You’d think it would be quite easy, right? Pop your Japanese bank account details in and input the account details of the bank you want to transfer money to abroad. WRONG.

In my case, I wanted to transfer money from my Japanese account (Shinsei Bank) to my British account (Lloyd’s).

What Happened?

Well, I waited for nearly two months for my beneficiary (British) account details to be approved. Yet, after that time, I still had not received permission, so I had all but given up.

I was at my wits’ end because Lloyd’s has recently introduced a daily overdraft usage fee for approved overdrafts. Looking at my online bank statement in horror, I realised that, over the past few months, a total of £664 had been taken out of my account (or rather overdraft). This was nudging me ever closer to the overdraft limit, and I was being charged £2 PER DAY to have access to it.

Thanks to Shinsei’s insane two-month waiting time to set up the money-transfer system (GoRemit), I had knowingly been put a further 80 quid in debt. I was falling in debt to an account that I hadn’t even touched in months!

I was almost at the point of pulling my hair out, yet I got no help from my Japanese bank. Their feeble response every time I phoned them up was “Please wait a few more business days…” I was desperate.

What Then?

Well, luckily for me, my friend pointed me in the direction of TransferWise. It has literally saved my life and took mere minutes to set up!! She also sent me her invitation code to sign up with, which gave me a free transfer of up to £500 – score!

After months of fruitless running in circles with Shinsei Bank, I was over the moon to have set up my account within ten minutes.

Providing Documentation

All TransferWise needed was proof of identity (passport or Japanese residence card) and my My Number card. Then, I waited a few days for a letter to come through the post to prove my address, and I was finally on my way to transferring money across and paying off my smegging overdraft!

Even now, I feel ridiculous for having waited so long to address the overlooming overdraft-fee issue. However, what’s done is done. I only wish I had discovered TransferWise sooner as I have since discovered that it has the cheapest transfer fee across the board when compared with other money-transfer services.

With Shinsei, to transfer the equivalent of £500, it cost me ¥2000 (£14) every time I made a transfer, but TransferWise only charges ¥740 (£5). Come on!

Passing on the Love

For anyone else out there pulling their hair out about transferring money overseas, I feel you – I REALLY DO.

In order to pass on the love, I have left you all a present – here is my invitation link for you, so you can transfer your first equivalent of up to £500 FOR FREE. Thus, you need not worry about any transfer fees at all!

Even if you need to transfer more than that, up to £500 is free. Then, you simply pay the remaining transfer fee at the cheapest rate on the net anyway. Win-win really!

It doesn’t matter where you are in the world, after examining the different money-transfer sites out there, I have figured out that TransferWise is the smartest option for anyone wanting to transfer money abroad.

YOU’RE WELCOME!

Related Article: Travel Around the World For Cheap with Housesitting

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Have a lovely day, folks – and don’t get into debt! *Deep sigh*

Love Jade xxx