50th Post!! And an important message..

Sorry Greg! I have important information I need to post. We can delete this post and move it to 51 later on if you like =) But Happy 50th Post! We're pretty amazing at blogging..

So I just got back from wiring my first month of rent and guaranty money to Mr. DK House (he has informed me that normally, Sophia kids will pay all 4 months at once, but it's cool for me to pay one month at a time), and I was thinking "Hey I wonder if my Sophia Tomodachi know the ins and outs of wire transfer?" I'm not sure if you guys have had to pay any entry fees or application fees or all that jazz, so I'll tell you how it goes down! Without further ado, I present to you..

5 Important Rules of International Wire Transfer
or, Things I Wish Someone Had Told Me Before I Tried To Do An International Wire Transfer
by Natalie N. Wilson

1. Make sure you have the money you need in your bank account!! This is the number one important thing!! You can't just go in the bank with some cash and say "I wanna wire this to Japan." You need to have an account with the bank you'll be wiring from, and make sure you have enough money to cover the wire as well as any bank fees (usually $25-$50) in your checking account or savings account there. Also, the yen/dollar conversion rates you get off the internet aren't always accurate, so try and have some extra money to cover that. My first transfer ended up being about $50 more than I expected.
   
2. Make sure the money is in that account BEFORE you go to the bank! This equally as important as number 1!! If you go to a bank and put cash into your account, it takes at least 24 hours to show up and be usable. If you do it online, it can take up to three days! Personal experience: I tried to wire some money on a Friday, so I put the cash into my checking account there at the bank. Then they said "Oh, it won't be available for 24 hours." And the bank is closed on Saturday... so I went back on Monday, and they said "Oh, since you deposited that money after 2:00 on Friday, it won't be available until Tuesday." What?! So also if you deposit money into your account on a Friday, do it before 2:00pm! They were able to transfer money from my savings account to my checking account of the same bank instantaneously though, so that's a good route!
   
3. Don't try and get more than several hundred dollars out of your ATM account in one day. So the first part of that last anecdote goes like this: I needed to wire the money, but the money was in my local bank account and I was in NYC. So I tried to get a ton of money out of my local account using an ATM. First of all, they only let you take out maybe $300 dollars at a time, and after about $700 or $800, they say you've reached your daily limit and your bank freezes your card and starts calling you... so... just have that money!
4. Make sure you have all the information for the Japanese bank and person you're paying. I'm guessing they probably sent this with your housing/billing info, but you're gonna need the Japanese bank's name and address, account number, swift code, any other codes they might give you, as well as the beneficiary/payee's name and address. Bring these to the bank, and be prepared to explain stupid Japanese addresses... lol.
5. Receipts usually aren't available until hours after you've completed the wire process with your bank! Pretty much every transfer I've done, the people I've sent the money to have wanted a receipt faxed or e-mailed to them so they know the money is on its way. I think what happens at the bank is that they fill out all the forms for the wire transfer and then they fax it somewhere for processing, or it somehow takes longer to process. When I wired from Bank of America in C'ville, the lady I was working with offered to fax the receipt herself from the bank once it was available. Working with my local bank here, they've had me come back in about an hour or more to pick up the receipt. So allow for extra receipt-acquiring time!

I think that covers the most important stuff. It's really an easy process if you have all your bases covered, but it can be really annoying and stressful if you don't know what you're doing. But now you know! Just go find one of the bank people at the actual desk places and say you'd like to do an international wire transfer to Japan! I've found bank people to be exceptionally nice and helpful. Do your best not to wait until the last minute to transfer money or go do the wire transfer. If you have anymore questions, just ask!