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June 27, 2013
  • Rakuten Bank Ltd.

Rakuten Bank Launches Personal International Remittance Service

- Remittance Charges Starting from 750 Yen.
Remittances available to 203 Countries and Regions, in 68 Currencies -

TOKYO, June 27, 2013 - Rakuten Bank Ltd. announced the launching of its international remittance service for retail customers and self-employed customers that allows for everything from application all the remittance to being carried out completely online.

Customers who already have a Rakuten Bank account will be able to start using this service within a minimum of two business days from application. After which, they will be able to send money to designated bank accounts in 203 countries and regions in 68 currencies, 24 hours a day (please see note below for more details).

Rakuten Bank launched its overseas remittance service for businesses in January 2011, for which it has won high praise for its low remittance charges and the convenience of allowing all procedures to be conducted online.

There had been numerous requests from retail customers for a similar service following the launch of the service for businesses, and this new service was launched in response to these requests.

1. The advantages of Rakuten Bank’s overseas remittance service

(1) Low remittance fees
Remittance fees are 750 yen per transaction for retail customers, and 1,000 yen for self-employed customers, regardless of the amount remitted. There are no initial fees or monthly fees.

* The remitter may be charged an additional 1,000 yen in fees per transaction to cover the intermediary bank charge if it is payable by the remitter. A further 3,000 yen will be payable as a lifting charge in the case that the yen is remitted.

(2) Remittance procedures can be conducted online 24 hours a day
Everything from applying for the service to remittance can be conducted easily online, 24 hours a day. There is no need to visit a bank branch, and no complicated forms to fill out.

* Excluding 23:50 to 0:10 on weekdays, Saturday 23:50 to Monday 6:00, December 31 to January 3, and during system maintenance work.

(3) Remittance is possible to 203 countries and regions in 68 currencies
Remittances may be made to 203 countries and regions in 68 currencies, including not only major currencies such as U.S. dollars, Euros and Australian dollars, but also Hong Kong dollars, South Korean won, and other currencies from around Asia and developing countries. The time taken for the money to register in the recipient’s account varies depending on the currency, the country the money is sent to, and whether there is an intermediary bank involved or not, but on average it takes between one to three business days.

2. Outline of overseas remittance service

● Target customer:Rakuten Bank account holders (personal accounts or self-employed accounts)

● Platform:Online only

●Currency for making payments:Japanese yen

●Payment method:Automatic debit from Rakuten Bank Account

●Minimum amount per remittance:
When the amount remitted is designated in a foreign currency: 1 yen or more when converted into yen
When the amount is designated in yen: 1 yen or more, in 1 yen increments

● Maximum amount per remittance:
[Personal account]
Once a day: 1 million yen
In 1 month (1st day to the last day of every month): 2 million yen
In 1 year: 5 million yen

[Account for the self-employed]
Once a day: 3 million yen
In 1 month (1st day to the last day of every month): 5 million yen
In 1 year: 60 million yen

● Handling fees:
Remittance charge
[Personal account]
750 yen: The remittance charge is payable on a per transaction basis

[Account for the self-employed]
1,000 yen: The remittance charge is payable on a per transaction basis

Overseas intermediary bank charge
1,000 yen: If the charge is payable by the remitter, the remitter shall pay an extra overseas intermediary bank charge per transaction.
(If the charge is payable by the recipient, it shall be deducted from the remitted amount. In this case, the overseas intermediary bank charge will vary depending on the bank)

Charge for remittance in yen (Lifting charge)
3,000 yen: The fee for remittances conducted in yen (Remittances overseas in yen. The charge is payable by the remitter. It is payable on a per transaction basis.

Initial fee
Free

Monthly fee
Free

●Exchange rate:The rate is updated twice daily (at around 10:30 and 17:00).

● Number of currencies handled : 68 currencies

●Countries and regions to where remittances are possible: 203 countries and regions

● Time taken for money to register in recipient’s account:
Varies depending on the currency, the country the money is sent to, and whether there is an intermediary bank involved or not, but on average it takes between one to three business days.

●Business hours: 24 hours a day
* Excluding 23:50 to 0:10 on weekdays, weekends (Saturday 23:50 to Monday 6:00), end-of-year and New Year period (December 31 to January 3), and during system maintenance work.

* For more details on the service refer to the pages on overseas remittances for retail customers ( http://www.rakuten-bank.co.jp/geo/ ) and self-employed customers ( http://www.rakuten-bank.co.jp/smallbusiness/geo/ ).

(Note) Those who are self-employed and want to use the service are required to apply in writing via post. Opening an account with Rakuten Bank will also take a prescribed number of days, in addition to the two or more days required before the service becomes available depending on the conditions at the time of application.

Rakuten Bank will continue offering customers advanced and convenient financial services.

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