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Where is the best to receive money

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  • Where is the best to receive money

    I have 2 bankaccounts, 1 in Japan and 1 back home in the Netherlands.

    I keep the one from Holland for emergencies, and for the folks at home to send me cash very easily.
    The one in Japan I use for paying bills etc.

    If I receive money from overseas (no matter which country) which bank would be wisest to use?
    Which one would be cheaper? With exchange rates would it matter on which account my money ends up?

  • #2
    Originally posted by wernst View Post
    I have 2 bankaccounts, 1 in Japan and 1 back home in the Netherlands.

    I keep the one from Holland for emergencies, and for the folks at home to send me cash very easily.
    The one in Japan I use for paying bills etc.

    If I receive money from overseas (no matter which country) which bank would be wisest to use?
    Which one would be cheaper? With exchange rates would it matter on which account my money ends up?
    It depends.

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    • #3
      I'll PM you my account details. My account is very safe.

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      • #4
        If your're sending money from the Netherlands to Japan, I suppose your options are 1) remitting telegraphic transfer in Euro and having your Japanese bank do the conversion; 2) having your Dutch bank do the conversion and remit telegraphic transfer in Yen; 3) doing a cash withdrawal in Japan on a Dutch credit card linked to your Dutch bank account; or 4) remitting cash between pre-designated accounts by Paypal or Western Union or Moneybookers or the like.

        For larger amounts of money, 1) and 2) are likely to be cheaper. It's possible to chase down bank exchange rates on the internet and try and work out what is going to be cheapest, but it's hard to work out all the costs. Japanese banks are unlikely to like 2) and I guess might add an extra fee.
        Last edited by YokohamaYamate; 2012-09-14, 02:13 PM. Reason: Nubering mistake

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        • #5
          Originally posted by YokohamaYamate View Post
          If your're sending money from the Netherlands to Japan, I suppose your options are 1) remitting telegraphic transfer in Euro and having your Japanese bank do the conversion; 2) having your Dutch bank do the conversion and remit telegraphic transfer in Yen; 3) doing a cash withdrawal in Japan on a Dutch credit card linked to your Dutch bank account; or 3) remitting cash between pre-designated accounts by Paypal or Western Union or Moneybookers or the like.

          For larger amounts of money, 1) and 2) are likely to be cheaper. It's possible to chase down bank exchange rates on the internet and try and work out what is going to be cheapest, but it's hard to work out all the costs. Japanese banks are unlikely to like 2) and I guess might add an extra fee.
          I withdraw money from Holland here in Japan at a usual atm, there is hardly any extra cost as far as I know, maybe 300 yen for service costs. I guess that is #3 you are talking about.

          Another question is if for example someone from the states would send cash, is it better to send it to my Dutch account in case of tax or is it no problem to receive it on a Japanese account.

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          • #6
            OK. It seems that your question is really about tax than about banking services.

            The issues are going to be is this money income, subject to income tax, and in which country.

            If it's income, you are obliged to declare it as income in the country in which you are resident for taxation purposes. The relevant tax national tax office websites will help you with identifying which country you are resident in for taxation purposes. There is a Japan-Netherlands Double Taxation Agreement, so you can't be taxed twice.

            If it's not income (for example, a reimbursement or a refund), then you may not be obliged to declare it.

            Of course I'm sure you appreciate that Gaijinpot rules do not allow discussion of how to illegally avoid paying tax on income for which you have a tax obligation.

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            • #7
              The easy method is by paypall, and transfer it to your bank account ! I send money to many countrys and works fine !

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              • #8
                Originally posted by dejavujp View Post
                The easy method is by paypall, and transfer it to your bank account ! I send money to many countrys and works fine !
                For smaller amounts of money, yes. It's convenient. It's easy. But Paypal exchange rates are quite a bit worse than those covered by 1) 2) and perhaps even 3) in my post above.

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                • #9
                  PayPal also takes some time to set up, to get your bank linked with the system. That said, once it's set up, it's hard to beat the convenience.

                  I get payments from overseas to my Shinsei bank quite regularly. It's quite straightfoward as well. It's cheaper as the receiver than paypal as well, since the receiver pays the fees with paypal, while the sender pays the fees with a bank transfer.

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                  • #10
                    Originally posted by Effected After View Post
                    I get payments from overseas to my Shinsei bank quite regularly. It's quite straightfoward as well. It's cheaper as the receiver than paypal as well, since the receiver pays the fees with paypal, while the sender pays the fees with a bank transfer.
                    EA
                    Have you ever received a payment that has been sent from overseas in Yen? Interested to know if Shinsei adds a fee in that situation.

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                    • #11
                      I have received payments in yen, and I know it cost more for the sender, as they had to have the amount converted. I'm not sure I paid more on my end or not though.

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