Hello, this is Andy.
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This time, I’d like to share a suggestion about overseas remittances.
For those in international marriages or foreigners living in Japan, there may be occasions when you need to send money to your home country.
In the past, you might have visited a bank counter, gone through identity verification and account confirmation, and paid very high remittance fees.
Nowadays, everything can be completed online. You no longer need to deal with the hassle of visiting a bank, waiting in line, and going through tedious procedures, saving you valuable time.
To minimize costs (especially since the yen is likely to remain weak now and in the future), let’s aim to eliminate indirect fees, such as transfer fees to SBI Remit!
Let me explain using my own family as an example.
Necessary Institutions for the Process
- SBI Shinsei Bank
- SBI Remit
Why Choose SBI?
-
Easy account opening for foreigners
Mega banks and Rakuten Bank refused to open accounts, but SBI makes it very easy for foreigners to open an account. -
Trust in the SBI Group
It’s reliable, with zero margin for error! -
Low remittance fees with SBI Remit
Additionally, their foreign exchange rates are highly favorable. -
Zero transfer fees between Shinsei Bank and SBI Remit
This helps reduce indirect costs significantly. -
Wide coverage of countries
SBI Remit allows overseas remittances to over 200 countries—a very extensive reach!
Procedure (Initial Setup Takes About 1 Month)
-
Open an SBI Remit account
Expect a minimum of 2 weeks for this process. -
Open an internet banking account
Again, allow at least 2 weeks. For foreigners, approval for account opening may take additional time. -
Register an overseas account with SBI Remit
This verification process takes another 2 weeks. -
Transfer Japanese yen from Shinsei Bank to SBI Remit
This step can be completed in 1 day. -
Send money overseas using SBI Remit
This process also takes 1 day.
Timeline
-
First Transaction:
The initial setup will require at least 1 month. -
Subsequent Transactions:
After setup, remittances can be completed in just a few days—sometimes as quickly as 1 day.
