Send money internationally to Japan (JPY) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to Japan
What is the best JPY exchange rate today?
How much does it cost to send money to Japan?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
Sending money to Japan
Japanese yen is the 3rd most exchanged currency after USD and euro and the 4t currency used for reserves due to its stability. Though less than 1% of the Japonese population lives abroad, many expatriates live in Japon and many other people visit the country every year (20 million in 2015).
All these people must have once asked themselves : what is the best solution to transfer my currency into Japonese Yen ? Most of them might by the way be American. Indeed America is the country which sends the most money towards Japon if we consider the World Bank’s 2015 report on remittances :
Solutions for sending money to Japan
Now let’s focus on the different options available to send money towards Japan.
First, people paradoxally think about banks. Indeed you can go for banks. The 4 biggest banks in Japan are Mistubishi UFJ, Mizuho, Sumitomo Mitsui and Nomura.
Unfortunately, banks will from far be the most expensive and sometimes even the slowest solution. To use only one example which isn’t the worst, the English bank Natwest charges 20£ per transaction on top of which you must add another 2% of what we call « hidden fees » which is the gap between the market’s real exchange rate and the one used by the bank for your transaction. Last but not least, the receiving bank in Japon often charges an additionnal receiving fee which is generallay between min 2 000 ¥ and max 4 000 ¥ ! On this one we would recommand you to go for Shinsei Bank which has a good reputation in not charging these additionnal fees. Regarding transfers from USD to ¥, the 3 most known banks are CitiBank, Wells Fargo & Bank of America.
Alternatively, you could go for solutions such as Wester Union or MoneyGram. Advantage is that the money is transferred very fast (count 2 days in average). Unfortunately these solutions remain expensive and most of the time you only picture the exchange rate used once the money is received ! Plus you must make sure there is a pick-up location close to the receivers place if you go for a cash solution.
Other solutions like Paypal or GoRemit would be disrecommanded as well due to the high and/or hidden fees applied. Paypal for example charges min 5% on top of which they add 3% of hidden fees on the exchange rate. In the end, you pay 8% for your transfers which is extremly high ! Go Remit charges 2 000 ¥ per transfer + 2% on top of the exchange rate.
OFX is another solution which would have only 1% hidden fee and low fix fees. It appears a good solution especially for high amounts.
Talking about high amounts, it is always good to check what brokers such as Xendpay can offer. Indeed, they could even block your targeted exchange rate in the future and transfer automatically for you when this rate occurs.
The competitive solutions to transfer money to Japan
Finally, the best solutions seems be to chose a MTO such as Currencies Direct, MoneyCorp, WorldFirst or Currency Solutions. Indeed, these solutions offer competitive exchange rates, low fees and you transfers can be triggered in no time.
Meanwhile, everything depends on want you really want.
For this, the only true solutions is to use a reliable money transfer comparator which integrates real time information.