What’s The Overall Best Way To Send Money Online To Japan?

The overall best way to send money online to Japan is through OFX. If you’re sending funds to Japan with any regularity, you’ll likely be sending more due to the fact that everyday goods and expenses in most of Japan are quite high. Beyond that, OFX offers the biggest savings by far when you transfer funds online to Japan. As a currency exchange company, OFX makes sending money very easy as well.OFX is a great provider to send money to Japan, Korea, Singapore and to transfer savings to Zimbabwe.

What’s The Easiest Way To Send Money To Japan?

Wise is the easiest way when it comes to money transfers to Japan. As a peer-to-peer system, Wise has a nice, streamlined process for sending cash online to Japan. All you need to do is follow three simple steps:Tap in the amount of money to be sentTap in the destinationPay TransferWise for the transaction.Wait one or two days for the funds to arrive

What’s The Cheapest Way To Transfer Money To Japan?

OFX is by far the cheapest way to send funds to Japan. OFX charges a small currency exchange fee that depends on the amount of money being transferred. The more money you send through OFX, the better deal you end up getting. On the lower end, OFX takes 1% of the transfer. However, as you send more money, this rate declines to the eventual lowest possible rate of 0.4%. The only catch is that OFX requires you to be sending a minimum amount of money to be able to use their service. For many countries, this would be a larger issue, but any amount of money simply won’t go as far in Japan. In the case of sending cash online to Japan, OFX often only takes a day or two for the transaction to be completed.If the minimum transfer is too high for you, Wise is usually as cheap as OFX for smaller transactions. Wise (and the majority of services apart from OFX) doesn’t carry a minimum transfer fee.

What’s The Fastest Way To Send Money Online To Japan?

Ria Money Transfer’s fast option is the quickest way to send your funds to Japan. Make sure you are paying for the fast option, however, otherwise the money will take days to arrive. With Ria Money Transfer’s fast service, your money should reach its Japanese destination in a matter of minutes.The cost of sending money with Ria Money Transfer’s fast service is more expensive than the service’s slower option. They more than make up for this with both their speed and the fact that most of the more expensive options are actually far slower.It should also be noted that Ria Money Transfer has no sending locations in Japan.

Current Exchange Rates For Japan

The current exchange rate for the Japanese Yen (JPY) is 147.052977 JPY per American Dollar (USD), as of the time this was written. The JPY reached a high of 150.1790 JPY per USD, and a low of 132.6245 JPY per USD during the last 90 days. The average exchange rate for the JPY was 142.2145 JPY per USD for the last 90 days.The average volatility rate of the JPY against the USD was 0.24% over the last 90 days. This is a moderate volatility rate, and while the JPY has fluctuated in recent years, it is not to a significant extent for the purposes of sending money. You can reasonably expect only moderate fluctuations going forward, barring any unforeseen circumstances.

What do we mean by the top provider?The top provider is the money transfer service that we believe is the most suitable for the country you’re sending money to. In order to keep our service free we factor in the commercial agreements we have with partners into this ranking.How do we choose providers to display?We make sure that each table displays the most relevant brands to the country you are sending money to and from. We consider many factors when choosing the providers to display in the table. All of the providers we display are fully regulated to provide money transfer services in the jurisdiction you are searching, relevant regulatory authorities are the FCA, ASIC, Fincen, FINTRAC & AMF. Alongside being regulated the services are manually checked by our team for both quality of service and online trust from such platforms like Trustpilot and Google reviews. We base our rankings primarily on the quality of the service provided, the benefit to the consumer and to keep our service free – the commercial agreements we have.How do we order our comparisons?We are affiliated with some of the partners displayed in the tables. However, the order of the providers is based on the quality of the service for the particular country corridor followed by the commercial agreement in place. You don’t pay any extra and the deal you get isn’t affected by our commercial agreement with the money transfer provider. We may receive a commission when you click through to a listing or when you make a transaction. We aim to find the balance between the quality of the service, customer satisfaction and the commercial agreements we have, and continue comparing services in a transparent way. If you have any questions about our listings, please don’t hesitate to email us at contact@moneytransfers.com

Send Money To Japan in 2022 | Your Top Choices

Common Reasons for Sending Money to Japan

There are lots of reasons why Japanese in the diaspora send money home. They vary case by case but through analysis of the remittance information and frequency, the following are some of the common reasons.

