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Akasaka Azabu

how to send money from japan to your home country
  • Date Published: May 15, 2024

When living and working in Japan, it may become necessary to send money back to your home country. Whether it’s to support your family, pay bills, or make investments, there are various options available for sending money from Japan. In this comprehensive guide, we will explore the different methods and services you can use to transfer your funds efficiently and securely.

Key Takeaways:

  • Send money from Japan to your home country using reliable remittance services.
  • Consider using online money transfer platforms for convenience and competitive exchange rates.
  • Beware of high fees and poor exchange rates when using traditional bank transfers.
  • Explore alternative options such as Wise, GoRemit, Seven Bank, and Revolut for cost-effective transfers.
  • Always compare fees, exchange rates, and transfer limits before making a decision.

Bank Transfers from Japan

Traditional bank transfers from Japan are one of the options for sending money to your home country. However, these transfers can be costly, slow, and complicated. Legacy banks like SMBC, MUFG, and Mizuho often charge high fees for international transfers and offer poor exchange rates. The process usually involves filling out detailed forms at the branch or making lengthy phone calls. It’s advisable to avoid this option unless you have specific reasons to use it.

To illustrate the fees and exchange rates, let’s compare the fees charged by SMBC, MUFG, and Mizuho for a ¥1,000,000 transfer to the US:

Bank Transfer Fee Exchange Rate Total Cost in USD
SMBC ¥5,000 105.00 $9,524.76
MUFG ¥4,000 104.50 $9,569.38
Mizuho ¥7,000 103.80 $9,609.53

As you can see, the high fees and unfavorable exchange rates can significantly impact the total cost of the transfer. It’s worth exploring alternative options that offer better rates and lower fees for your international money transfers.

Wise (formerly TransferWise)

When it comes to international money transfers from Japan, Wise (formerly TransferWise) is a top choice for many individuals. This popular service offers fast and reliable transfers, low fees, and transparent exchange rates, making it an attractive option for those looking to send money abroad.

One of the main advantages of Wise is its low fees. Unlike traditional banks that often charge high fees for international transfers, Wise keeps its fees transparent and affordable. This means that you can send more of your hard-earned money to your destination without worrying about excessive fees eating into your transfer.

Additionally, with Wise, you can enjoy fast transfers. The service uses a peer-to-peer system that allows your money to be transferred directly from the local bank account to the recipient’s account, cutting out unnecessary intermediaries and reducing transfer times. This means that your funds can reach their destination quickly and efficiently.

Benefits of Wise for International Transfers from Japan
Low fees
Fast transfers
Transparent exchange rates

Lastly, Wise offers transparent exchange rates. Unlike some providers that may hide fees within the exchange rate, Wise makes sure that you know exactly how much your money is worth and how much you’ll be paying in fees. This transparency gives you peace of mind and allows you to make informed decisions about your transfers.

Overall, Wise is a reliable and cost-effective option for sending money from Japan. With its low fees, fast transfers, and transparent exchange rates, it’s no wonder that many individuals choose Wise for their international transfers. Consider using Wise for your next transfer and experience the convenience and affordability it offers.

GoRemit: A Convenient Option for Sending Money from Japan

If you are looking for a convenient and reliable method to send money from Japan to your home country, GoRemit offered by Shinsei Bank is worth considering. With competitive exchange rates and a straightforward process, GoRemit offers a hassle-free way to transfer your funds.

To use GoRemit, you will need to complete an online registration process. This will involve providing necessary personal information and signing important documents. Once registered, you can easily initiate transfers from your bank account to your desired destination.

One of the advantages of using GoRemit is the competitive exchange rates it offers. This ensures that you get the most value for your money when making international transfers. However, it’s important to note that GoRemit does have a predetermined transfer limit for each user. Before initiating a transfer, make sure to check if the amount you wish to send falls within the limit set by GoRemit.

Pros Cons
Convenient online registration process Predetermined transfer limit
Competitive exchange rates

Overall, GoRemit offers a convenient and secure option for sending money from Japan. With its competitive exchange rates and user-friendly online registration process, it is a popular choice among individuals looking for a reliable money transfer service. However, it’s essential to be aware of the predetermined transfer limit and ensure that it aligns with your transfer requirements.

