Best money transfer to Japan • Cost, duration, comparison

As the world shrinks and people work across continents, there is always the need to transfer money from one country to another. There many times where an employer may be placed in one continent and the employee in another.

Currently, we are fortunate that there are many vehicles available for this type of transaction. One of the factors that always demands consideration is the cost which is involved. The prices vary from country to country. Then there is also the variability in value between the different modes of transfer.

When you are looking at an ideal method for transferring money abroad, there needs to be a balance. It is necessary to look at the cost, as well as the time-frame required.

In the case of an emergency, the focus would be on a method which allows the transfer of funds in the shortest possible time. Where timing is not that important, the center will then be on the cost.

Today there are many online methods which offer much cheaper rates than what is charged with direct bank deposits. The same applies when there is a need to send money to someone in a country such as Japan. One consolation is that with this guide you will find a cheap provider for a foreign bank transfer to Japan. CurrencyTransfer offers the most competitive rate for sending money online.

Comparison: Transfer Money to Japan

Winner

Wise

First Transfer Free!

Wise is a very good provider for overseas transfers. The transfers are easy, convenient and secure. The most important thing is that the transfers are also much cheaper than with the bank.

Winner

transferGo

Send money very fast!

Save up to 90% compared to banks. No hidden costs. Large selection of countries.

Winner

currencyfair

Five Transfers Free!

A world-class customer service, very good exchange rates and permanently favorable transfers abroad and to Germany convince. Only downside is the small selection of countries.

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How can I send money to Japan?

Introduction

There could be some situations which would warranty sending money to a third party in Japan.

These include:

Paying an employee based in that country.
Paying a supplier situated in Japan.

Once you have decided on which route to take, it is essential to look at the balance between cost and time-frame.

You have a selection of ways to transfer money to Japan online.

These include:

Interbank transfers
Companies such as Western Union which have options for receiving your money as cash
Money transfer providers which will deposit the money straight into your account
PayPal.

Bank (it’s expensive)

The easiest way to transfer money to a person or company based in Japan is by using bank draft transfer. This is often the easiest way to go. There are a few options that you will need to consider. Make sure that the bank receiving the funds is able to accept foreign currency on behalf of a third party.

One of the most critical aspects for consideration when using a bank wire transfer is the amount of money being sent. When compared to other methods of transferring money, direct wire transfer probably allows you to move the most substantial amount of money at one time. On the downside, direct wire transfer is often much more expensive than any of the other online methods.

Money transfer provider

If you decide to go the money transfer way, it is necessary to see which of the providers are authorized to operate in Japan. There is a number to choose from, depending on which country the money is being sent from.

If you go the money transfer provider way, there is a choice between:

Wise
WorldRemit
XE
OFX
CurrencyTransfer

How much does it cost to transfer money to Japan?

It is obvious that money transfer providers are the way to go. Each provider provides different foreign exchange rates which impact on the amount of Yen you will have available.

The cost of transferring USD to Japan from the five options are:

Wise – $7
WorldRemit – $3.99
XE – $0
OFX – $0
CurrencyTransfer – $0

Duration of a money transfer to Japan

There are many factors which could impact on the time taken for the money to become available to the recipient in Japan. Usually, if money is being picked up as cash, the rate is usually more expensive than having the money transferred to the individual’s bank account.

When looking at our 5 money transfer providers, then they weigh up as follows:

Wise – 1 – 2 days
WorldRemit – within an hour
XE – 3 – 5 days
OFX – 1 day
CurrencyTransfer – 1 – 2 days

Conclusion on the money transfer to Japan

When looking at which is the best option to transfer money to Japan, there are some points of consideration that needs to be taken. This includes the cost of the actual transfer, how quickly the person needs to have access to the money, the exchange rate the provider is able to negotiate and if there are minimum or maximum transfer limits. It is important not to forget to ensure that the provider you choose matches with the frequency of the transaction.

Is it going to be once off?
Is it a recurring transaction that will take place regularly over an extended period?

Only after all of these factors have been verified and checked against your specifications, will it be possible to choose the best solution for transferring money to Japan online.