FAQ (General Services)
Is SBI Remit a bank? Can you send money legally, even though you are not a bank?
We are not a bank; rather we are a money transfer operator that specializes in remittance services pursuant to the Act Concerning Settlement of Funds.
We filed procedures with the Ministry of Finance before completing registration with the Financial Services Agency to develop remittance services as a money transfer operator.
Our services differ from those of the banks as listed below – including the fact that we do not handle any deposits:
• The transactions we carry out are not foreign exchange transactions as carried out by the banks, etc.; rather they are limited currency transactions related to money transfers equivalent to 1 million yen or less, which are specified as low-value transactions by Cabinet Order.
* the maximum amounts vary depending on the receiving country and region.
• We do not accept deposits, savings or term deposits.
• We are not subject to the payment of insurance claims as prescribed in Article 53 of the Deposit Insurance Act, or Article 55 of the Agricultural and Fishery Cooperation Savings Insurance Act.
Note that we have established a performance guarantee fund system whereby the company reserves an amount equivalent to the funds entrusted to us by service users under a performance security deposit preservation agreement or alternatively under a security deposit with the Legal Affairs Bureau.
In the unlikely event that payment is not made, or similar, you will take priority over other debtors in receiving a settlement from the performance guarantee funds.
The party requesting the money transfer holds the right to redeem the said performance guarantee funds until such time as the remittance is received by the recipient.