Seven Bank: Convenient International Money Transfers with Cash Pick-ups

When it comes to sending money from Japan to your home country, Seven Bank offers a convenient and reliable international money transfer service. In collaboration with Western Union, Seven Bank allows you to send money and have it picked up in cash by your recipient, providing a flexible and accessible transfer option.

To use Seven Bank’s international money transfer service, online registration is required. During the registration process, you may be asked to provide various documents, including your My Number, to ensure compliance with local regulations.

Benefits of Seven Bank’s International Money Transfer Service

  • Convenience: Seven Bank’s integration with Western Union allows for easy access to cash pick-ups at numerous locations around the world.
  • Online Registration: The service offers a user-friendly online registration process, making it convenient to set up your international money transfers.
  • Flexible Transfer Options: Seven Bank’s service enables you to send money in a way that suits your needs, whether it’s for personal expenses or supporting your loved ones back home.

While Seven Bank provides a user-friendly and convenient international money transfer service, it’s important to note that fees for this service increase with the amount of money being sent. Additionally, bank-to-bank transfers may have different rates and fees, so it’s advisable to compare the options available and choose the most suitable one for your specific transfer needs.

Overall, Seven Bank’s international money transfer service in collaboration with Western Union offers a reliable and flexible solution for sending money from Japan, providing cash pick-up options for your recipients and a convenient online registration process for a smooth transfer experience.

Revolut: A Modern Solution for International Money Transfers in Japan

As financial technology continues to revolutionize the way we handle our finances, Revolut emerges as a prominent player in the market, offering competitive rates, convenience, and innovative features. With its presence in Japan, Revolut provides a modern solution for international money transfers. By incorporating advanced technology and user-friendly interfaces, Revolut seeks to streamline the process of sending money from Japan to your home country.

One of the standout features of Revolut is its multi-currency account. With this account, users can hold and manage multiple currencies, making it convenient for those working and traveling internationally. The ability to switch between currencies at the interbank exchange rate allows users to save on costly exchange fees that traditional banks often charge. Whether you need to send money in yen or convert it to another currency, Revolut offers competitive rates to ensure you get the best value for your transfer.

Revolut also provides a convenient debit card, allowing users to make transactions in multiple currencies and withdraw cash at ATMs worldwide. The card can be managed through the Revolut app, providing users with real-time notifications and control over their spending. With its commitment to security and transparency, Revolut aims to provide a seamless and secure experience for its users.

Revolut in Japan

When it comes to international money transfers, Revolut stands out as a reliable and efficient option in Japan. By leveraging financial technology, competitive rates, a multi-currency account, and a convenient debit card, Revolut offers a modern solution for sending money from Japan to your home country. Whether you’re an expatriate, a student studying abroad, or a frequent traveler, Revolut can help you manage your finances and make international transfers with ease.

PayPal and Other Alternatives

When it comes to sending money from Japan to an overseas account, PayPal is a widely used service. It offers a convenient platform for online payments and money transfers. However, it’s important to be aware of the transfer rates, fees, and currency conversion charges that can vary depending on the currency pair.

When using PayPal, transfer rates can fluctuate, and fees may apply for currency conversion ranging from 0.5% to 4%. It’s crucial to compare the fees and rates with alternative money transfer services to ensure you get the best deal for your transfer needs.

While PayPal is popular, there are other alternatives to consider. These alternative money transfer services may offer competitive rates, lower fees, and faster transfer times. By exploring these options, you can find a service that suits your specific requirements and provides a more cost-effective solution for sending money from Japan.

“Sending money from Japan? Consider the transfer rates, fees, and currency conversion charges when using PayPal or exploring other alternative services.”

Comparison of Alternative Money Transfer Services

Service Transfer Rates Fees Currency Conversion Charges
PayPal Varies Varies 0.5% – 4%
Alternative Service 1 Competitive Lower Depends on the service
Alternative Service 2 Competitive Lower Depends on the service

As shown in the comparison table above, alternative money transfer services can provide competitive transfer rates, lower fees, and more favorable currency conversion charges. It’s recommended to thoroughly research and compare different services to find the one that best meets your needs. By doing so, you can ensure a more cost-effective and efficient way to send money from Japan to your desired destination.

