Seven Bank, Western Union to start overseas money transfer service
Seven Bank and Western Union announced Tuesday that they will start an overseas money transfer service on July 19. Using the Internet/mobile banking network of Seven Bank, you can send money anytime 24 hours a day from any place you like. Seven Bank ATMs are installed at about 15,000 locations nationwide.
In the agreement with Western Union, recipients will be able to collect money at 400,000 locations in about 200 countries, officials said at a news conference in Tokyo. During the event, Seven Bank officials performed a live demonstration of how to send money to a recipient in Manila in just one minute.
Seven Bank said users can send 10,000 yen for only 990 yen and 50,000 yen for only 1,500 yen, with no payment due on the receiving end. Receivers do not need to open a bank account.
“We started this service to make it easy for all the foreign workers, who are very valuable for Japan’s economy, to send money back home.
The foreign population in Japan is expected to increase in the next decade and we believe this service will help those people and Japan’s economy as well,” said Seven Bank executive Yasuaki Funatake. He said that Seven Bank expects up to 1 million transactions a year in three to five years.
Funatake also said that the network had an inbuilt system to monitor for money laundering and other illegal transactions.
To help publicize the new service, Seven Bank has enlisted TV personality Ousmane Sankhon, who has lived in Japan more than 40 years, as its spokesman. Sankhon said he still sends money to his family in Guinea, and added that the overseas money transfer service will become essential for foreign people working in Japan, who wish to remit money back home.
The service is available in English, Japanese, Chinese and Tagalog. For more information, visit http://www.sevenbank.co.jp/soukin/en/