Paying Student Loans - Canada (BC)

[jstopa]

Greetings fellow JETs!

i have been looking into the best way to go about repaying my student loans (repayment starts in Novemeber for me). I spoke with a representative of the BC Student Loan Service Bureau (BCSLSB) before leaving and they said I can set up a pre-authorized debit plan from my Japanese bank account once it was set up. Super!, I said to them. Now that I'm here and my bank account is set up, those at the bank say that this is something they cannot do. Phooey!, I said to them.

This seems rather weird to me since all the form is asking for form my bank is a void cheque that contains the 5 digit transit number, bank number, and my account number, along with the address and that usual stuff. Am I missing something? Do they not have these numbers as banks in Canada do? This seems to be the ideal way to repay it, because a bank to bank money transfer (from Shikoku Bank [I'm in Kochi-ken]) costs about 6000 yen. A lot!

If this Pre-Authorized Debit truly will not work, are there any other suggestions that anyone can offer as to the best way to get money back home to repay my student loan? Any help would be superb!

Thanks!

[Moosashi]

Unfortunately it is impossible for a non Japanese institution to direct withdraw money from your Japanese account.
Your only other options are opening a Go Lloyd's account, sending a registered money order/bank draft to family/the student load people, or trying to open an XE account.

XE is the best. I only paid 700 yen to transfer money to XE's bank account in Japan. I also received market exchange rates, and they direct deposited the money to my bank account back home. (at no charge from them or my bank no less!!)

The bad news is that they had a change of policy, and cancelled all Japanese customers accounts due to new Japanese banking regulations which made it impossible for them to offer their service to Japan residents.

If I were you, I'd try to send back 2 months worth of payments into your Canadian chequing account, then send payments back month by month after. That way you have a 1 month buffer payment in case you can't send money home one month.

[buenokid]

I asked Shikoku Ginko several months back if they did EFT (electronic funds transfer) and they couldn't have been more confused. They promptly gave me the information for doing an international wire transfer which is very expensive as you said.

XE still works but they switched their bank that deals with yen to a bank in Singapore or something. So you would have to do an international transfer just to get your money there and it would end up costing a lot. It was really great before they switched banks because as the previous poster said you could send money home for very cheap and get great rates.

You could also send money through the Japan Post. However, it is up to a certain amount and costs maybe 3,000 yen each time.

Took me about a year but I finally got my Golloyds setup. So by now I saved up quite a bit and just sent a big lump sum home. If you go that route, just save a few months of pay and then send money. Or if you can wait longer just hold out and send a bigger amount as needed.I think when its said and done, Golloyds is the cheapest and best option available.

[SaitamaPA_Denise]

Yeah, what buenokid said. A lot of Jets use Golloyds, and it's fairly straightforward. An international transfer via the post office costs either ￥2000 or ￥2500, plus whatever charges your home country bank tacks on. Their yen rate is usually 1.5 or 2 yen higher (in number) than the market rate.

[jimm1909]

Yeah, what buenokid said. A lot of Jets use Golloyds, and it's fairly straightforward. An international transfer via the post office costs either ￥2000 or ￥2500, plus whatever charges your home country bank tacks on. Their yen rate is usually 1.5 or 2 yen higher (in number) than the market rate.

Agreed. I use Golloyds to pay off my Student loans and have had no trouble whatsoever. I'd recommend GoLloyds to pay off all matter of Personal Loans and loans in general.

-Jim

[Eigen]

I use GoLloyds as well and, something that's worth mentioning, is that for me to send home to Winnipeg, Manitoba, Canada...GoLloyd's charges 2000 yen for their service and will send it through to a Canadian bank there, which then sends it to my local bank (TD). By doing that, I don't have to pay ANY fees on the receiving side from TD for getting money from an international source, because they receive it domestically, which is awesome.

[AVN]

I use GoLloyds as well and, something that's worth mentioning, is that for me to send home to Winnipeg, Manitoba, Canada...GoLloyd's charges 2000 yen for their service and will send it through to a Canadian bank there, which then sends it to my local bank (TD). By doing that, I don't have to pay ANY fees on the receiving side from TD for getting money from an international source, because they receive it domestically, which is awesome.

Same for me with TD in Canada

I use it all the time and it has never been a problem. I get great rates, they send me an email daily telling me the rate so I know what it will be the day I send it.

The trick is to send large amounts all at one time to not pay the fee multiple times. So send as many months home, as you can afford, at one time and then have it withdrawn from your Canadian account monthly.

[Jen_NaraPA]

I use GoLloyds as well and, something that's worth mentioning, is that for me to send home to Winnipeg, Manitoba, Canada...GoLloyd's charges 2000 yen for their service and will send it through to a Canadian bank there, which then sends it to my local bank (TD). By doing that, I don't have to pay ANY fees on the receiving side from TD for getting money from an international source, because they receive it domestically, which is awesome.

I'm trying to see if I should use the Post office or Go Lloyds to transfer money back home (TD bank), and I was wondering what you meant by not having to pay any fees on the receiving side.

https://www.golloyds.com/bankcharges/en

What about the $15 fee from BMO that they list on that site?

[Gizmotech]

I'm sure TD is taking a chunk. Look at your little paper they mail you after the transaction and look at your deposit value. Mine never match.

[Cytrix]

Yay spambots!

But in all honesty: Watch out for Golloyds. I believe they are cancelling their money transfers sometime this year and transferring it over to some other bank that will charge twice as much.

[HerrKaiser]

Yeah, Go Lloyds will not be continuing it's international transfer services. I don't remember the exact date that it all gets shut down, but we all need to look for an alternative method. Anyone have any suggestions that are economic. I am also Canadian and bank with TD. I am hoping to pay off my student debt in a couple of years if possible. So the less money that gets skimped off the top while I transfer money back the better. In order to send with J Post don't you need to have someone at home with your bank info or power of attorney who can cash the bills?