PayForex is an international money transfer service provider and was established for the purpose to provide convenience at a lower price than traditional money transfer firms.
It was founded upon the law of payment and settlement (fund settlement law) and is registered as an official fund transfer firm of Japan (Director General of the Kanto Regional Financial Bureau #00010)
Currently this service is available to those with a Japanese nationality and all foreigners residing in Japan.
How the PayForex international money transfer service works
We send money from Japan to a bank account overseas
PayForex’s international money transfer service uses international bank to bank payment routes to send your funds to overseas bank accounts.
All transactions can be done online
All PayForex services are offered online, and requests for currency exchange and money transfers are accepted online 24 hours a day. You can perform transactions from anywhere as long as you have a PC with Internet access.
Start with “Account Open”
To use the services, you must first open a PayForex account. For details, see “How to open an account“.
List of Currencies
This List of Currencies is as of March 2019. “*” mark refers to Speed Remittance currency.
Countries and regions which support Speed Remittance
This is the list of countries and regions that support Speed Remittance, with related currencies, as of March 2019. Speed Remittance generally arrives within several hours or within 24 hours after the transfer request is received. (Weekends, holidays and local bank holidays are excepted) Compared to Standard Remittance, which would take 1~3 business days, arrival time has already drastically shortened.
Conditions and limitations
| To open an account |
| Account types |
Individual・Corporate |
Accounts can be opened under an individual’s name or a corporation’s name. |
| Initial setup fee (enrollment fee) |
Free |
| Account maintenance fee (annual fee) |
Free |
| ASP services for corporations |
Please inquire |
For corporations looking to reduce money transfer workload due to numerous transfers and/or destinations. We will prepare a proposal for contracted money transfer services. For details, see “Information on corporate alliance“. |
| Standard maximum transfer limits |
| Maximum amount for a single transfer |
¥1 million (or equivalent amount in foreign currency) |
- If the monthly transfer amount exceeds ¥1 million, we may ask for a phone interview regarding the purpose of the transfers or ask to see invoices.
- If you would like to exceed the maximum monthly transfer limit, please contact us in advance. We will determine the amount that can be transferred based on a phone interview and submitted invoices, etc.
- Sole proprietors: please submit a copy of a sole proprietorship business registration form.
|
| Maximum monthly transfer amount |
Standard individual: ¥3 million Corporation or sole proprietor: ¥6 million (or equivalent amount in foreign currency) |
| Money transfer fees |
| Transfer fee |
¥0 – ¥3,980 (Varies depending on transfer amount and currency) |
For details, see “List of transfer fees” and “About fees“. |
| Lifting charge (Yen transfer fee) |
Free |
| Intermediary bank fee |
Borne by beneficiary／sender |
If borne by beneficiary: deducted from transferred amount
If borne by sender:use the Pay Other Bank Charges service |
| Intermediary bank fee |
Borne by beneficiary／sender |
| Pay Other Bank Charges |
¥2,500 |
For a flat fee, PayForex bears all other bank charges so they are not deducted from the transfer amount. For details, see “The Pay Other Bank Charges service“. |
| Exchange rates |
| Rate display |
Every 15 minutes |
| Exchange rate |
See international money transfer simulator |
The simulator will show the actual exchange rate. |
| Business/support hours |
| Days to transfer money |
Generally 1 – 3 business days |
Within 24 hours for Speed Remittance |
| Deposit receipt confirmation time |
Generally within 24 hours (on business days) |
| Days to withdraw money |
Generally 2 business days |
| Money transfer hours |
Requests accepted online 24 hours a day |
| Currency exchange hours |
Requests accepted online 24 hours a day |
| Business/support hours |
Weekdays 9:30 a.m. – 5:30 p.m. (closed weekends, holidays, year end, and New Year’s) |
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