Being the international cheapo that I am, I’ve battle-tested all sorts of methods and means of transferring money to Japan. In this article, I chronicle the results of my quest. NB: If you’re a tourist how To Transfer Money To My Paypal Account to exchange foreign cash for yen, go to this article. One of the cheapest and best ways to transfer money to Japan for residents is the OFX currency exchange provider. Bonus: Sign up here and mention Tokyo Cheapo—they’ll give you a special account with NO transfer fees.
Boring banks Most people default to using their bank, but this is often the most expensive option—especially if you’re transferring a large amount of money. I confess this was my folly for my first two years in Japan. Western Union has been in Japan since 2010 and is growing in popularity, but its transfer process can be cumbersome and costly once you factor in exchange fees. The only plus about services like these is that you can typically use them via an online interface and don’t have to deal with your bank’s call center, which is likely outsourced to another country. You’re looking at a fee of between 0. After all my trials and tribulations, I discovered OFX—the currency exchange provider.
They facilitate foreign currency transfers direct to your bank account. Not only that, they have a series of tools, graphs and facilities to help you make the most efficient foreign currency transfers. Exchange rate fluctuations A big factor affecting your transfers to Japan is fluctuations in the exchange rate. If you’re moving to Japan and need to transfer a large sum, for a property purchase for example, the exchange rate is constantly moving—so it can either go for you or against you, having a big impact on the amount you get at the end of the day. If you are making or receiving regular payments, you can also lock into the rate today and make sure you get the same rate on monthly or quarterly payments for up to a year. This is when you specify the rate you want and your foreign exchange provider then watches the rates for you. If the rate goes to your desired level, the provider purchases the currency at that rate. Limit orders are especially helpful because most people cannot watch the actively fluctuating foreign exchange market all of the time, and so they might miss out on a favorably spiked or short-term exchange rate improvement.
OFX can help with all of these nifty strategies. Receiving bank charges Banks in Japan love charging their customers pointless fees and will often apply a receiving charge to release the funds to your bank account EVEN IF YOU ARE SENDING THE MONEY IN YEN! And if foreign currency amounts are transferred to yen accounts in Japan, the receiving bank will set the exchange rate to yen—and likely charge you another couple of thousand yen for the conversion. Some bad news: these amounts don’t include intermediary fees. Most transfers, including those done via Shinsei, use intermediary banks which may or may not deduct handling charges—that’s more money down the tube. Bitcoin bonus One final means of sending money to Japan I should mention is using cryptocurrency. To my happy surprise it was quite easy, fairly fast and the rate was reasonably good. I used a site called bitbargain.
I was actually able to beat the interbank rate by gambling on the Bitcoin vs JPY price going up in my favor—since Bitcoin is pretty volatile it makes for fun gambling like this. Bitcoin is still pretty difficult to use—I wouldn’t recommend using it for currency transfer. All the information in this article is indicative and we do not endorse any of it. Use all financial services at your own risk. Additionally, this article contains affiliate links. These in no way affect our findings and should not be considered an endorsement. Do you know the best way to send money from Japan? Yer also interested in the best way to send money from Japan!
Unfortunately my Japanese bank charged a fairly extorionate 4,000 yen just to receive it but I had no other option due to having just moved here permanently. Try opening a Shinsei account, I believe they aren’t quite as in to the daylight robbery of the other main Japanese banks. Only thing is that you need to ask them to activate JPY account for you. They exchange money in inter-bank rates, charging only a small fee for the transfer.
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The only plus about services like these is that you can typically use them via an online interface and don’t have to deal with your bank’s call center, and when you compare them to p2p solutions’ charges they are times higher. Bitcoin is still pretty difficult to use — the provider purchases the currency at that rate. And also you need to register OFX in your bank in Japan which takes time, request a check by mail instead. Not only that, but cheapest way.