Family Support

Some Japanese in the diaspora do not live with their families. As such, they send money home to support them in their basic needs or supplement the income they are getting in Japan.

Repatriating Incomes

Some of the Japanese who work and earn abroad, prefer to have their earnings paid into their home accounts. Money transfer services like OFX can make this process simple.

Mortgage Repayments

Diaspora Japanese who have taken up home loans, often remit monthly payments through money transfer services. In fact, there are transfer features such as recurring payments than can help with such periodic and predictable payments.

Supplier Payments

Overseas Japanese who are sourcing for finished products or services from home often send money through online transfer providers to settle debt obligations.

Investment

Whether it is investing in the stock market, real state or in tech innovations, Japanese have a strong attachment to their domestic market. The good news is that, with currency exchange planning, you can lock in rates for the duration of your transfer.

Why Send Money with a Money Transfer Service?

Money transfer services have dominated most remittance corridors to Japan. This is because they are faster, cheaper and convenient to people sending both small and large amounts. The following are the key reasons why you should send you next transfer through money transfer service providers.

Ease of Setting Up

Opening an account and verifying your documents is a simple and quick process that takes approximately 10-15 minutes for some providers. If your provider allows, paying for your transfer with a debit or credit card makes sending faster than through a bank transfer.

Exchange Rates

Ordinarily, money transfer providers such as Xoom and OFX make their profit from exchange rates and transfer fees. However, when you compare online money transfer providers with banks, you’ll get margins of 2-3% above the mid-market rate for money transfer operators and 5% or more for banks. The lower the exchange rate, the lesser the amount you can send. TransferWise charges a 0% exchange rate margin. All transfers are made at the interbank rate.

Multi-Currency Support

Irrespective of where you are sending from, money transfer providers will give you the ability to convert your currency to the Yen. Wise allows you to send money in more than 50 currencies. OFX has a much larger currency base of 55+ standard and exotic currencies.

Safety and Regulation

Providers are regulated by bodies such as the Financial Conduct Authority (FCA), the Financial Crimes Enforcement Network (FinCEN), and the Australian Securities and Investments Commission (ASIC) among others. These bodies ensure that the providers comply with a strict code of ethics in their operations, guaranteeing you the safety of your funds.

Speed of Transfer

Compared to banks, money transfer providers such as Wise, OFX and Xoom deliver funds faster. Funds transferred directly to the bank typically arrive in 1 or 2 days. Western Union and MoneyGram transfer to pickup locations may even arrive the same day.

Transfer Fees

Providers have different fee structures and pricing models. There are those that charge fixed fees, others variable fees based on the amount, still others charge a combination of the two. Normally, as the amount increases, the transfer fees drop.

Things to Consider When Sending Money to Japan

When sending money to Japan, there are a few things you must bear in mind to ensure smooth transfers. Top on the list are:

Zero Rate Policy -The bank of Japan deliberately lowered and has maintained low-interest rates for a couple of decades to encourage borrowing, spending, and investment. A lot of capital flight has taken place over the Zero Rate period because the zero rate means minimal yields in Japan-based investments.
Remittance Cap -In a bid to curb money laundering, Japan Post Co. and Japan Post Bank Co. are putting in place reforms to limit the amount of money that can be sent to Japan from overseas through their bank transfer service to ¥5 million per day. To add to this, the number of post offices offering international money transfer services will be reduced from 3,210 to 1,194.
Taxation on Large Remittances -Taxation in Japan covers gifts both monetary and non-monetary. That being said, there is an exemption on the amount you can receive as a gift in a year. However, exceeding that amount may expose you to taxation. Also, factors such as the country you live in can have a profound effect on your tax status in Japan. The best approach is for the recipient to seek professional advice from a tax expert well versed with international money transfers and tax implications.

Therefore, sending money to Japan from any country requires that you understand the various avenues available and what you need to transfer funds. Always prioritise safety, cost and speed of delivery.

Looking to Send Money Somewhere Else?

Sending money anywhere else in the world is as easy as sending money to Japan. If you're looking to send money to another country, here is the list of the most popular destinations.