Asia Bizz: On Tuesday, Seven Bank and Western Union announced that they will be starting a money transfer service for overseas transactions on 19th July. With the help of the internet/ mobile banking network of Seven Bank, the user can now transfer money anytime from any place – 24×7.
The ATMs of Seven Bank are situated in over 15,000 places in Japan. At an event, the officials of Seven Bank had a live demonstration on how to send money to a recipient in Manila in just one minute. The officials also added that in agreement with the Western Union, the recipients will now be able to collect money in more than 4,00,000 locations in more than 200 countries.
Talking about the charges to transfer the money, the officials said that the users can send 10,000 yen for just 990 yen, while the user can send 50,000 yen at 1,500 yen. No payments are reported to be due on the receiving end.
Moreover, receivers do not have to open a bank account to receive the money. Yasuaki Funatake, the executive of the Seven Bank ,said that they started the service specially for foreign workers in the country to send money back home, as they are valuable for the economy of Japan. The service is also expected to help the foreigners who reside in Japan in the years to come.