Unlocking Legal Jargon: How AI Legalese Decoder Can Aid Japanese Streamers in Choosing an Overseas Income Bank
- March 30, 2024
- Posted by: legaleseblogger
- Category: Related News
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### Seeking Advice for International Twitch Payments
Hi everyone. I am seeking advice on behalf of a Japanese citizen who has recently started streaming on Twitch and has reached the payment threshold. However, her current bank will not accept overseas transfers from Twitch. This has posed a challenge for her in receiving her earnings.
### Exploring Options for International Transfers
I am wondering if any of you would know what her best options would be for choosing a bank that has reasonable fees for international transfers from Twitch and other general fees. It is important for her to find a solution that is cost-effective and efficient.
### Twitch Payment Options
If it helps, here are the payment options provided by Twitch:
– **Local Bank Payout Method or eCheck:** A convenient method for non-US Affiliates. This option allows you to have the payout converted from USD to your local currency for a fee. The exchange rate is the wholesale rate (similar to the exchange rate charged by an ATM). This payout method takes 1-2 days.
– **PayPal**
– **Check:** This traditional method usually takes the longest to reach you.
– **Wire Transfer:** When using this method, you will usually incur an extra fee by your bank. In the case of international wires, there is often an additional fee if the payout must be converted to your local currency. The wait time to receive a wire payout depends on the Affiliate’s bank.
### How AI Legalese Decoder Can Help
In this situation, AI Legalese Decoder can assist in deciphering the terms and conditions of different banks’ international transfer policies. It can provide insights on the fees associated with each method of payment, helping to compare and choose the most cost-effective option for receiving Twitch payments. With the help of AI Legalese Decoder, the Japanese citizen can make an informed decision and streamline the process of receiving her earnings. Any guidance or suggestions would be greatly appreciated.
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Sony Bank (MoneyKit) doesn’t charge for incoming foreign currency remittances. They also allow you to hold multicurrency accounts so you can hold USD directly.
Be sure to ask the streamer to contact Twitch support though. The wire transfer from Twitch needs to put in “Do Not Convert” instructions in the SWIFT transfer comments to prevent automatic currency conversions.
She should contact Twitch staff anyway as they should’ve dealt with hundreds of cases with Japanese streamers already and could guide her better.
However, I’m not sure if Twitch streaming would count as business income or miscellaneous income, so there’s a chance of Sony Bank refusing service. Best to ask Twitch staff about this too. They might have guidance on this. Especially if she’s a twitch affiliate partner and actually making decent money from this.
If they offer decent rates on domestic transfers, she can just choose that one. It seems to be the easiest.
Will Twitch allow him to be paid to a US bank account? They probably will. If they will, he should open a Wise account and then get US bank account details from them. This will be the fastest and least painful way for him to get paid. He can then transfer to his Japanese bank account, or just spend directly from the MasterCard debit card that Wise provides.
If he gets big enough that he is making more than around US$5000 per month, he should consider opening a Sony Bank account. The first few transfers will likely be a pain in the a$$ because Sony is likely to ask a LOT of questions about the source of the money. But, he will get better exchange rates once he passes around $5k per month in income. Certainly if he gets to around $10k per month in revenue he should be using Sony Bank.
The other banking option is Shinsei. If he lives near a Shinsei branch it might be easier for him to deal with them than to deal with Sony online.
But, until he gets to at least US$5000 it will be easier and cheaper to use Wise.