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Funds Remittance for a Real Estate Purchase (From Overseas to Japan)

Post: Wednesday July 12, 2017

When a non-resident customer buys a real estate property in Japan, such a customer most likely may not have a bank account in Japan and may need to remit the necessary funds for a purchase from overseas to Japan.

bank transfer concept on red keyboard button, 3D rendering

Where to remit funds from overseas:

We, PLAZA HOMES, are introducing the trust account in the name of PLAZA HOMES which the foreign customers shall remit to. It is for the purpose of managing and safeguarding the funds for real estate purchase, and hence for making the contract and the payment procedure smoothly by eliminating the remittance related risks.

When to remit:

Depending on your country or region, it may take the lead time of 2 days to 1 week for receiving funds in Japan from overseas. We highly recommend our customer to remit funds to Japan having enough time to spare for making the contract and the payment procedure smoothly.

Payment of funds to Seller

Usually in real estate selling and buying transaction in Japan, the buyer pays the seller the advance deposit upon the conclusion of the sales and purchase contract, and the business transaction is concluded by the buyer’s paying the rest of the purchase value on the contract payment day and getting to handover of the purchased property.

When the time comes in such procedure we execute the payment by remitting 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 you remit funds from overseas, it costs the following charges. Such charges are borne by someone who remit funds. You have to be careful that the necessary amount of funds for buying will be deposited at the designated account in Japan after deduction of all the charges incurred.


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.

 

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