By Mohammed Waseem
Japan is well known in the world for quality electronics. It is also home to expatriates from many parts of the world, perhaps over 2 million in number. They have an excellent remittance service that allows residents to send money to over 177 countries in 12 currencies. It is called GoRemit; the service is operated by Shinsei Bank which is one of the largest Japanese banks.
To send money, remitters need to register with GoRemit, after which they are given a B-Link number which is used for sending money. Once registered, remitters can use any ATM (of any bank) to transfer money to Shinsei Bank from a Japanese domestic bank. They can also do this via internet banking. Once instructions to transfer are given and money is deposited, GoRemit begins the transfer. A fee of ¥2000 is applicable, which is converted into the currency being paid in (one of the 12 currencies). The funds are sent to the recipient by telegraphic transfer. Recipients need to be pre-registered by the sender on GoRemit’s website.
In addition, intermediary banks and beneficiary banks may also apply charges before clearing the funds. For the sake of transferring money, senders should be familiar with few Japanese terms, which can be known here. The fee for Yen transfers is slightly higher; in addition to the usual ¥2000, 0.1% of the amount is also chargeable, which is minimum ¥1500, so the fee is minimum ¥3500. Remittances in Indian Rupee (INR) have some special conditions including intermediary bank charges of 0.35%, which is minimum INR 350 and maximum INR 5000.
Money can only be sent from Japan, but not received through GoRemit. Additionally, at the time of sending money, users have to be in Japan. The remittance limits are set at ¥300000 per transfer, ¥300000 a month and ¥3600000 a year.
Due to the earthquake, there was a problem in GoRemit’s systems, which was restored successfully by Shinsei Bank. They keep close track of the systems and inform customers about outages due to natural disasters and other local problems, when they occur.
In order to register online, Japanese residents can use this link. And in order to register offline, instructions can be accessed here.