Sponsored: Send Money Abroad with GoRemit

By The Savvy Team
September 1, 2014
Lifestyle

International money transfer can be, for lack of a better phrase, a bit of a hassle, especially if you have to do it often. Trying to make loan repayments back home, or even a simple transfer to a family member, can result in a jungle of Japanese forms, as well as steep charges.

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GoRemit by Shinsei Bank is a nice alternative for those living in Japan to transfer money from a Japanese bank account to an overseas one. It is a fast, reliable and inexpensive way to send funds overseas electronically to pre-registered beneficiaries. Twelve major currencies are offered, and it usually takes just one to three business days for the funds to go through (however you should note that local banking practices at the beneficiary end may cause delays in some cases). It is not necessary to have a Shinsei Bank account to join the service.

How it works: you set up an account with GoRemit via an online application form. You simply fill in the necessary information, including the information of the account to which you would like to remit—this can even be your own account overseas. You then print the form and send it in, along with copies of the required ID. Your registration will be completed within about seven to ten business days after Shinsei Bank receives your application form.

Once you receive your welcome pack, you will have a B-link number, which will be tied to the account(s) you registered overseas. Then, you can simply go to any bank ATM or log in to your bank’s online banking system and make a domestic bank transfer, and GoRemit will take care of the international part. For those who struggle with making a transfer at an ATM due to the language barrier, the welcome pack also includes a useful letter explaining in Japanese what you would like to do. Just show this to the bank clerk, and you’re on your way.

GoRemit charges just ¥2,000 per transaction. This is often more reasonable than the charges levied by most major Japanese banks. As with any international remittance, intermediary banks will deduct a fee, and beneficiary banks in some countries may also levy a charge.

For more information on GoRemit and to apply online, please visit the official website of the service.

Kanji cheat sheet for banking:

domestic transfer 振込み (furikomi)

account name 口座名 (kouzamei)

confirm  確認 (kakunin)

branch name 支店名 (shitenmei)

correction 訂正 (teisei)

regular account   普通預金(futsuyokin)

amount  金額 (kingaku)

account number  口座番号(kouzabango)

bank name 銀行名(ginkomei)

cancel    取り消し(torikeshi)