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.

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 139,000,000

Sale Property tag

Landmark 39-story tower condominium. Sold by Mitsubishi Jisho Residence Co., Ltd. and Completed by Taisei Corporation. .It provides residents as “Club Member” with high grade hotel-like services. The services are thorough and impressive including front desk services such as reservations of restaurants and any tickets, a valet parking and porter service of putting cars in and out, 24 hours room services, housekeeping services, etc. Public facilities are also provided such as Entrance Lounge and Fitness Gym available 24 hours and free of charge, paid and reserved Guest Suites and Sky Lounge, etc. Dwelling units are from 1R to 3LDK for wide range of dwelling plans from single to family with children supporting the premium living of the big city.

JPY 147,000,000

Exterior of Grand Suite Azabudai Hilltop Tower
Sale Property tag

Luxury tower residence on Azabudai hill with a view of the Tokyo American Club below. The redevelopment site of Mori Building's Toranomon and Azabudai project is just in front of the building. So, it’s located in a truly remarkable area. 24-hour manned management. Garbage dumpster on each floo. Common facilities: 26th floor Sky Lounge, 4th floor Lounge, 1st floor Guest room.

JPY 228,000,000 - 698,000,000

Exterior of Brillia Ariake SkyTower
Sale Property tag

Brillia Ariake Sky Tower is a 33-story reinforced concrete built condominium apartment located in Ariake 1-chome, Koto-ku, a continuously developing town. It features various shared facilities that enrich daily life of the residents such as a bar lounge, library, swimming pool and fitness gym. There is Bunkado supermarket on the 1st floor, so everyday shopping is so easy for the residents. On the 2nd floor there is a licensed nursery school “Himawari Kids Garden Ariake no Mori”, which is providing the residents having small children with convenience and a sense of security.

JPY 80,800,000