Glossary of terms commonly used in the Wallet
19 Information
Generally, when remitting money overseas, money is transferred through an intermediary bank. Remittances through intermediary banks are made when there is no deposit account at the central bank of the foreign country to which the remittance is being sent.
When money is transferred between banks within the same country, usually only the balance of the account at the country’s central bank is written down, not the actual cash transport.
Cancellation of a remittance after it has been processed is called “Kumimodoshi” in the terminology of financial institutions.
SWIFT code is a financial institution identification code established by SWIFT (Society for Worldwide Interbank Financial Telecommunications) and is used by the sending bank to identify the receiving bank. It is also known as a “SWIFT address” or “BIC code”.
IBAN code is an internationally standardized code that identifies the country, branch, and account number of a bank account. IBAN stands for “International Bank Account Number”.
CLABE Account Number” and is assigned to each bank account in Mexican financial institutions. It consists of the bank code (3 digits) + city code (3 digits) + account number (11 digits) + check digit (1 digit), for a total of 18 digits.
The BIC code is a financial institution identification code established by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to identify banks worldwide; it is also called a SWIFT code or SWIFT address and consists of 8 or 11 alphabetic and numeric digits.
The TTB (Telegraphic Transfer Buying Rate) is the rate at which financial institutions purchase foreign currencies from customers for foreign currency deposits and other purposes.
The standard rate quoted by banks to their customers when dealing in foreign currencies is called the middle rate. The middle rate is also called TTM (Telegraphic Transfer Middle Rate), and is disclosed to customers based on the interbank market level at around 10:00 a.m. on the day the market opens.
Receiving fee refers to the fee paid to the bank when receiving money transferred overseas. Fees are paid to the bank that processed the receipt.
When sending money overseas, one of the fees incurred is an intermediary bank fee. Since international money transfers go through multiple banks, there are fees to be paid to intermediary banks.
The yen exchange handling fee is charged when sending money overseas in yen without converting it into a foreign currency. In the case of a normal overseas remittance in which money is sent in foreign currency, exchange fees must be paid, but in the case of remittances in yen, no exchange fees are charged because money is not converted into foreign currency.
A lifting charge is a type of international remittance fee that is charged when conducting a foreign exchange transaction in the same currency. In the case of remittance, it is charged when funds are paid in the same foreign currency as the foreign currency to which they are remitted.
The exchange fee is the fee charged for converting your currency into a foreign currency. The exchange fee is paid to the financial institution that requested the exchange. The need to pay this fee arises when traveling abroad or when purchasing goods denominated in a foreign currency.
Overseas remittance refers to the act of transferring money to an overseas bank account. Money can be sent to organizations such as schools and companies, as well as to individuals such as family members and acquaintances. To send money from Japan to someone already abroad, the recipient must have an account abroad.
The maximum interest rate is the upper limit of the lending interest rate set by law. The two most common laws that stipulate the maximum interest rate are the Interest Rate Restriction Act and the Capital Subscription Law.
The Personal Credit Information Center is an organization that records and manages personal credit information in order to facilitate consumer credit. Personal credit information includes one’s attributes, credit card and cash advance contract status, and transaction status such as borrowing and repayment.
Money laundering is an act to obscure the source of funds obtained through criminal activity. It involves repeated transfers of money using fictitious or other people’s names in financial accounts, etc., the purchase of stocks and bonds, and large donations.
E-money is electronic money that can be used to make payments using a special electronic money card or mobile wallet instead of cash or credit card payments.
