How to use XE in Japan!!! (updated!)

[Musashi]

I thought I'd start this thread for arriving/current ALT's in Japan.

If you want to send money back home, but don't want to use Go Lloyds or other companies -- XE http://www.xe.com/is a great alternative. I just sent 80man back home cause of the high YEN, and it worked great. Just be warned that JP Bank can't furikomi to XE's citi bank account. But I know 100% that SMBC can. (Not sure about other banks)

Also, If you're a new ALT coming to Japan, you need to setup the XE account in your home country beforehand since you can't open an XE account in Japan anymore.

Here is the furikomi information for XE's account in Japan:

Optional remitter information: the XE transaction ID (if you can add it)
Beneficiary name: 406 CUSTOM HOUSE ULC
Bank: シティバンク銀行
Branch: 本店
XE's Account #: 0161030
Account type: "Gaitame-Sokin" a.k.a "Gaitame" account (The Account isn't a regular "Domestic" Japanese Account ***i.e Zengin in Japanese, i.e ト a.k.a checking***)

Citi Bank help desk phone number: 03-5462-5000 ***YOU WILL NEED THIS FOR THE BANK TELLER WHO HELPS YOU WHEN YOU TRY TO XE TRADE THE FIRST TIME***

Basic info taken from:
http://forum.gaijinpot.com/showthread.p ... ost1172560


----Sept 28/2012 edit------
I decided to attach an edited copy of my furikomi application for a recent xe transaction.

Anyhow, I hope it helps.

[ChottoMonkey]

Thanks for this tip! I'm going to check this out for sure...gotta pay student loans back eventually

[Gizmotech]

I thought XE stopped in Japan a while back. Or was that only to Canada? *racks brain, comes up with cobwebs*

[Musashi]

You're 100% correct. If you opened an XE account in Japan, they closed it after the banking laws were changed. As of right now, Japanese residents can't open an XE account anymore. But XE is still in Japan and maintains a bank account so that their customers can do YEN remittances from Japanese based bank accounts.

If you open it in your home country, you can still transfer money from your Japanese bank account to the XE account who will deposit it to your home country account.

Anyhow, I thought I'd share the info since it can be done, and it was a HUGE pain in the butt to figure it out.

[aayl1]

Woah. Did not know they offered this service. This seems really good. What's the fee per transaction?

[temoshi]

^What he said

How much does it actually cost you to send, say, 8-man back?

[hanafubuki]

Can you transfer money to any American bank? Even a little town bank? I'm trying to decide whether to keep my current bank account or open a new one (thinking about USAA, as suggested by several on these forums) that is easier/cheaper for making international transfers. I've always trusted XE for checking the currency exchange rate, but never knew they did money 'trading,' so I'm rather hesitant to send a large money to them and just hope that they'll put it where it's supposed to go. Sorry, I'm a tad bit paranoid about things like that. All I know is I absolutely have to have an American bank account to pay back my college loans, since they won't accept debit/credit payments from international cards.

[Musashi]

You guys should call xe to confirm, but all it costs is the furikomi costs to xe's citi bank account in Tokyo. (700¥ish)

Then you convert your cash to your currency. After that xe does a free EFT into your home account. (even small us bank should be ok)

Anyhow, I think the only other option aside from xe is Go Lloyds. Their fees are higher, and exchange rate is not as great.

For what it's worth xe has a great call center, are quick to verify your funds and send you personally written emails after your call center representative confirms your trade.

[reika.ruian]

anyone try this recently?

[Lianwen]

I'd also like to know who successfully has done an XE transfer.

XE gave me a bunch of information/account details, but I'm particularly confused about this:

"Although our JPY account is in Japan, please send your funds via an International Wire transfer. The banking system will return domestic / local wires to your account and will result in delays to your trade."

So I can't go to my local inaka branch and send it via a furikomi using an ATM?

[ChottoMonkey]

I too would like to know about this. I have the account setup on the state side but haven't tried it in Japan (as I'm not there yet) but may need it to deal with student loans.

[Musashi]

I'd also like to know who successfully has done an XE transfer.

XE gave me a bunch of information/account details, but I'm particularly confused about this:

"Although our JPY account is in Japan, please send your funds via an International Wire transfer. The banking system will return domestic / local wires to your account and will result in delays to your trade."

So I can't go to my local inaka branch and send it via a furikomi using an ATM?

Basically the first time will be a pain and you will need a bank employees help. They will also likely need to call citi bank too. But after that the settings will be saved in your furikomi settings or you can save it to a card.

As for your inaka bank it should be ok. (Though JP can't)

[Lianwen]

Thank you for choosing XE Trade.

The 7 digit long account number would be: 0161030; 406 stands for branch number and the account type: checking account

Here are the banking details that you will require to send us JPY as per your trade:



Beneficiary Name: Custom House ULC

Beneficiary Bank: CitiBank

Bank Address: Citigroup Center 2-3-14, Higashi-Shinagawa, Shinagawa-ku, Tokyo, 140 8639 Japan
Account: 0-161030-406

Swift: CITIJPJT

Please note that this account is NOT a regular/local resident account. If an account type designation is needed it is technically a business/corporate acc

Your bank will need to initiate an international transfer (hikyujusha kanjyo') so that we receive credit for the funds.
インターナショナルワイアートランスファーとして、これらの資金をあなたの銀行にアドバイスしてください。または、資金はあなたに返されるでしょう。
"Beneficiary information" is called "Bikou" in Japanese. Unless there is a indication of "Non resident Acct", we are not able to receive payment from you.

Please attach your Deal ID # as the reference for your payment.

Please ensure that your financial institution does not perform any foreign exchange and that the currency remitted is the same as the trade confirmation that you have received.

Do not hesitate to contact us should your bank have any difficulties using this information or should you have any questions. Thank you.

This is the information they gave me. How much does an international money transfer cost?

[Musashi]

Ignore that email XE sent you with the bank instructions. If you follow the instructions I posted (which I updated) you will only pay a small furikomi fee. If you try to follow XE's email instructions it will be very difficult (since they don't provide complete information)

Basically if this is your first time using XE, go to the bank during reg hours and GET A TELLER TO HELP!!!! Also, bring the instructions I posted with the CITI Bank phone number (THE TELLER WILL NEED IT!!!!!)

[Lianwen]

Thank you <3 I was really quite confused. I'm going to try this tomorrow as my bank is closed for today now ;___;