Funds Remittance for a Real Estate Purchase (From Overseas to Japan)
A non-resident customer buying a real estate property in Japan is likely to not have a bank account in Japan and may need to remit the necessary funds for a purchase to Japan.
Where to remit funds from when overseas:
We here at PLAZA HOMES would like to introduce our trust account in the name of PLAZA HOMES to which the foreign customers can remit to. Its purpose is for the managing and safeguarding of funds for real estate purchases, as well as making the contract and payment procedures progress smoothly due to the elimination of remittance related risks.
When to remit:
Depending on your country or region, it may take from 2 days to 1 week to receive funds in Japan from overseas. In order for the contract and payment procedures to progress smoothly, it is strongly recommended that funds being remitted to Japan are sent with the aforementioned time constrictions in mind.
Payment of funds to Seller
In real estate selling and buying transactions in Japan, the party purchasing a property will pay the seller of the property an advance deposit upon the conclusion of a sales and purchase contract. The business transaction will then be concluded upon the payment of the remaining purchase price on the contract payment day followed by the handing over of the purchased property.
Upon reaching the part of the buying and selling property for payment we will remit your deposited funds in our trust account, to the seller’s bank account.
The Process of a Real Estate Purchase in Japan
Things to be careful of when remitting from overseas
When remitting funds from overseas, additional handling and processing fees will be charged. The party remitting the funds will be solely responsible for paying any and all additional fees. When remitting funds, any and all additional fees need to be added to the intended remittance amount as they will be deducted from the amount to be deposited in the account in Japan.
When you withdraw funds from a foreign currency account, remit it in foreign currency, and have a yen deposit account received it
(At Remittance Bank)
- Remittance fee
- Lifting charge
(At Intermediate Bank)
- Intermediary fee
(At Recipient bank)
- Receiving fee (Incoming remittance fee)
*Incoming remittance in foreign currency to a yen deposit account is converted into yen value using the foreign exchange rate on the date of the receipt.
When you withdraw funds from a foreign currency account, remit it in a yen currency, and have a yen deposit account received it
(At Remittance Bank)
- Remittance fee
(At Intermediate Bank)
- Intermediary fee
(At Recipient bank)
- Receiving fee (Incoming remittance fee)
- Lifting charge (Yen exchange fee)
*Whether or not Intermediate Bank and Lifting charge are necessary for remittance depends on a bank and its banking system.
Example of Remittance
1. Hong Kong → Japan
Remittance in HKD Lead time: 2 days
Remittance amount: HKD15, 200,000 Remittance fee paid
(At Intermediate Bank) Intermediary fee: HKD240
(At Recipient bank) Receiving fee (Incoming remittance fee): JPY1, 000
Amount received: HKD15,200,000 → JPY21,003,083 － 1,000 ＝ JPY21,002,083
2. London → Japan
Remittance in JPY Lead time: 4 days
Remittance amount: JPY58, 360,000 Remittance fee paid
(At Intermediate Bank) Intermediary fee: None
(At Recipient bank) Receiving fee (Incoming remittance fee): JPY1, 000
Lifting charge (Yen exchange fee): JPY29, 180
Amount received: JPY58,360,000 － 1,000 － 29,180 ＝ JPY58,329,820
*The above description is just an example. Remittance fee and lead time depend on a country, a region, and a bank.
- Apartments and Houses for Sale in Tokyo
- Listings of apartments, condominiums, and houses available for purchase in Tokyo.
