Unlocking the Secrets of Legalese: How AI Legalese Decoder Can Simplify Your Banking Queries
- September 20, 2023
- Posted by: legaleseblogger
- Category: Related News
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**Introduction**
I’ve been reading past posts, and I’m still not sure of a couple of things, so if people can share their insights and experiences, I’d really appreciate it. I need some assistance regarding sending money from the US to Japan.
**Using Sony Bank for Remittances**
Family wants to send money to me from their US bank, an amount less than $10K. Unfortunately, my two local banks do not accept remittances from overseas, and using the post office is not recommended either. This leaves me with Sony Bank as a possible option.
**Question 1: Adding Middle Name on Sony Bank Application**
For the first question regarding Sony Bank, I’m filling out the application for non-citizens, but I am unsure if I need to add my middle name. My middle name is part of my official ID here in Japan, but the online application form does not provide a specific section for it. Should I add it as one long word or should I ignore it altogether?
*AI Legalese Decoder Assistance: The AI Legalese Decoder can help provide clear instructions on how to fill out the Sony Bank application form for non-citizens, including how to handle the inclusion of a middle name that is not explicitly mentioned in the form.*
**Question 2: Creating an Account for Handling Dollars**
If someone sends me a remittance in dollars, do I need to make a separate account specifically for handling dollars? The application does have the option “ÕñûÕø¢ÚÇüÚçæÕê®þö¿Òü«ÒüƒÒéü” (for foreign remittance use), which leads me to assume that this is the option I should select.
*AI Legalese Decoder Assistance: The AI Legalese Decoder can provide guidance on whether a separate account is necessary for handling dollar remittances and clarify the specific option on the Sony Bank application form.*
**Question 3: Timeframe for Setting up a Sony Bank Account**
For those who have used the mail-in method to set up a Sony Bank account, how long did the process take? I am curious about the overall timeframe involved.
*AI Legalese Decoder Assistance: The AI Legalese Decoder can outline the typical timeframe for setting up a Sony Bank account using the mail-in method, providing insight on what to expect during the process.*
**Question 4: Understanding WISE for Remittances**
Several comments have suggested using WISE instead of SWIFT for remittances less than $10K. However, I am completely unaware of what people mean by WISE. Is it a different bank? If it is, will my local banks that do not accept foreign remittances accept a transfer from this WISE bank? Additionally, the remittance is likely to be in USD, not JPY. What information do I need to provide to the senders in the US for them to use WISE?
*AI Legalese Decoder Assistance: The AI Legalese Decoder can explain the concept of WISE, its relevance in remittances, and provide guidance on how to navigate the usage of WISE with local banks that do not typically accept foreign remittances.*
**Conclusion**
I greatly appreciate any help, advice, or personal experiences that individuals can share regarding these inquiries. Thank you in advance for your assistance!
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How AI Legalese Decoder can help with understanding legal documents
Introduction
In today’s complex legal world, understanding and interpreting legal documents can be a daunting task. The use of legal jargon, also known as legalese, makes it even more challenging for individuals without a legal background to comprehend the content. However, with the advancements in artificial intelligence (AI), specifically the development of AI Legalese Decoder, there is now a powerful tool available to help individuals navigate through legal documents with greater ease and understanding.
Understanding Legal Documents
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How AI Legalese Decoder Works
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Benefits of AI Legalese Decoder
The AI Legalese Decoder offers several benefits that revolutionize the way legal documents are interpreted:
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Conclusion
In conclusion, the AI Legalese Decoder is an innovative solution that revolutionizes the way legal documents are understood. With its ability to decipher complex legal jargon, it provides individuals with simplified interpretations, saving time, enhancing accuracy, and offering a level of accessibility that was previously unimaginable. By utilizing the power of AI, the tool empowers individuals to navigate through legal documents confidently, understand their rights and obligations, and make informed decisions.
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Do you use the “Sony Bank Open Account” app or web-based? The app scans your documents and does image recognition.
The account is ready to use when you get your Sony Wallet debit card around 7-10 days later.
Receiving foreign currency is easy: Sony informs you via email about the incoming remittance and you can open a fx subaccount then (or before) into which it will be deposited after i.a. anti-money laundering screening. You also have to submit your My Number (just the number which you can also obtain from city office if you don’t have the card yet) for tax purposes.
Sony doesn’t charge for incoming remittance, so make sure that the sending bank uses “OUR”. The cheapest way is to use Wise but don’t let Wise convert the currency, just pass it through. Then Wise will use SWIFT. If you let Wise convert it to JPY, they will do a domestic furikomi. Benefit: Whole process takes no more than 15 minutes; disadvantage: Wise charges a fee in the 1,x% range and it is limited to 100õ©ç ($7000).
On the other hand, Wise only charges a fix $3 for SWIFT, it takes 2-4 days, needs more screening and delay, but overall can be converted at around 0.1% (Sony’s USDJPY spread from the mid-market rate).
1. Same-currency transfer: US bank -> ACH to Wise -> SWIFT -> Sony costs $3 plus 0.1% for Sony’s conversion
2. Conversion during transfer: US bank or cc -> Wise converts to JPY -> Wise’s JP-based account sends furikomi -> Sony receives JPY
1 costs $3 plus 0.1% for Sony’s conversation (around $7), from $10000 Wise would take $3, thus $9997 would arrive at Sony and they let you convert it at 142.74 to ┬Ñ1,426,972 at this moment.
2 costs Wise’s displayed fee ($72 at the moment for $7000+$3000), $10000 would be ┬Ñ1,418,241 deposited in your account for the live rate at this moment.
You receive an absolute amount of ┬Ñ8731 more (or save $61 in Wise’s fees) just for the method of transfer being #1.
If you don’t use Wise, you can send a SWIFT from overseas banks directly to Sony or SBI Shinsei, but the overseas banks likely charge much more than $3, thus using Wise for SWIFT (expect around fee around $20-$50). That’s why most Wise customers only mention and compare with the conversion on transfer method, neglecting that Wise could also use SWIFT.
It’s all well-described in English and Japanese on Sony Bank’s official web site moneykit.net.
It sounds like Wise is the easiest choice for you. ItÔÇÖs like a remittance service rather than a bank per se. You can download their app in the App Store. You charge dollars in one end, convert to yen, and then you can transfer to your local bank. This way, you wonÔÇÖt have to worry about opening any new bank account.
First of all, please download Wise from your phoneÔÇÖs App Store and follow the steps to set it up. There are also plenty of YouTube videos which run through how to use it.