Local Bank Transfer Betting Sites – I am an international money transferer so I have tried all the ways to send money to Japan. This article presents the results of my research. Read on to learn about the cheapest and easiest ways to send money to Japan.

Tl; dr: One of the cheapest and best ways to send money to Japan is through OFX. BONUS: Sign up here and mention Tokyo Cheapo to get a special account with no transfer fees. A cheap win!

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You came here, but want something else? If you are a tourist who wants to exchange foreign currency for yen, check this article. If you’ve been in Japan for a while and want to send Japanese yen back home, check out our article on sending money outside of Japan.

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Many people already use banks to send money to themselves or to others in Japan, but this is the most expensive method, especially if you are sending large sums of money. I confess that during my first two years in Japan, this was a fool’s errand.

Banks usually have low exchange rates (my bank offers about 4% off the bank rate), high fees, and slow transfers. Additionally, you usually have to call during the sending country’s business hours (which can be midnight in Japan) or wait with a horrible voice.

Additionally, if you live in Japan, it can be difficult to “return home” and open a new bank account, as you are usually required to reside in the country where the bank is located and provide proof of address and other documents.

Send money to Japan using Smart or other money transfer services Smart: The best way to send money to Japan

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This money transfer service is the best way to send money to Japan. Smart (formerly TransferWise) is easy to use and reasonably priced. There is a fee of 0.5-1% (or less) depending on the currency you use. As long as the money is low, you won’t get the scary sign-up fees mentioned later in this article. Or is the exchange rate cut. Wire transfer usually takes 2 days, but can be faster.

What are the consequences? Intelligence is only available in a few countries. Also note that transfers over 1 million yen are processed through SWIFT, and the receiving bank in Japan “may charge a small processing fee.”

Available in Japan as of September 2020, this high-limit or “unlimited” account is intended for people who need bank accounts in multiple countries for work or other reasons. Many members of the Cheapo team swear by Bwenge.

You can use your bank details to receive payments in your local currency and the money will be deposited into your Smart Account for free. You can withdraw money in more than 50 currencies, and you can also pay in yen. You can also pay in your local currency and by credit card. Find out more.

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Revolut is another money transfer service in Japan that offers real-time exchange rates and convenient conversion times. We also offer multiple accounts. We haven’t joined Revolut yet, but you can find out more about yourself.

XE also offers a worldwide money transfer service called XE Money Transfer, which allows you to send money in Japanese Yen to your account. The amount seems small.

PayPal charges about 3-4% for standard shipping, and (unless you’re a business user) has low transfer limits, so it’s not very useful for shipping. That being said, some cheap merchants have had the opportunity to transfer money from their home country bank to a PayPal account, from there to a Japanese PayPal account, and then to a Japanese bank account. They found that this is a cheaper method than using a direct bank account, but this is a time-consuming method that requires a lot of questions (verification, etc.) and the research of the received funds.

Western Union has been in Japan since 2010 and is growing in popularity, but the wire transfer process can be complicated and expensive considering the exchange fees. The only advantage of the service is that it is usually available through the Internet and does not require interaction with the bank’s call center, it is possible to send it to other countries.

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Based in the US, Remitly is another way to send money to Japan from anywhere in the world. The transfer method (payment method) and destination (bank, money box, mobile money, etc.) depends on the country of origin. You can easily check in the FAQ section of the website. Relax, Remitly has been in business since 2011.

Note: SBI Shinsei Bank’s GoRemit is a name we often hear when it comes to sending money to Japan, but unfortunately it can only be used to send money outside of Japan.

After all the trials and tribulations, I found OFX, which offers money. Easily send money abroad to your account (including Japanese bank accounts). For me they are winners in everything.

Not only that, but it comes with tools, designs and features that help you transfer foreign currency in the most efficient way.

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Incredibly Cheap Deals: I contacted OFX to discuss a special deal for Tokyo Cheapo readers. So if you sign up here and mention Tokyo Cheapo, the shipping fee (usually around $12) will be deducted on the 2nd day.

A major factor affecting remittances to Japan is exchange rate fluctuations. If you’re moving to Japan and need to send a lot of money to buy real estate, etc., the exchange rate is constantly fluctuating, so it can be good and bad, greatly affecting the amount you receive. End of today. Since real estate investment is a long-term investment, there is a high risk that the exchange rate will change when you send money.

To manage risk, experts can offer “forward contracts”. This agreement allows us to determine the exchange rate for future dates. In other words, you’re buying now, but you’ll pay the entire deal the next day. If you pay or receive regular payments, you can also lock in today’s rate to ensure you receive the same rate in monthly or quarterly payments throughout the year.

Another tool that many people use is ‘limits’. This is when you specify the rate you want and offer Forex tracking your rate. Once the rate reaches the desired level, the supplier will buy the currency at that rate. Discounting is especially important because most people can’t keep an eye on the highly volatile market all the time, so they may miss out on good deals or short-term rate hikes.

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Banks in Japan tend to charge their customers ridiculous fees and often require a deposit to release money from your account, even if you’re sending money in yen. Most banks charge upwards of Rs 2000 to Rs 4000 for receiving remittances. Also, if foreign currency is transferred to a Japanese Yen account, the receiving bank may set an exchange rate for the Yen and charge several thousand Yen for the conversion.

Shinsei Bank is popular (and unique) because it doesn’t charge a transfer fee (or, it can be refunded depending on the account), but Japan Post Bank and Sumitomo Mitsui Banking have lower fees, around 1,000 – 1,500 yen/transfer. . Most of the other banks are in the 4000 yen range or more.

There is also bad news. These prices do not include craft fees. Most wire transfers, including those through Shinsei Bank, use a middleman, who may or may not withdraw money, which costs a lot of money.

Cheap Tip: If you can specify a central bank to transfer your Shinsei account to, choose Citibank Japan Ltd. Tokyo Branch (for Yen payments) or JP Morgan Chase Bank N.A. Tokyo branch (for payment in USD). No charge (last time I checked, no charge).

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If you are sending money from an international bank to the Bank of Japan, you should avoid brokers with “remittance fees.” Please make sure to check before sending money.

Alternatively, international stock/Forex brokers accept deposits and withdrawals from different countries. Trading/Forex accounts usually offer competitive rates. Because just as the drinks are cheap in casino bars, you can get more profit in other ways.

If you already have a trading/Forex account set up, it’s worth considering. If not, see our article on opening a business account in Japan. However, keep in mind that there is a lot of paperwork and responsibility involved.

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