Hi everyone
I would like to wire money in euros using Wise or a similar service to a Japan Post Bank account. Is it possible? Have any of you did that before?
On their website they say I have to send the money to an intermediary bank in Germany that will make the change, and then they forward it to the Japan Post Bank. That seems like a not so great system. Do you know any alternatives?
Thanks a lot for your help!
1 comment
You are confusing two things.
The thing you are describing is the SWIFT transfer, you do NOT send anything to the ‘intermediary bank’ but you MUST list it on the swift form, or else the money will not be sent. The destination bank is still your Japan Post account.
When you mention “wise or similar service”, usually what you do is wire EUR/whatever to a domestic (in your country) account which belongs to the service, and then they do another domestic (in Japan this time) transfer to your JP Post account. Since its a domestic transfer, SWIFT is not involved and neither is the intermediary bank.
In my personal opinion, if you are sending over 5-10k USD equivalent, you should use SWIFT. If you’re sending < 1k or so, other services may provide cheaper alternative.