Rakuten Bank Launches Money Transfer Service Using Facebook in Japan

August 12, 2014 (Tue): Rakuten Bank Ltd has announced the launch of Japan’s first money transfer service using Facebook, Transfer by Facebook. The service allows customers to transfer money from one bank account to another without knowing the recipient’s bank, branch, or account number, using an email address and name of the recipient alone. The users just need to use Rakuten Bank app and Facebook friend list.

No transfer fees are charged for sending money to those holding a Rakuten Bank account already linked to their Facebook account. If the recipient has a Rakuten Bank account that is not yet linked to their Facebook account, there is a single fee of 165 yen for the transfer.

Author: Terry KS

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