Our Recommendations for Money Transfers from Japan

Based on our research and user feedback, we recommend the following money transfer services when sending money from Japan:

  • Wise (formerly TransferWise)
  • GoRemit
  • Seven Bank (in collaboration with Western Union)
  • Revolut

These services offer competitive rates, low fees, and reliable service. However, it’s important to consider various factors when choosing the best option for your specific needs.

Factors to Consider

When selecting a money transfer service, it’s essential to take into account the following factors:

  1. Supported Countries: Ensure that the service supports transfers to your home country.
  2. Transfer Limits: Consider the maximum amount you can transfer per transaction or within a specific timeframe.
  3. Exchange Rates: Compare the rates offered by different services and choose the one that provides the most favorable rates.
  4. Fees: Evaluate the fees associated with each service, including transfer fees and any additional charges.
  5. Convenience: Consider the convenience of the service, such as online registration, user-friendly interfaces, and ease of use.

By considering these factors, you can make an informed decision and select the most suitable money transfer service for your specific requirements.

Alternative Ways to Send Money from Japan

Aside from the recommended services, there are other alternatives for sending money from Japan to specific countries. Japan Remit Finance (JRF), SBI Remit, Brastel, and Japan Money Express are some examples of cash transfer services that may offer competitive rates for transfers to countries like Bangladesh, Malaysia, Vietnam, Nepal, or the Philippines. It’s worth exploring these options to find the most suitable service for your transfer needs.

Table: Comparison of Alternative Money Transfer Services

Service Provider Countries Supported Transfer Fees Exchange Rates Transfer Speed
Japan Remit Finance (JRF) Bangladesh, Nepal, Philippines Varies Competitive 1-3 business days
SBI Remit Bangladesh, Malaysia, Nepal, Philippines, Vietnam Varies Competitive Same day to 3 business days
Brastel Philippines, Vietnam Varies Competitive 1-3 business days
Japan Money Express Bangladesh, Nepal, Philippines Varies Competitive 1-3 business days

These alternative money transfer services offer competitive rates and provide convenient options for sending money from Japan to specific countries. Depending on your destination, you can compare the fees, exchange rates, and transfer speeds of each service to find the most suitable option. Keep in mind that transfer fees may vary depending on the amount sent and the recipient country, so it’s important to review the specific details for each service.

When using alternative money transfer services, it’s essential to provide accurate recipient information and adhere to any additional requirements or documentation requested by the service provider. Take note of any transfer limits and consider the overall convenience, reliability, and customer support offered by each service.

Considerations and Tips for Sending Money from Japan

When sending money from Japan to your home country, there are several important considerations to keep in mind. These include fees, exchange rates, transfer limits, and the availability of electronic payment methods. By understanding these factors, you can make informed decisions and ensure a smooth and cost-effective money transfer process.

Fees

One of the key considerations when sending money from Japan is the fees associated with the service. Different money transfer providers have varying fee structures, so it’s essential to compare the costs and choose an option that aligns with your budget. Some providers may charge flat fees per transfer, while others may calculate fees as a percentage of the amount being sent. Additionally, be aware of any additional charges that may apply, such as fees for currency conversion or expedited transfers.

Exchange Rates

Exchange rates can significantly impact the amount of money you receive in your home country’s currency. It’s crucial to find a money transfer service that offers competitive exchange rates. Some providers, like Wise, offer transparent and real-time exchange rates, ensuring you get a fair deal. Compare the exchange rates offered by different providers and choose the one that maximizes the value of your transferred funds.

Limits

Transfer limits are another factor to consider when sending money from Japan. Some providers may impose minimum and maximum limits on transfers, depending on various factors such as your account status or the destination country. Take note of these limits to ensure they align with your transfer needs. If you frequently send larger amounts of money, it’s essential to choose a provider that offers higher transfer limits to accommodate your requirements.

Electronic Payment Methods

Lastly, consider the availability of electronic payment methods when sending money from Japan. Some providers offer convenient online platforms or mobile apps that allow you to initiate transfers from the comfort of your own home. These digital payment methods can save you time and effort compared to traditional in-person bank transfers or cash-based services. Additionally, electronic payment methods may offer added benefits such as real-time transfer tracking and instant notifications, enhancing your overall money transfer experience.

