Bank transfers from Japan Thread poster: Letra
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Letra 
Poland
Local time: 03:33
English to Polish
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Hello! I have a client in Japan whose only payment method is a bank transfer. Unfortunately the money has to pass through intermediary banks and every time the total fee is 27 euros. Does anybody have any cheaper way to receive money from Japan? I was looking for Japanese banks in UE to avoid intermediaries but could not find any. Maybe there are European banks closely co-operating with Japanese ones which could lower the fee? I've already asked them about PayPal but they refused to use it. I wo... See more Hello! I have a client in Japan whose only payment method is a bank transfer. Unfortunately the money has to pass through intermediary banks and every time the total fee is 27 euros. Does anybody have any cheaper way to receive money from Japan? I was looking for Japanese banks in UE to avoid intermediaries but could not find any. Maybe there are European banks closely co-operating with Japanese ones which could lower the fee? I've already asked them about PayPal but they refused to use it. I would appreciate if you could share any helpful ideas or solutions. ▲ Collapse
| | | | Dan Lucas
United Kingdom
Local time: 02:33
Member (2014)
Japanese to English
| Not many options | Oct 2, 2022 |
In such cases it is common to suggest Wise (formerly TransferWise), but in Japan at least this requires the company sending the money to have a Wise account. Banking and banking-related processes in Japan are extremely conservative, and there are good governance reasons for companies to avoid opening any more bank accounts than are strictly necessary. It is unlikely that a Japanese company of any size will open a Wise account just for foreign freelancers.
PayPal fees are expensive f... See more In such cases it is common to suggest Wise (formerly TransferWise), but in Japan at least this requires the company sending the money to have a Wise account. Banking and banking-related processes in Japan are extremely conservative, and there are good governance reasons for companies to avoid opening any more bank accounts than are strictly necessary. It is unlikely that a Japanese company of any size will open a Wise account just for foreign freelancers.
PayPal fees are expensive for any significant payments. The company can close or freeze your account at any point (this happened to the account of a professional association of which I was treasurer), and you may find it difficult to impossible to unfreeze it, so I would definitely avoid PayPal. If you do have a PayPal account, be careful not to keep money in it.
I am not at all sure that opening an account with a Japanese bank operating in the EU would result in you not paying charges. In any case, my experience is that such banks do not offer accounts to individuals because they are there to service commercial clients.
In summary, my situation is that for some Japanese clients I have charges deducted from my money, some clients pay charges, and one (small, agile) client uses Wise. Not ideal, but typically these fees are a very small part of my invoices.
Regards,
Dan ▲ Collapse
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I have no clients in Japan, but some of my non-EU customers have € accounts what is extremely practical; all the others pay either through Wise or TransferMate (easier, quicker and cheaper than any other international payment method).
| | | | Andriy Yasharov
Ukraine
Local time: 04:33
Member (2008)
English to Russian
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Open an account with Payoneer. Payoneer allows to open a receiving account for Japan (JPY).
Use for local bank transfers within Japan in JPY via the Zengin System network
Only payments for business transactions from business accounts are supported
Transfers usually take 1-2 business days
Fee for receiving payment: Free
After receiving the money transfer, you will be able to withdraw it to your local bank account.
Each ... See more Open an account with Payoneer. Payoneer allows to open a receiving account for Japan (JPY).
Use for local bank transfers within Japan in JPY via the Zengin System network
Only payments for business transactions from business accounts are supported
Transfers usually take 1-2 business days
Fee for receiving payment: Free
After receiving the money transfer, you will be able to withdraw it to your local bank account.
Each receiving account has its own unique bank account details, which you can view and copy from the receiving account’s details page.
You provide those bank account details to your payers, who use them to pay you by bank transfer.
Payments sent to you using receiving accounts land in your Payoneer balance.
[Edited at 2022-10-02 11:50 GMT] ▲ Collapse
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Dan Lucas
United Kingdom
Local time: 02:33
Member (2014)
Japanese to English
| Account names | Oct 2, 2022 |
Andriy Yasharov wrote:
Only payments for business transactions from business accounts are supported
Thank you Andriy, this is useful.
On one of the JAEN mailing lists, it was pointed out that the payment is made to Payoneer, rather than the translator, and that some clients have a policy of remitting the funds only to an account with an owner of the same name. For this reason they will not use Payoneer.
I work through a limited company, and a couple of my clients have explicitly mentioned that they cannot send funds to personal accounts or accounts with different names (which makes sense, to be fair to them).
For freelancers trading under their own name the rules may be less stringent. Worth trying if you can persuade the client that it's all worth it.
Regards,
Dan
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Payments from my customers through Wise and TransferMate go directly to my bank account just like a bank transfer (I don’t have to withdraw funds from an account in Wise or TransferMate). I’ve never sent money, but I suppose it will be necessary to open an account.
| | | | Letra
Poland
Local time: 03:33
English to Polish
+ ...
TOPIC STARTER | Thank you all for your input | Oct 8, 2022 |
I really appreciate it. I will try to convince my customer to change their policy. I had a similar situation with a US customer some time ago where the only options were very expensive bank wire transfer or a paper check send by mail which took ages to clear but was cheaper than the transfer. Doing business in Europe is so easy but with customers from outside Europe it's a completely different story...
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