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Japan is well known for its traditions of discipline rooted deep in the nation’s early history, yet the country is also noted for its western-culture obsessed society. Perhaps it’s this blend that has given rise to the Japanese Yen as the third most traded currency in the global financial market.
A regional Bank Transfer in a local currency (JPY) will take significantly less amount of time than an international Wire Transfer. A local Wire Transfer takes up to one day, while an international one will be processed within 2-3 days, and at times for a longer period of time.
Most local and international transfers in JPY using Wire are free of charge on the broker’s side. Nevertheless, there are some brokers that may issue a fee, but these should not surpass ¥2000. Needless to say, charges may be applied by the banks processing the payments.
If you wish to pay with a Credit or Debit card in JPY, then expect all payments to be processed immediately. As is with the Wire Transfer, most JPY transfers are free of charge, but there are surely to be some Japanese brokers that attach a small fee of no more than 2% per Credit/Debit card transaction.
Japanese alternative payments are well knows: they are some of the top alt money transaction methods in the world. These include Skrill, Neteller, WesternUnion.
Skrill and Neteller fees issued by the broker do not surpass 2% per transaction. Skrill as the payment system charges 1.45% of the sum for sending money while Neteller (as payment method provider) issues a commission 2.5% of the requested sum. Both Neteller and Skrill payments are instant.
WesternUnion fees however, can be quite hefty, ranging from ¥1000 to ¥10 000, and that’s excluding the payment system fee of 1-2%. Not to mention that funds can arrive/ be received after 72 hours from the issuing of the request.
The Yen was introduced in circulation in 1871, after the previous complex monetary system was discontinued.
The JPY is one of the worlds most difficult currency to replicate due to its many counterfeiting features, like watermarks, and a luminescent ink that glows under ultraviolet light.
There are just four Japanese bill denominations: 10,000 yen, 5,000 yen, 2,000 yen, and 1,000 yen notes.