Re: [tlug] Receiving money internationally

[Raymond Wan <rwan.kyoto@example.com>]

Hi Stephen,


On Mon, Aug 29, 2022 at 9:41 AM Stephen J. Turnbull <stephen@example.com> wrote:
> I've got a consulting gig with a small multinational that has offices
> in the US and the UK (at least, but not in Japan).  I've negotiated
> compensation in yen (keeps the wife happy, no exchange rate risk), but
> haven't a good idea how to accept payment.  I was assuming PayPal, but
> it looks like they're going to make things really difficult on the
> KYC/AML front when they update the ToC in about a month.


Compared to what others have said, perhaps this is a bit low
tech...but one other option is for them to mail a cheque (I guess
"bank draft" is a more correct term?) drawn from a Japanese bank.
i.e., if they are in the UK, they go to their bank to write a cheque
out to you, but the money is actually paid by (assured by?) a bank in
Japan.  They then mail it to you via normal post and you cash it in at
any bank in Japan.  I haven't done this with Japan (sorry!) but have
done it with other countries.  You can't escape the exchange rate
problem, but the person who writes the cheque would have to pay the
service charge for it.  You might want to have it done less frequently
if the surcharge is too much (i.e., after several jobs instead of
after every job).

I think one downside is taxes.  I'm not sure how that would be done...

If you don't want to trouble the company employing you, I presume you
can just call up any bank in the UK or e-mail them and ask them if
they provide such a service.  I just looked around and it's hard to
find on-line information about it (I guess most people prefer
electronic transfer).  But here is some information from an Irish
bank:  https://www.bankofireland.com/help-centre/faq/can-get-bank-draft-long-take/
.  Another idea I just had is that HSBC is a UK bank and it seems to
have a Japanese branch (https://www.hsbc.co.jp/).  Perhaps you can
call them up?  Maybe they can offer some suggestions (most likely
not...) -- maybe they're from the same "family" and can offer a way to
transfer money to you, if the other side banks with HSBC as well.

Good luck!

Ray