that’s a free way to transfer money abroad. A few other conveniences: One can sign up for an account by mail. Online banking is available in English, and one can make normal bank transfers on it, which is super convenient. Its branches are open until 7 PM, while other banks close at 3 PM.
