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

Poste date: Wednesday, December 13, 2017

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.

Exterior of The Towers Daiba
Sale Property tag

"The Towers Daiba", a symbol of luxurious tower apartment living in Odaiba. It is surrounded with greenery and a water front area. Its extensive facilities and services include a fytness gym, a concerge service as well as management staff stationed 24 h.

JPY 123,000,000

Sale Property tag

It is a large-scale tower apartment with seismic isolation structure located in the waterfront area in Shibaura. It provides a new lifestyle to live closer to water and greenery. The inside common use facilities are fully equipped including a lounge for Rainbow Bridge view, and a fitness gym. The nearest Tamachi Station, Mita Station, and Hamamatsucho Station are all within a walk access. The rare location on the waterfront and the green area arranged around the building give the sense of openness and peacefulness. Convenience of livings in the neighborhood is excellent including various supermarkets, restaurants, and hospitals around Tamachi and Mita Station. You can enjoy city life with nature close to water and green.  Going through the approach among the arranged trees, a spacious entrance hall welcomes with an open-ceiling of 2 floor levels. A hotel-like concierge service is provided and the inside common use facilities are fully equipped, such as various lounges, a party room, and a fitness gym.

JPY 151,800,000

Exterior of Itopia Azabu
Sale Property tag

Itopia Azabu, 10storied structure, total number of the units 95, was completed in August 1995, developed by ITOCHU Corporation, and built by JDC Corporation. It is located in between “Azabu-Juban” stn. on the Tokyo Metro Namboku Line, and the Toei Odedo Line, and “Shirokane-Takanawa” stn. on the Tokyo Metro Namboku Line, and Toei Mita Line, is taking approximately 8-minute on foot. Also you can reach to “Tamachi” stn. on JR lines, approximately 16-minute on foot, providing convenience accessing every spots in central Tokyo. Local stores, supermarkets, cafe, restaurants are dotted in the area, and very convenient for daily life. Building facilities include automatic entrance door, security cameras, elevator, delivery boxes, internet, CATV and more. Pet (up to 2 of cat or dog) is allowed to keep.

JPY 129,800,000

Exterior of City Tower Takanawa
Sale Property tag

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JPY 84,990,000 - 280,000,000

Exterior of SHIROKANE The SKY
Sale Property tag

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JPY 358,000,000