Why do we insist on International Postal Money Orders (IPMOs)? Why do we have a $100 minimum charge on Paypal orders to keep its usage down? Japanese banks are the reason. They are heavily regulated and therefore charge obscene fees for every transaction they are involved in!
The image above is a receipt from a bank that cashed a check we received. The check was in yen and drawn on a Japanese bank, but it still incurred serious service charges! We (actually, the customer!) kissed 8,000 yen goodbye when the check was cashed! There was a 1,500 yen fee up front, then another 1,500 "bank handling fee". The bank also came up with an "inter-bank fee" to the tune of 5,000 yen! Do the math! 8,000 yen in fees! Almost half of the check's value went up in smoke! (Shocking! Isn't it?!)
This is why we ask for IPMOs!
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