Important Notes related to Payment Services Act
Funds Transfer Service ProviderSeven Global Remit, Ltd.
(Funds Transfer Service Provider: Director of Kanto Local Finance Bureau No.00085)
Regarding the use of the overseas remittance service and associated services (hereinafter referred to as “this service”) provided by Seven Global Remit, Ltd. (hereinafter referred to as “our company”), and in accordance with the Payment Services Act (No. 59 of 2009), we provide the following explanation and information to our customers.
Explanation to Prevent Confusion with Exchange Transactions Performed by Depository-Taking Institution
- 1. This service differs from foreign exchange transactions carried out by Depositary-Taking institution.
- 2. This service is not one which accepts deposits, savings, or installment savings, etc. (referring to installment savings, etc. as stipulated in Article 2, Paragraph 4 of the Banking Act (No. 59 of June 1, 1981).
- 3. This service is not subject to payment of insurance proceeds as stipulated in Article 53 of the Deposit Insurance Act (No. 34 of 1971) or Article 55 of the Agricultural and Fishery Cooperation Savings Insurance Act (No. 53 of 1973).
- 4. By entering into a guarantee contract of security deposit for providing funds transfer services with Sumitomo Mitsui Banking Corporation, our company has taken all measures necessary to protect the total amount of customers’ remittance funds in accordance with the Payment Services Act.
- 5. To protect customers, the Payment Services Act provides a security deposit system. In the procedures for execution of the rights stipulated in the Payment Services Act, under this system, customers are eligible for a refund of the total remittance amount before the recipient receives it.
Information on Contents of Contracts Regarding Exchange Transactions(Maximum amounts for accepted exchange transactions)
- 1. Overseas remittance limit
1,000,000 JPY per transaction
3,000,000 JPY annually (January 1st to December 31st)
- 2. Account balance limit
Value equivalent to 1,000,000 JPY
- 3. Account deposit limit
500,000 per deposit JPY
(Standard Performance Period)
For this service, the standard performance period from receipt of remittance instructions from the customer (sender) to the receipt of funds in the recipient’s account depends on the recipient’s country and bank, but the standard is within one business day from the day of remittance.
The fees a customer incurs in use of this service are as follows.
- 1. Money transfer fee: Please check here
- 2. Account cancellation fee: 550 JPY*1
- 3. Money transfer statement issuance fee: 1,100 JPY *2
- 4. Account maintenance fee for customers with exceeded period of stay: 220 JPY per month *3
- *1 This fee shall be collected from the value in the customer’s Sendy account after our Company receives a cancellation request from the customer. Refunds following cancellation shall be the amount of the value balance held by the customer minus the account cancellation fee. However, if the value balance in the account is less than the account cancellation fee, the full amount of the value in the account shall be charged as the account cancellation fee.
- *2 This fee shall be incurred when the statement is sent by mail, and payment shall be made by transfer from the value in the customer’s Sendy account on the date specified by our Company.
- *3 If a customer who does not have Japanese nationality and who resides in Japan has exceeded their period of stay, and has not notified our Company of necessary matters such as period of stay by the method prescribed by our Company, this fee shall be applied on the day specified by our Company every month following the day when three months have passed since the day following the expiration date. Payment shall be made on the same day by transfer from the value in the customer’s Sendy account.
(Location & Contact Information for Sales Office Handling Customer Complaints/Consultations)
Seven Global Remit, Ltd. Main Office
Marunouchi 1-6-1, Chiyoda-ku, Tokyo 100-0005
Contact email address: email@example.com
Contact hours: Weekdays 10:00 a.m.-5:00 p.m.
You can also make inquiries using the chat function in our designated mobile application.
(How Exchange Rates Are Calculated)
The exchange rate applied to this service is the rate provided by our business partner plus a fixed exchange spread.
In principle, the exchange rate varies from transaction to transaction. When you send us remittance instructions, please be sure to check the exchange rate to be applied to the transaction.
(Measures for Handling Complaints and Disputes)
In accordance with the Payment Services Act, we introduce the following institutions for those who wish to seek resolution regarding this service from a third-party organization.
For handling complaints:
Japan Payment Service Association
Customer Service Office Tel: 03-3556-6261
For dispute resolution:
- ・Tokyo Bar Association Dispute Resolution Center Tel: 03-3581-0031
- ・Dai-Ichi Tokyo Bar Association Arbitration Center Tel: 03-3595-8588
- ・Daini Tokyo Bar Association Arbitration Center Tel: 03-3581-2249
This service has no fixed contract period. However, if more than five years have passed since the customer’s last use of the service, we may terminate this usage contract without advance notification. “Last use” refers to the final point at which the customer’s value balance has changed (except in the case our company credits the balance through designated methods).
(Management at Time of Cancellation Mid-Contract)
Customers may cancel and terminate the usage contract for this service at any time by making a request using the method designated by our company. In this case, the customer’s value balance at the end of this contract shall be returned through the ATM receiving service provided by Seven Payment Service, Ltd. or a method designated by our company. The same shall apply when our company cancels the usage contract with the customer in accordance with the Sendy Terms of Service. In addition, for any cancellation, the customer will be charged the aforementioned account cancellation fee of 550 JPY .
(How Exchange Transaction-Related Funds Are Deposited)
Deposits to accounts will be made from Seven Bank ATMs in Japanese yen in cash.
(How to Check Status of Exchange Transaction-Related Funds After the Transaction Request)
Customers may check the value balance of their account as well as details of money transfer transactions using our designated app.
(PIN CODE Settings and Other Security Information)
It is necessary to set a login ID, login password, and PIN code (hereinafter referred to as “PIN code, etc.”) to use this service. A customer’s PIN code, etc. shall be the customer’s responsibility to be strictly managed and not disclosed to others.
(Terms of Service)