Considerations Tips
Fees – Compare fees across different money transfer providers
– Take note of any additional charges for currency conversion or expedited transfers
Exchange Rates – Look for providers that offer competitive and transparent exchange rates
– Compare rates offered by different providers
Limits – Be aware of transfer limits imposed by providers
– Choose a provider with transfer limits that align with your needs
Electronic Payment Methods – Opt for providers with user-friendly online platforms or mobile apps
– Consider additional features such as real-time transfer tracking and instant notifications

Conclusion

When it comes to sending money from Japan to your home country, there are several reliable and cost-effective methods available. Wise (formerly TransferWise), GoRemit, Seven Bank in collaboration with Western Union, and Revolut are among the best options to consider. These services offer competitive rates, low fees, and a convenient way to transfer your funds internationally.

By comparing fees, exchange rates, and transfer limits, you can choose the method that best suits your specific needs. Whether you prefer online registration, competitive exchange rates, or additional benefits like a multi-currency account, there is a service available to make your money transfer experience efficient and stress-free.

Make your dream of sending money from Japan a reality by selecting the best method for your international transfers. With the right service and careful consideration, you can ensure that your hard-earned money reaches your home country conveniently and securely.

FAQ

Are bank transfers from Japan a good option for sending money to my home country?

Traditional bank transfers from Japan can be costly, slow, and complicated. Legacy banks often charge high fees for international transfers and offer poor exchange rates. It’s advisable to avoid this option unless you have specific reasons to use it.

What is Wise (formerly TransferWise) and why is it recommended?

Wise is a popular and cost-effective option for sending money from Japan. It allows you to transfer funds to a local bank account before sending them overseas. Wise offers low fees and transparent exchange rates, ensuring you get a fair deal. Many users find Wise to be quick, reliable, and easy to use for their international transfers.

How does GoRemit work for sending money from Japan?

GoRemit, offered by Shinsei Bank, requires online registration and offers competitive exchange rates. However, the transfer limit for each user is predetermined. The registration process may involve a combination of online and offline steps, including signing key documents. Users should note that they may need to update their profile regularly with GoRemit.

What is the international money transfer service offered by Seven Bank?

Seven Bank offers an international money transfer service in collaboration with Western Union. While it’s possible to use Western Union directly, Seven Bank provides a convenient integration with their bank accounts. The fees for this service increase with the amount of money being sent. Online registration is required, and various document checks, including My Number, may apply.

What are the features and benefits of using Revolut for international money transfers?

Revolut is a rapidly growing financial technology company with a range of services, including international money transfers. While not extensively tested in Japan, Revolut offers competitive rates and a variety of plans. The Standard plan allows for transfers at the interbank exchange rate, while the Premium and Metal plans offer additional benefits, such as “no fee currency exchange” and a multi-currency account. Revolut provides a prepaid Visa card with the Standard plan.

Can I use PayPal to send money from Japan to my home country?

Yes, PayPal is a widely used service for online payments and money transfers. However, the transfer rates and fees can vary depending on the currency pair. There may be additional charges for currency conversion, ranging from 0.5% to 4%. It’s important to consider transfer times and restrictions on the receiving end when using PayPal or exploring other alternative services for sending money from Japan.

What are the top recommendations for money transfers from Japan?

Based on our research and user feedback, our top recommendations are Wise, GoRemit, Seven Bank (in collaboration with Western Union), and Revolut. These services offer competitive rates, low fees, and reliable service. However, it’s important to consider factors such as the countries supported, transfer limits, exchange rates, and convenience when choosing the best option for your specific needs.

Are there any alternative ways to send money from Japan to specific countries?

Yes, aside from the recommended services, there are other alternatives for sending money from Japan to specific countries. Japan Remit Finance (JRF), SBI Remit, Brastel, and Japan Money Express are some examples of cash transfer services that may offer competitive rates for transfers to countries like Bangladesh, Malaysia, Vietnam, Nepal, or the Philippines. It’s worth exploring these options to find the most suitable service for your transfer needs.

What considerations and tips should I keep in mind when sending money from Japan?

When sending money from Japan, it’s essential to consider fees, exchange rates, transfer limits, and the availability of electronic payment methods. It’s recommended to compare the fees and rates of different services and choose the one that suits your specific requirements. Additionally, understanding any restrictions or requirements, such as providing “My Number,” can help streamline the process. Exploring electronic payment methods available in Japan can also contribute to a more convenient and efficient money transfer experience.

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