Glossary of terms commonly used in the Wallet

overseas remittance

how to read
How to read in Japanese: overseas remittance

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.

There are two types of payees for the fees for overseas remittance: the bank that makes the transfer and the bank that relays/receives the money. The amount of the fee depends on the exchange rate, the bank’s foreign currency rate, and account holdings.

Although remittance procedures are generally carried out over the counter at a bank, different financial institutions support different procedures. In some cases, money can be transferred directly from a bank account or through online banking.

In addition, some banks require prior registration, so the number of days it takes to receive the money from the remittance also differs for each bank.

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