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 TAKANAWA THE RESIDENCE
Sale Property tag

TAKANAWA The RESIDENCE is a 47-story tower apartment with a 1-story basement built in October 2005 by Taisei Corporation. This high-grade apartment has View Lounge, Health Spa, Guest Room and hotel-like concierge services. It comes with 24-hour manned management for solid security. It is located a 6-min walk from Takanawadai Station on Toei Asakusa Line, 8 min from Shirokanedai Station on Metro Nanboku Line and Toei Mita Line, 9 min from Shirokane-takanawa Station, and 12 min from Takanawa Gateway Station on JR Yamanote Line and Keihin Tohoku Line.

JPY 318,000,000

Exterior of J Park Nogizaka
Sale Property tag

JPY 118,000,000

Exterior of Seta M House
Sale Property tag

This custom-built detached house was designed and built with some materials imported from overseas. The land area of 274sqm, a total floor area of the house over 300sqm, a spacious living area, plus garage with 2 parking lots. This western style residence has 6 bedrooms, 5 toilets in total, and high ceiling room brings natural light and openness. There are several international schools in the walking distance, such as Seisen, and St. Mary's International School, and Japanese public elementary and junior high schools are within 5min walking distance as well. <Remodeling History> 2007. 6 Water supply and drainage system improvement work 2010. 11 Water heater newly replaced 2016. 6 Water supply unit newly replaced 2021. 7 Home security system newly installed 2016. 8- 2023. 6 Air conditioners newly replace as needed (5 locations in total), and more

JPY430,000,000

Exterior of Parktower Nishi-shinjuku
Sale Property tag
Brandnew

JPY 178,000,000 - 248,000,000

Exterior of The Parkhouse Nishi-shinjuku Tower 60
Sale Property tag

It is a 60-story super high-rise tower condominium apartment with 954 unit rooms in total that soars into the sky of the Nishi-Shinjuku area. It has a water, green, and open space for creating an oasis on the spacious ground of approximately 1,900 square meters around the building. It is located close to 3 stations with 2 lines including the nearest station Nishi-Shinjuku-Gochome and within walking distance to JR Shinjuku Station. The location is very convenient for living having supermarkets, convenience stores, drug stores, and restaurants as well as hospitals and parks in the neighborhood. It provides various services and shared facilities such as concierge service, Sky lounge, meeting spaces, and a gym to support everyday life of the residents. children. Each unit comes with the latest and functional equipment to support comfortable life and the solid security system to secure the safety of the residents.

JPY 204,000,000 - 216,000,000