Nowadays, many people travel to Japan for working and studying purposes, especially a large number of foreigners working as interns. According to the Japanese Ministry of Justice (Kyodo, 2022) show statistics at the end of 20/19/2019, the total number of foreign trainees working in Japan is 410,000 people. Which, trainees from Vietnam accounted for the majority with 53.2%; China with 20%; the Philippines with 8.7%; Indonesia with 8.6%, and others with 9.4%.
Not only to fill up a big shortage of skilled workers in Japan it is also a win-win relationship for interns to have a chance to achieve a wide-open career pathway and strong financial support for their families in their hometown. However, it could be a challenging process for foreigners with the high demand for exchanging money in Japan. And one of the most popular ways to do it is to swap money.
Let’s check the details of this method from the article below.
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What is SWAP?
SWAP money (exchange money with strangers without official procedure) is an informal payment solution has always been popular throughout the world for a long time. However, you might be got in a lot of severe consequences for using SWAP in Japan.
2. Why SWAP Is Not A Wise Choice?
Despite the convenience, SWAP would be the worst choice for money transferring in Japan.
2.1 Is SWAP Money Legal in Japan?
Money swapping services are illegal under Japanese law, and the person's visa will be forested. Visas in this country are not easy to obtain, as everyone knows. It also affects the reputation score and the visa application process to other major countries in the future since the profile is "stuck" to a negative record.
2.2 Swap Comparing to Official Money Transfer Service
SWAP is not under the protection of governmental law and regulations; therefore, it’s undoubted that user is usually having many problems with it, such as money scams, fraud, etc. In addition, the personal information of recipients and receivers can be leaked for other uses without their permission.
On the contrary, the official service provider like EzyRemit has received the legal registration papers, and all your transactions and assets are protected. Among the documents we have is the guarantee from the Australian government's AUSTRAC organization, the assurance from ASIC, and the AML/CFL compliance assurance.
3. SWAP In The Race of Speed and Digitalization Era
It would be quite a time-wasting and exhausting to wait in a long line, and also inconvenient for commuting in this extreme weather. Using digitalize service would be a wise choice. Meanwhile, we also can track our transactions in real-time, with full 24/7 support.
It's always crucial for anyone to check carefully and consider multiple reasons before applying for any form of money transfer. SWAP would not be a wise choice, especially in Japan.
