What are the types of fees for international money transfers at a post office (Japan Post)? Necessary items are also explained.
You can send money overseas at post offices, but many people may have trouble with the complicated fees. Therefore, this article explains the fees charged for international money transfers at post offices, as well as what is required and precautions to take when sending money.
If you are considering sending money overseas outside of the post office, check out the following articles.
▶︎Compare 5 providers and banks for the cheapest international money transfer fees.
Three types of fees for international money transfers at a post office (Japan Post)
For the fees required for international remittances (international money transfers),Remittance fees, exchange fees, intermediary bank feesThere are three types of international money transfers. This is true not only for international money transfers through the post office, but also through other banks and other international money transfer services.
Among them, exchange fees and intermediary bank fees are not charged for ordinary domestic remittances, so first-time overseas remitters should familiarize themselves with them.
【 fee for overseas remittance at post office 】
- Remittance fee
- exchange commission
- Intermediary bank charges
1. remittance fee
The remittance fee is the fee paid to the post office when you send money overseas, and is the same as the fee charged for ordinary domestic remittances.
What are the remittance fees when sending money overseas through the post office?7,500 yen for over the counter transfers, 3,000 yen for Japan Post DirectThe first two are the following.
2. foreign exchange commission
Foreign exchange commission is when you exchange Japanese yen into a foreign currency for remittance,Fees charged on top of the exchange rateof the
For example, if the exchange rate between the yen and the dollar is 110 yen to the dollar, the overseas remittance will be exchanged at a rate such as 112 yen to the dollar instead of 110 yen to the dollar. This means that an extra 2 yen is required to transfer $1, which is the exchange fee.
Exchange fees for overseas remittances at post offices are approximately 2 yen per dollar for US dollars, 2.5 yen per euro for euros, and so on. The table below shows exchange fees for major currencies.
【 exchange fee for major currencies】
| US dollar | Approximately 2 yen per dollar |
| Euro- | Approx. 2.5 yen per euro |
| British pound | Approximately 8 yen per pound |
| Swiss franc | Approximately 4 yen per franc |
| Australian dollar | Approximately 7.7 yen per dollar |
3. intermediary bank commission
If there is no direct business relationship between the overseas bank and the post office that wishes to remit the money, another bank will act as an intermediary to remit the money. ThisIntermediary bank fees are charged to the intermediary bank.It is.
The amount of the intermediary bank fee depends on the intermediary bank.
Countries where intermediary bank fees are waived if you send money overseas via Japan Post Direct
When you send money overseas via Japan Post Direct, intermediary bank charges may be waived depending on the destination country. The main countries where there is no charge are listed below.
【 Major countries where intermediary bank fees are waived】
- America
- United Kingdom
- Italy
- The Netherlands
- Spain
- Germany
- France, etc.
For a list of other countries where no fees are charged, please click on the link below.
▶︎ Japan Post Direct International Money Transfer
Countries where overseas remittances are handled by Japan Post (Yucho)
The Post Office's international money transfer services are available to major countries in the United States, Europe, Oceania, Asia, the Middle East, and Africa.
You should check in advance whether the country you wish to send money from Japan is one of the countries handled. For a list of countries that handle remittances, please click on the link below.
▶︎ List of Countries for International Money Transfer
Currencies handled by Japan Post (Yucho) for overseas remittances
What currencies can be transferred overseas at the post office,Depends on whether it is over the counter or Japan Post Direct.
Major currencies such as the dollar and euro are handled by both, but minor currencies are handled only by Japan Post Direct.
【 Currency handled by both Japan Post Direct and counter 】
- US dollar
- Euro-
- British pound
- Swiss franc
- Canadian dollar
- Australian dollar
- New Zealand dollar
【 Currency handled only by Japan Post Direct 】
- Swedish krona
- Czech Corona
- Danish krone
- Norwegian Krone
- Hungarian Forint
- Polish zloty
Items (documents required) for international money transfer by Japan Post (Yucho)
The following items are required to send money overseas at a post office. However, as for documents containing your personal number, only accounts that have not yet registered your personal number are required.
【 Post office required for overseas remittance】
- International Postal Transfer Request Form
- General account passbook or cash card
- seal used for delivery
- Identification documents
- Documents containing my number
- Documents that can confirm the purpose of remittance, source of funds, etc.
Four points to keep in mind when sending money overseas via the post office
While it is convenient to be able to send money overseas at a post office, there are some caveats: corporate accounts are not available, and there are services that charge much lower fees.
1. corporate accounts cannot be used for overseas remittances
The post office used to handle overseas remittances for corporate accounts, but this will end on March 31, 2020, and now only accounts in the name of individuals are handled.
There are money transfer services with lower fees.
Some international money transfer services offer lower fees than the post office. For example, Rakuten Bank and PayPal charge 750 yen and 499 yen, respectively, which are considerably cheaper than those at post offices.
In terms of exchange fees, the post office is also more expensive than inexpensive services such as Wise and Smiles. However, post office commissions are generally comparable to those of major banks, and post offices are not particularly expensive.
3. registration of my number is accepted only at the counter
I will need to register my number for international money transfers at the post office,Registration is only available at the counter..
This means that if you want to send money overseas via Japan Post Direct from an account without a registered My Number, you will have to go to the counter just to register your My Number.
4. limited amount of remittance
Note that there is a limit on the amount of money that can be transferred overseas by Japan Post Direct.
【 Japan Post Direct International Money Transfer Limit 】
- Less than 1 million yen per transaction
- Less than 2 million yen per day
- Less than 5 million yen per month
To review the fees for international money transfers at post offices, the remittance fee is 3,500 yen (for Japan Post Direct) or 7,500 yen (for counter remittances), plus an exchange fee and intermediary bank charges. Note that the amount of exchange commission and intermediary bank charges vary depending on the currency and intermediary bank.
Reference:Japan Post Direct International Money Transfer
summary
There were three types of fees when sending money overseas through the post office (Yucho): remittance fee, exchange fee, and intermediary bank fee, but it may be difficult to fully understand these fees. We hope this article has helped you to understand them a little better. Please make sure to check the last four points explained carefully and send money overseas at a post office (Yucho) without any problems.
It is also useful to know about ATM-based money transfers and transfers between domestic banks. Please also refer to the following article.
▶︎ Explains how to transfer money from one Japanese bank to another via ATM!
