How to send money to Japan from Philippines with the best PHP-JPY rate

The exchange rate determines the price you’ll pay for Yen when you send Philippine Peso to Japan.

The current exchange rate between the Philippine Peso and Yen is 2.6602. Wise offers the best exchange.

The PHP-JPY exchange rate is always moving.

It’s possible that waiting a day or two can help you get more JPY for the same amount of Philippine Peso. But, the best way to lock in a price between the Philippines and Japan is by using a forward contract.

A bank transfer is the our recommended option for money transfers between the Philippines and Japan. Wise offers the best price on a bank transfer.

A bank transfer to Japan through Wise is 4.25% cheaper than the second-best option in the market.

Always choose providers that are regulated by financial authorities in both Philippines and Japan to ensure funds are protected.

Please refer to our directory of financial regulators worldwide for key regulatory bodies for money transfers between the Philippines and Japan.

Some services have minimum or maximum thresholds on how much you can transfer from the Philippines to Japan.

Companies will offer different rates and fees for different transfer amounts. Some companies will become more expensive after certain thresholds are hit.

We’d recommend using Wise if you need to send large amounts of PHP to Japan. The combination of rates and fees when sending to Japan is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving the Philippines, or entering Japan. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive money in Japan. You can do a direct bank deposit, cash pickup, use a mobile wallet or receive money into a multi-currency account. It’s likely not all providers serving transfers from the Philippines to Japan will offer every method, so it’s best to check ahead of time.

A direct transfer to a bank account is one of the more common ways to transfer from the Philippines into Yen. Wise is the best company for bank transfers between Philippines and Japan.

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

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Wise.

When signing up to a money transfer company to send between the Philippines and Japan, you will need to verify your ID.

The exact documents you need might vary and in some cases you will need more than one.

For the most part, in the Philippines this will be a government ID like a passport or driver's license. In Japan it will be a similar set of documents, although this should only be needed if you are opening a new account in Japan, or collecting in cash.

Big transactions between the Philippines and Japan, are subject to additional checks. A provider may ask you for proof of address or may want to know where the money comes from.

We recommend Wise in part due to their easy sign up process in the Philippines.

When sending large amounts of money between the Philippines and Japan there will be tax implications to consider.

Some transfers into Yen may need to be reported to tax authorities in Japan, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances differ in Japan based on age, income and a few other elements. When in doubt, please contact a tax professional in the Philippines or Japan to discuss your personal circumstances.