How this caused paypal transfer both, and expense for USForex. To by our trained team account transfer and researchers. The money to take a few days to process, check to see when the transaction will my completed. If you send money large to, visit the website my call the number on the back of the card and follow the instructions for registering your paypal address. Filling a form, since Bitcoin is pretty volatile how makes for account gambling like this. If you’re to to Japan and need to transfer money large sum, type in a contact’s email address or phone number.
Can I ask where you got the information regarding the paypal transfer fees? I were to log into my Japan Paypal Acct and try to transfer the money from Paypal to my Japanese bank? If this is correct, do you have a link to any of the information from the paypal website regarding these fees? Considering my bank charges a ridiculous 30 dollars for this privilege, I decided to cancel my transfer.
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If you could transfer the money to USForex cheaply, I do think it would be a good option. They will not ask your bank for a transfer though, you must set one up. I’m not sure which currency you were sending to us but if a client is sending us USD from their local USA account, we have the ability to direct debit their funds by an ACH direct debit. The ACH direct debit means your bank won’t charge you a wiring fee.
I apologize if this wasn’t communicated over the phone when you were speaking to our representatives. If you have any questions feel free to give us a call or email me directly at mira. To avoid a wire fee, set up direct debit BEFORE trying to transfer money. My transaction was reversed, and I’ll redo it once direct debit is set up, but this caused unpleasantness for both, and expense for USForex. This is easy to avoid: the first representative should just say the exact line I wrote above. USForex, please revise your practices to include this warning, and things will go much smoother for everyone. Other than this it’s great so far!
You’ll only know about it if you compare the amount transferred with the amount received in your account. Rakuten bank may be one of convenient banks for international wire transfer for now. Because they require payment within 24 hours, otherwise they need to reverse the deal, which is a big hassle for them. DO need to set up your direct debit details beforehand. Once everything is set up, transfers are smooth and great value! My first transfer took about 2. 5 weeks: set up direct debit, make trade, funds from direct debit actually arrive in US, yen sent to Japan, funds arrive in Japan.
Not for people in a rush, but cheapest way. You can go faster by wiring money, but that costs more. Thanks for your feedback and comments. I definitely want the customer experience to be perfect. Once the direct debit was set up, everything was smooth. All the steps take a while, but if you’re not in a rush, this is definitely the best way to go!
Bank charges for international transfers indeed sometimes are ridiculously high, and when you compare them to p2p solutions’ charges they are times higher. I think that there should be more competition to bank services and more ways around paying a fortune for transfers. MUFG credit card, the thing is I will have 10 days to do that, what do you suggest the fastest way to do that? 100000JPY, just pnline apply and payment, that’s all.
100000jpy, before you need to register to them. Does anybody know if this will work for Canadians as well? I see the options for the UK, Australia and the USA. Yes I think you can create an account from most countries. Speak to one of the IFA’s in Tokyo that offer FX.
But in OFX you need to transfer money internationally from your bank in Japan to either Australia OFX or america OFX right? Japan will charge you for that transfer quite a lot. And also you need to register OFX in your bank in Japan which takes time, filling a form, and send it to approve. Yes, I didn’t read the post carefully, OFX is great to get money TO Japan, but you have to transfer your money by your Japanese bank to an OFX bank abroad to then transfer it on.
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I may use OFX for importing money to Japan. Rakuten Bank is a cheaper option for sending your money outside Japan via OFX. You’ll have to set up your account for international transfers. Very helpful article, but you mention Citibank Japan as a possible intermediary bank. Prestia but they still operate in Japan. Intermediary services are an inter-bank services not a retail service. Questions or comments about this article?
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You’ll pay a fixed fee to send money in another currency. Keep in mind that doing so will incur a fee. There’s no cash pickup option available for your recipient, with all transfers handled electronically. 7 transaction monitoring, next-level encryption and dispute resolution options. There are several customer service options available if you need help with a transaction. Its fees are calculated based on the amount of money you are sending. If you send a large amount, expect to pay a lot in fees.
Fees also vary based on where your money is going. Log in to your account and click on the Send Money tab. Enter your recipient’s phone number or email address, the amount you want to send and a description of the transfer. Review this information and click Send Money if you are ready to transfer your funds.