This is half-rant / half question about alternatives.
So I want to send some money overseas.
You have to ask Sony Bank to pretty please allow you to do this with your money because terrorism!!1!1
They then require a shitload of sensitive documentation to prove you are not a terrorist and the only way they accept this is by requiring you to attach said sensitive documentation to a completely insecure, unencrypted, email and send it to them. No secure document upload center, nothing.
Sony Bank is a thin smear of technology, to convince you they are modern, over a typical old and busted Japanese bank.
What do people use to send money overseas? Any suggestions for a pain-free (Or less painful) and secure route? Last time I used the JP Post and it was really easy but they don’t offer this service since 2020.
[EDIT] Thank you everyone for introducing me to https://wise.com/home/ – I shall give it a look.
21 comments
Wise is easiest/cheapest.
Please people, use Wise. You get a way better rate than any bank and your money is transferred in 5 minutes. It’s sooooo much better than using banks
Wise is extremely quick and easy.
I was using revolut sending a couple of millions to the EU, But their conditions has gotten worse lately i think. More limitations and fees nowadays. Then they were better than Wise but now i dont know anymore
Pretty sure this is a government regulation, not a Sony Bank exclusive issue. Many people have reported similar issues with inbound and outbound transfers with various banks.
The reason Wise is so easy is because the transfer in/out of your Japanese bank account is a domestic transfer.
The Japanese government has strict requirements for anti-money-laundering measures. Sony does not get to ignore those requirements because you find them inconvenient.
If you are sending a small amount of money (a few hundred dollars), Wise is a good solution. If you are sending a few hundred thousand yen, it’s still not a bad solution. If you’re sending enough that Sony is asking a LOT of questions then Wise is probably not going to be a great deal for you. Anything over 500,000yen and Wise will probably start to fall behind compared to Sony or Shinsei.
For small amounts Wise, but for large amounts Sony bank is better.
> by requiring you to attach said sensitive documentation to a completely insecure, unencrypted, email and send it to them. No secure document upload center, nothing.
FYI, nowadays mail servers send email to each others using encrypted channel. Personally, I would rather use emails to send attachment, than using some unknown third-party Japanese document upload thing.
This isn’t Sony’s fault, it’s the Patriot Act which contains vicious rules for banks and other financial services companies when it comes to KYC (“know your customer“). In the aftermath of 9/11, a ton of awful legislation was all wrapped up in the PA, much of which has since been struck down as unconstitutional. Alas, the banking restrictions were not. Their interpretation of the rules may be a bit more conservative than most, but the consequences for non-compliance are truly awful, and borne by the entire bank.
I use Revolut for transfers because the exchange rates are better and Wise was getting more expensive than they used to be. I think all banks everywhere are terrible, Japan just adds extra KYC and more cumbersome processes to the mix. Just be aware neither Wise nor Revolut will replace your bank as they would have legislated limits for how much money you can hold but they cover the cross border transfer part well
Well, for large transactions, correct me if I am wrong, they are the cheapest.
Back in the day I used Shinsei bank to transfer back to myself. Tried Lloyds because I used to have a Lloyds TSB Bank account at home but omg that was painful. But these days Wise is wise
Revolut bank also works
Wise works great.
I had the same frustrating experience with Sony Bank. I use Western Union to transfer money back home. It is an expensive option but it is safe and secure. Wise is another option cheaper than WU.
When I sent something sensitive via email to Sony bank I used an encrypted pdf.
Get wise bro
FYI their risk prevention is just not taking the risk, that’s why it’s annoying process
Wise men use Wise.
Banks have really gotten super discriminatory with dealing with any foreign customer the past decade it feels.
Add Resona to the list. In April I deposited a fairly large sum of cash from our wedding (had to go to 3 different branches too, waste of half a day) and AFTER the deposit was made the lady made some teeth sucking and said “sorry your account is now frozen, zero funds available and it may take up to a month for you to be able to access your money”. So then I’m left with no card, no access to my own cash. Thanks Resona!