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
First Transfer Free!
- Transferwise 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.
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.
Send money very fast!
- Save up to 90% compared to banks. No hidden costs. Large selection of countries.
First Transfer Free!
- Azimo is a very competent partner for the international transfer. Azimo has a large selection of countries and the transfers are safe and cheap.
How can I send money to Japan?
There could be some situations which would warranty sending money to a third party in Japan.
- 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.
- 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
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.
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:
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:
- TransferWise – $7
- WorldRemit – $3.99
- XE – $0
- OFX – $0
- CurrencyTransfer – $0
Duration of a money transfer to Japan
When looking at our 5 money transfer providers, then they weigh up as follows:
- TransferWise – 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.