I transferred some money from my overseas account to my Japan Post Bank account few days ago, I expected some fees for the transaction and exchange but I feel that it is too much.
I transferred USD 700, which should be around 96,000 JPY without any fees, just exchange. But I only got around 88,000 JPY, I think 8,000 JPY is too much? or is this normal?
I tried to look at their website using Google translate for the fees, and from my understanding, I only found fees to send money not receive. The Japan Post Direct page does not have any details, just that I received this amount on this date.
Anyone had similar experience or know better that can help? Thanks.
BTW, I know about Wise, I tried to signup, but it was so complicated, I guess because my account is from a country they don’t serve or maybe it was just me. I signed up for a Japanese PayPal account and was able to transfer from my original PayPal to the new one quickly with reasonable fees, however, because the account is still new, the money got on-hold for 21 days.
2 comments
Depending on the bank you sent it from there’s a fee for transfer and IIRC Yucho also has an acceptance fee. If the transfer fee is in USD, it could altogether easily add up to ¥8000 bc of the weak yen. But yeah depends on the bank.
You should tell the person sending you money to use “OUR” instruction for SWIFT transfer, this way THEY will pay (much lower) transfer fees on their side.
If they select BEN or SHA, that means you will pay all, or part of the transfer fees on receipt.
Japanpost’s fees are apparently:
> 送金金額から仲介手数料（送金手続きを仲介する機関が収納する手数料）が控除されますので、あらかじめご了承ください。
> 米ドル建ての場合、通常10米ドル
（100米ドル以上の送金の場合）
ユーロ建ての場合、通常5ユーロ
（100ユーロ以上の送金の場合）
なお、上記以外にも仲介手数料が控除される場合があります。
The important part is the last one, where it says that there may be “brokerage fees” in addition to these. You will avoid those if you use OUR instead of BEN/SHA.