Feb 22, 2011

Interesting news from Japan① "Foreign remittance"

Hello I'm TAKE from the Shimbashi business garden.

Let me pick some interesting news from Japan.

"Foreign remittance" is the topic I would like to talk about this time.

As I was working on helping foreign students in my previous job, I have many experiences on foreign remittance.Foreign remittance in Japan is very troublesome on both sending side as well as receiving side.Also, remittance fee is very expensive in Japan.

One of the reason of its expensiveness is that fee is taken at Japanese local bank as well as at non Japanese bank. Furthermore, current foreign remittance system via Japanese bank itself is very safe and requires high maintenance cost.

After the new law that allows non bank to start doing business on foreign remittance is enforced in last spring in Japan, situation is changing with some of the world major money-transmitting company has been coming to Japan.

The commission of a certain world's largest money-transmitting company is just 20 to 60 percent of that of Japanese bank, and the time that takes for the remittance is just a few minutes, which is clearly quicker than the time it takes for a Japanese bank to execute foreign remittance.

It seems that Japanese domestic financial institution is also thinking about various plans to tackle this competitive situation. For example, they are trying to focus its corporate companies, or making foreign remittance service available through existing ATM machine they have.

In either way, I hope the foreign people who live in Japan will get benefit out of this competitive situation by getting better foreign remittance services.

Tel: +81-3-3459-0233

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