1. Why does my payment get sent to New Zealand?
Blue Gate GPS transactions are processed securely through ANZ Bank New Zealand accounts. The New Zealand banking system is one of the most technologically advanced and transparent banking systems in the world, providing secure, efficient and low cost banking services.
2. How does Blue Gate GPS make a profit if there are no fees?
In the cases where there are no fees, Blue Gate GPS makes a profit by taking a small margin on the foreign exchange transaction.
3. How long does it take from when the payment is sent until it is received in the exporter’s bank account?
Payment will be transferred to the exporter’s bank account within one Japanese business day of receipt in the Blue Gate GPS account. We cannot control how long it takes to get from the importers bank account to the Blue Gate GPS account – this depends on a number of factors including all details being entered correctly on the remittance form, which bank the payment is sent from, which third party banks it passes throught and weekends or holidays in any country it passes through.
4. Does Blue Gate GPS guarantee the payment?
Blue Gate GPS guarantees payment will be made to the exporter (or refunded to the importer if terms of Escrow are not met) once the money is received in the Blue Gate GPS account. We cannot guarantee the money before it reaches the Blue Gate GPS account.
5. Is the exchange rate used the same as the rate in, for example, Japan?
The exchange rate used is the “spot rate” (i.e. real-time floating rate) of the international currency market at the time the foreign exchange transaction is made. Therefore it may vary slightly from the rate quoted by a bank on a particular day in a particular country.
6. Why is Blue Gate GPS cheaper than other payment methods?
Blue Gate GPS process a large volume of transactions in bulk, minimising the fees incured and giving us acces to exchange rates not available for individual transactions.
7. What currencies does Blue Gate GPS handle?
Blue Gate GPS handles USD, JPY and NZD, with others available on request.