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US Social Security direct deposit Japan bank 2018/7/11 11:32
Does anyone know -- from actual experience -- about having US Social Security benefits paid to a Japanese bank account? I've been reading everything I can find about this on the SSA website, but it's not clear, so I'd like to know from someone's actual experience how it works, especially about any fees. For instance, if I expect Social Security of $500, is the amount that turns up in my Japanese bank account the full equivalent at a fair and current exchange rate? Today's mid rate is about 110 yen/dollar, so would 55,000 yen get deposited?

Also, does the Japanese bank extract a service fee, an incoming wire fee, etc.?
by Will (guest)  

Re: US Social Security direct deposit Japan bank 2018/7/12 15:25
Set up a US$ account - I doubt a government organisation would be happy with the expense and risk of sending funds overseas in a different currency.

Also, does the Japanese bank extract a service fee, an incoming wire fee, etc.?
Of course they do. Banks love international transfers - easy money. They charge heaps for the person sending, extract their exchange rate fee and then the receiving bank gets their cut.
I had a recent incoming transfer from from north America this week and the sender was slugged with a $50 fee. However, I have a multi-currency account, but it still worked out as a $20 fee to receive.
On my business accounts for receiving yen I pay a fee to send (depends on method), and then the bank takes 2500 yen before it arrives and then another 2000 yen "service" fee.
by JapanCustomTours rate this post as useful

Re: US Social Security direct deposit Japan bank 2018/7/12 16:59
To: JapanCustomTours

Please re-read the first six words of the post.

It's obvious you have no personal experience whatsoever in receiving US Social Security in Japan. Even your spelling indicates that your not American.

Once again, if someone knows about this matter from actual experience, I would appreciate hearing from you.
by Will (guest) rate this post as useful

Re: US Social Security direct deposit Japan bank 2018/7/13 08:09
Hi Will, yes, I did read your first six words, and the entire post a couple of times. Why didn't you ask the US service about their policy for payments directly?
I mainly replied to your question about fees at the bank receiving end. I have a lot of experience with international transactions and most of that information is pretty simple to get.
You are asking on a Japan forum to an international audience. If you don't want replies, don't ask.
by JapanCustomTours rate this post as useful

Re: US Social Security direct deposit Japan bank 2018/7/13 10:50
Totally agree with JapanCustomTours- when someone is trying to help, whether or not it is actually helpful to you, just accept and acknowledge that they endeavoured to assist.
Maybe some indepth research in your own system would be better than belittling someone. Just keep in mind that civility costs nothing, but then again, you are American.
by couldabeen rate this post as useful

Re: US Social Security direct deposit Japan bank 2018/7/14 17:51
Sorry for my rudeness, JapanCustomTours.

I totally understand your feelings about bank fees. I've lived in Japan for a long time, and with all of my overseas transactions these many decades, I have easily given many thousands of dollars to Japanese banks in the form of incoming and outgoing wire fees, conversion costs, and so on.

Despite what you speculated, the U.S. Social Security Administration actually encourages people like me living in Japan to have our benefits wired directly to a Japanese account. Here's what they say on their website: "When we directly deposit benefits to a financial institution, you avoid currency conversion fees. If you live outside the United States... we can deposit your benefits into your account at a financial institution in any country that has an international direct deposit agreement with the United States."

That includes Japan. So having the money wired here, with no fees from the US side, seems quite certain. It's the receiving end that is unclear.

The Social Security gives statistics for June 2018 showing that for payments to beneficiaries living in Japan, there were 76,664 international direct deposits to Japanese bank accounts versus only 7,072 to U.S. bank accounts and a mere 131 payments by check. That means over 91% of the 83,867 people getting U.S. Social Security in Japan have their payments sent directly to their Japanese bank accounts.
I still don't know for sure about incoming bank fees, so I'm still hoping that someone with actual experience of receiving US Social Security in Japan will reply and shed some light on all of this.

Trying to get clear, helpful information in writing directly from the Social Security Administration is nearly impossible. I've contacted them in the past about another issue, and waited and waited, and finally received an unhelpful reply.
by Will (guest) rate this post as useful

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