Comments on: Sending Money Home http://www.j2fi.net/2008/03/15/sending-money-home/ Yet Another Gaijin In Japan Fri, 05 Dec 2008 02:29:46 +0000 http://wordpress.org/?v=2.6.5 By: Jason http://www.j2fi.net/2008/03/15/sending-money-home/#comment-1191 Jason Sat, 15 Mar 2008 09:23:28 +0000 http://www.j2fi.net/2008/03/15/sending-money-home/#comment-1191 @Thomas - Using that logic, I could also just make one really big transfer every year :P My Canadian bank account has some really decent interest, so I can typically earn the $50 back pretty quick. I would also much rather have the money in Canada doing something rather than sitting in my 0.00001% interest Japanese bank account. The other advantage is that if the money is in another country, it's much harder to spend it. @Damir - Electronic banking is certainly possible, but often requires a bit of communication at first to set up the transfer between the two banks. With GoLloyds, the only communication I had was a single quick phone call in English, and everything else was electronic-based. After the initial phone call, I've been able to send money back to Canada without the need to talk to anybody. This can also be done through online banking services but, again, often requires at least one phone call or visit to the bank to ensure all the banking information is correct. Japanese banks love their paperwork, and they don't like transferring money out of accounts unless they know everything about the transactions :roll: @Thomas - Using that logic, I could also just make one really big transfer every year :P
My Canadian bank account has some really decent interest, so I can typically earn the $50 back pretty quick. I would also much rather have the money in Canada doing something rather than sitting in my 0.00001% interest Japanese bank account. The other advantage is that if the money is in another country, it’s much harder to spend it.

@Damir - Electronic banking is certainly possible, but often requires a bit of communication at first to set up the transfer between the two banks. With GoLloyds, the only communication I had was a single quick phone call in English, and everything else was electronic-based. After the initial phone call, I’ve been able to send money back to Canada without the need to talk to anybody.

This can also be done through online banking services but, again, often requires at least one phone call or visit to the bank to ensure all the banking information is correct. Japanese banks love their paperwork, and they don’t like transferring money out of accounts unless they know everything about the transactions :roll:

]]> By: Damir http://www.j2fi.net/2008/03/15/sending-money-home/#comment-1190 Damir Fri, 14 Mar 2008 23:31:16 +0000 http://www.j2fi.net/2008/03/15/sending-money-home/#comment-1190 As I read your post, I was wondering about the "communication factor" you've mentioned about the bank transfers. Is there no possibility to use electronic banking for the transfers? As I read your post, I was wondering about the “communication factor” you’ve mentioned about the bank transfers. Is there no possibility to use electronic banking for the transfers?

]]> By: Thomas (nihonhacks.com) http://www.j2fi.net/2008/03/15/sending-money-home/#comment-1189 Thomas (nihonhacks.com) Fri, 14 Mar 2008 22:22:47 +0000 http://www.j2fi.net/2008/03/15/sending-money-home/#comment-1189 If you are using a bank or a service that has a flat fee to send your money, you might be better off hanging on to it and sending a larger chunk. For example, sending $4000 home every 4 months instead of $2000 every two months. Assuming a net $50 fee per transfer, you'll get to keep $3950 this way compared to $3900. You'll save $50 each cycle in fees, which I think is likely to be higher than any interest you might make in that time :). Personally, I send money home with Mitsui Sumitomo. I wait until I accumulate about 50万円 (about US$5000) "extra money" and then send it on one big chunk. Sumitomo charges me 4000円 for the transfer. If you are using a bank or a service that has a flat fee to send your money, you might be better off hanging on to it and sending a larger chunk. For example, sending $4000 home every 4 months instead of $2000 every two months. Assuming a net $50 fee per transfer, you’ll get to keep $3950 this way compared to $3900. You’ll save $50 each cycle in fees, which I think is likely to be higher than any interest you might make in that time :).

Personally, I send money home with Mitsui Sumitomo. I wait until I accumulate about 50万円 (about US$5000) “extra money” and then send it on one big chunk. Sumitomo charges me 4000円 for the transfer.

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