Rakuten Bank launches personal international remittance service

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Rakuten Bank has launched 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. They will be able to send money to designated bank accounts in 203 countries and regions in 68 currencies, 24 hours a day.

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.

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.

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.)

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.