Personal Finance Money transfer

How to send money overseas from Japan

Aditya Shrivastava
Aditya Shrivastava
27.03.25 (updated more than 1 year ago)
Read time 2 minutes


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Need to send money internationally from Japan? You have several options, but navigating the process, potential paperwork, and costs isn't always straightforward. This guide will help you understand the key factors – cost and ease of use – and introduce modern alternatives like Wise that can simplify the process and save you money.

Understanding the True Cost of International Transfers from Japan

When sending money abroad, it's easy to focus only on the upfront transfer fee. However, the exchange rate used is often where significant costs hide. Here's what to look out for:

  1. Transfer Fees: These are the upfront charges levied by the bank or service provider. They can be fixed or percentage-based.
  2. Exchange Rate Markup: Many providers don't offer you the mid-market rate (the rate you usually see on Google, which banks use between themselves). Instead, they add a markup or margin to this rate, making the transfer more expensive for you. This difference is essentially a hidden fee.

Always compare the total cost: Check the upfront fee and the exchange rate offered. Compare the rate against the current mid-market rate to see how much you might be losing in the markup. We've provide a comparison of the top providers here:

The true cost of sending from JPY

Meet Wise: A Transparent and Cost-Effective Alternative

Wise is built on transparency and fairness:

  • Mid-Market Exchange Rate: Wise uses the mid-market exchange rate with no hidden markups.
  • Low, Clear Fees: You pay a small, upfront fee that's clearly shown before you confirm the transfer.
  • Ease of Use: Transfers can be set up quickly online or via the Wise app.
  • Multi-Currency Account: Residents of supported countries can hold and manage money in 40+ currencies (including JPY) with the Wise Account. Convert currencies when the rate is favourable, or use the Wise card to spend internationally at the mid-market rate. You can also receive payments from abroad directly into your Wise account.

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International Bank Transfer (Online or In-Person)

Using your Japanese bank (like SMBC/Prestia, MUFG, Mizuho, Shinsei, etc.) is another option, but often comes with potential drawbacks:

  • Setting up international transfers for the first time can involve significant paperwork, registration processes (sometimes requiring mail), and potentially long waiting times. Registering new recipients might also require advance steps.
  • Cost: Banks often charge higher fixed fees, especially for branch services, and typically add a markup to the exchange rate, adding to the cost of the transfer.
  • Process (General Steps):
    1. Verify if you need pre-registration for international transfers or specific recipients.
    2. You'll need the recipient's full name, address, bank name, branch address, SWIFT/BIC code, and account number (IBAN for Europe).
    3. Log in online, visit a branch, or potentially use phone banking (language proficiency required).
    4. Enter the amount and choose the currency.
    5. Crucially, ask for the final amount the recipient will receive after all fees and the exact exchange rate being used. Compare this to the mid-market rate and other providers before confirming.
    6. Send: If satisfied (or if it's your only option), proceed with the transfer.

Japan Post Bank

Japan Post Bank, linked to the post office network, offers international transfers even if you don't bank with them⁷.

  • Methods: You can send money via a paper order (like a check mailed to the recipient) or request a direct transfer to their bank account (generally faster and safer).
  • Process: Visit a post office branch with your ID and funds. You may need to fill out forms. They might keep recipient details on file for future transfers.
  • Considerations: Staff may primarily speak Japanese. Expect a fixed fee and likely an exchange rate markup. Get a clear quote if possible before proceeding.

Key Takeaway

Sending money out of Japan involves navigating fees, exchange rates, and varying levels of complexity.

  • Don't just look at the upfront fee. The exchange rate markup can significantly increase the true cost.
  • Always compare the offered rate against the current mid-market rate.
  • Consider digital alternatives such as Wise for transparency, fair pricing (mid-market rate + low fee), and ease of use, especially via their online platform and app.
  • Factor in convenience and speed. Online services are often faster and involve less paperwork than traditional providers.

Do your research before initiating a transfer to ensure you get the best value and the smoothest experience.

Sources:

  1. https://tokyocheapo.com/business/financial/cheapest-way-transfer-money-out-of-japan/ (February 27 2018)
  2. https://www.smbctb.co.jp/en/banking/services/fees/pdf/service_fees_en.pdf (February 27 2018)
  3. https://www.smbctb.co.jp/en/banking/overseas_remittance/index.html (February 27 2018)
  4. http://www.shinseibank.com/english/goremit/individuals/proceduresinfo.html (February 27 2018)
  5. http://www.shinseibank.com/english/goremit/individuals/apply.html (February 27 2018)
  6. https://www.japanvisitor.com/japan-travel-guide/sending-money-overseas-japan (February 27 2018)
  7. http://www.survivingnjapan.com/2012/06/how-to-transfer-money-to-and-from-japan.html (February 27 2018)

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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