How to send money to Japan from Singapore with the best SGD-JPY rate

A better exchange rate means more Singapore Dollar being sent to Japan. This exchange rate determines the price you will pay when buying Yen.

Currently the mid-market rate between Singapore Dollar and Yen is 124.5878.

The cost of sending money from Japan to Japan, is made-up of a combination of fees and exchange rates:

• The Mid-Market and Exchange Rates: The mid-market rate determines a mid-price for buying currency. The current mid-market rate from SGD-JPY is 124.5878 JPY per Singapore Dollar.

• Fees: Outside of exchange rates, you may need to pay a fee to send. Key Currency currently offers the lowest fees on transfers to Japan from Singapore, costing 0 SGD per transfer. Although this does include large transfers as well, we recommend searching for your exact send amount for an exact fee.

• Amount Received: The amount received in Yen is the amount you started with, minus the amount you paid in the exchange and fees.

The better deal you get on exchanging Singapore Dollars to JPY, paired with a low fee, means a higher total amount received in Japan.

If you’re sending a large amount where this rate could make a significant difference, use a forward contract. This allows you to lock in an agreed exchange rate between Singapore and Japan.

A bank transfer through a money transfer company is the cheapest way to send money. Generally, it’s the payment method that will get you the best price on a transfer from Singapore to Japan at this moment.

Here are all the ways to send money from Singapore to Japan:

Bank transfers

Bank transfers are usually the best and easiest way to send money from Singapore to Japan.

By using a money transfer company such as Key Currency for transfers from Singapore to Japan, you can send money via a bank transfer while benefitting from lower fees and more favorable exchange rates than you would get from a traditional bank.

Debit and prepaid cards

Sending money from Singapore to Japan with a debit or a prepaid card is available through Wise.


Wise is a one of the cheaper options for debit card payments for transfers from Singapore to Japan. This cost is against a total of 11 money transfer companies offering this option.

Credit cards

When it comes to international credit card transfers from Singapore to Japan, we recommend comparing your options to get the best deal.

Be aware of fees: using a credit card to transfer money often results in a fee being charged by your card issuer. Where possible, we recommend a bank transfer or debit card payment.

and have different financial regulators and ensuring you fully understand how these work will aid in keeping your money safe.

We’ve put together a directory of worldwide financial regulators which contains details on regulation for money transfers between Singapore and Japan.

Transfer limits to Singapore and Japan will differ per company, this may impact the amount you can send and receive if you hit the limits.

Also, rates and fees for different SGD-JPY transfer amounts could change - that’s why it’s best to compare companies for your specific transfer amount. Then, for regular transfers to Japan, shopping around each time can make a huge difference if you feel you are hitting limits regularly.

For sending large or regular amounts of SGD to Japan we'd recommend using Wise. They offer a combination of rates and fees when sending from Singapore to Japan that is the most competitive.

There are different ways to receive money in Japan.

The most popular ways are direct bank deposit into Yen, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers offering money transfers between Singapore and Japan will offer every method for incoming Yen.

Understanding where the money will eventually go after its left Singapore and entered Japan could impact the provider you use.

The most common (and generally easiest) way to send money from Singapore to Japan is directly into a bank account. Wise is the best company for sending money from Singapore to a bank account in Japan.

And if you need cash right away, check if cash pickup is an option for transfers between Singapore and Japan.

Mobile wallets, P2P services and payment apps like PayPal, Xoom, and CashApp are popular because they offer convenience to those who already have them, but they come with more limitations and higher costs.

When sending Yens to Japan, you will need to verify your ID at the sign up stage.

The documents you need will vary by money transfer company and in some cases you might need a couple of options.

For the most part however, in Singapore ID can be verified through a government issued ID such as a passport or driver's license.

In Japan, if the recipient needs an ID to collect money - both should be accepted. We’d recommend checking in advance before sending for any specific requirements on receiving money.

Large transactions between Singapore and Japan, are subject to additional checks such as proof of funds. This is for anti-money laundering purposes.

Wise is one of our recommended providers for transfers to Japan from Singapore due to the ease of sign up and ID verification.

When sending money between Singapore and Japan there will be tax declarations to consider.

Some transfers into Yen may need to be reported to tax authorities in Japan, particularly where inheritance or property purchases are involved (or anywhere else there are additional legal requirements).

Depending on age and income in particular, tax limits and personal allowances will change in Japan.

When in doubt, please contact a tax professional in Singapore or Japan to discuss the personal circumstances of the transfer. This ensures you are not missing any specific tax declarations associated with your circumstances.