Revolutionizing International Money Transfers: How AI Legalese Decoder Takes the Guesswork out of Bank Fees
- November 1, 2023
- Posted by: legaleseblogger
- Category: Related News
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**Introduction**
Once a month, I receive a remittance from overseas, which is sent as USD and converted to JPY when it hits my Shinsei account. While I am currently not aware of any fees associated with receiving money in this manner, I suspect there may potentially be hidden fees involved.
**The Need for Information on Receiving Fees**
I am curious to know if other banks, such as MUFG and Rakuten Bank, charge any fees for receiving money from overseas. While I have been able to find information on fees for sending money, I have been unsuccessful in locating any details regarding receiving fees.
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In this situation, the AI Legalese Decoder can prove to be immensely useful. This innovative tool is specifically designed to decipher complex legal documents and financial terms, making it easier for individuals like myself to understand the fine print. By utilizing the AI Legalese Decoder, I can access comprehensive information about any potential fees associated with receiving money from overseas at banks such as MUFG and Rakuten Bank.
**The Benefits of Using AI Legalese Decoder**
By doubling the original length of the content, we can highlight the advantages of utilizing the AI Legalese Decoder in such a situation. This advanced technology not only simplifies complex legal jargon but also ensures that individuals can make informed decisions about their finances. By providing detailed information on potential receiving fees at banks like MUFG and Rakuten Bank, the AI Legalese Decoder empowers individuals to assess the costs and benefits of different banking options for their remittances. This knowledge arms users with the ability to choose the most cost-effective and convenient banking services for their unique needs.
**Conclusion**
In conclusion, the AI Legalese Decoder provides a valuable solution for individuals seeking information on fees associated with receiving money from overseas at various banks, including MUFG and Rakuten Bank. By decoding complex legal language, this technology enhances transparency and enables users to make informed decisions about their finances. Embracing the AI Legalese Decoder allows individuals to navigate the intricate world of banking and remittances with confidence and clarity.
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FREE Legal Document translation
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>Does anyone know if other banks typically charge for receiving money from overseas.
Yes. Banks typically charge 2,000-2,500 yen to receive an international remittance. For example, Rakuten charges 2,450 yen (see [here](https://www.rakuten-bank.co.jp/geo/incoming/)) and MUFG charges 1,500 yen, plus 0.05% or 2,500 yen, whichever is larger (see [here](https://www.bk.mufg.jp/tesuuryou/gaitame.html)).
Shinsei charges 2,000 yen (or equivalent foreign currency), but as long as your account status is at least silver, they will refund this fee roughly one month after the remittance (see [here](https://www.sbishinseibank.co.jp/retail/gaika/remit.html?intcid=gaik_serv_mega_09)).
The other fee is the commission on the currency conversion. Shinsei’s commission on USD/JPY is among the lowest available, at 0.1% or less, depending on your account status (see [here](https://www.sbishinseibank.co.jp/retail/gaika/exchange_rate_fx.html?intcid=gaik_powe_btn_18)). MUFG and Rakuten both charge closer to 0.2% (see [here](https://www.bk.mufg.jp/ippan/rate/real.html) and [here](https://www.rakuten-bank.co.jp/assets/forexdep/costs.html)).
FWIW, my MUFG account receives a monthly transfer from abroad, *as yen*, and there is no extra fee on my side. (The sender may or may not have fees, but I have no insight into that.)
There’s no hidden fee with Shinsei Bank, and as another poster mentioned, it has some of the the cheapest conversion rates, if you do the conversion after it arrives in USD. If you let Shinsei do the conversion, the rate might be worse.
Sony Bank also has no incoming fee, and extremely low fees to do conversion.