How to Use TransferWise in Japan: A Complete Guide to International Money Transfers

Navigating international money transfers can feel overwhelming, especially in a country like Japan, where banking systems might seem unfamiliar. When I first explored sending money abroad or receiving funds while living there, I quickly realized how crucial it was to find a reliable, cost-effective solution. That’s where Wise (formerly TransferWise) became a game-changer.

Wise offers a straightforward way to send money across borders with minimal fees and competitive exchange rates. Whether you’re paying for tuition, supporting family, or managing business transactions, it simplifies the process and saves you money in the long run. In Japan, where traditional bank transfers can be costly and time-consuming, Wise stands out as a practical alternative.

If you’re wondering how to get started with Wise in Japan, don’t worry—it’s easier than you think. I’ll walk you through the steps to make your transfers smooth and stress-free.

What Is TransferWise?

TransferWise, now known as Wise, is an international money transfer service designed to provide low-cost, efficient transactions across borders. It operates by matching currency exchanges between users, enabling competitive rates without the hidden markups common in traditional banks.

Wise supports over 170 countries and 50 currencies, including USD, EUR, and JPY, making it versatile for both personal and business use. Users send money for purposes like tuition payments, remittances, or paying international invoices. The platform charges transparent fees based on the amount and currency being transferred.

With its user-friendly interface, Wise lets users track transactions in real time. Features like mid-market exchange rates and upfront cost breakdowns add to its transparency. Regulators license Wise globally, ensuring secure money transfers.

Why Use TransferWise In Japan?

Using TransferWise, now Wise, in Japan offers significant advantages for sending or receiving money internationally. Its user-focused design and transparent pricing make it ideal for individuals and businesses.

Benefits Of TransferWise For Expats

Expats in Japan often face high bank fees and unfavorable exchange rates. Wise eliminates these challenges by providing mid-market rates without hidden markups. I can transfer money to family abroad, pay off loans, or fulfill financial commitments seamlessly.

The platform supports local bank transfers, which means I don’t need a Japanese credit card to send funds. Real-time tracking ensures that I always know where my money is. Wise also handles over 50 currencies, making it versatile for expats managing international finances.

Cost-Effectiveness Compared To Traditional Banks

Wise charges lower fees than traditional banks in Japan. While banks typically add 3-5% to their exchange rates, Wise offers currency conversion at the real mid-market rate. This translates to savings on international transfers, especially for large amounts.

Unlike banks with fixed fees on international payments, Wise calculates fees based on the transfer amount and payment method. For example, sending ¥50,000 to a USD account may cost less than ¥700, much cheaper than bank alternatives. By cutting unnecessary intermediary costs, Wise ensures value for money.

Setting Up Your TransferWise Account

Starting with Wise in Japan is straightforward. Follow these steps to create an account and set up your bank details for seamless transfers.

Creating And Verifying Your Account

I began by visiting the Wise website or downloading the Wise app, both of which are accessible in Japan. Signing up only required my email, Google, or Facebook account. After choosing “personal” or “business” as my account type, I filled in my name, phone number, and a secure password.

To complete account verification, I submitted a valid ID such as my Japanese residence card, passport, or driver’s license. Wise requested a document confirming my address, like a utility bill or bank statement, to comply with local regulations. Verifying my account took less than 48 hours in most cases.

Adding Your Bank Details

After account verification, I added my Japanese bank account details for funding transfers and receiving money. I provided my bank code, branch code, and account number exactly as they appeared on my bank documents to avoid errors.

For international transfers, I also added recipient bank details, including their name, IBAN, or SWIFT code depending on the destination. Wise’s interface allowed me to save multiple profiles, making it convenient to transfer to frequent recipients without re-entering their details.

How To Make A Transfer With TransferWise

Transferring money with Wise in Japan is straightforward. The platform offers a user-friendly process to ensure secure and efficient transactions, whether you’re sending or receiving money.

Sending Money To Japan

To send money to Japan using Wise, I begin by logging into my account through the app or website. I select the currency and enter the amount for conversion, specifying Japanese Yen (JPY) as the recipient’s currency. The interface immediately displays the fee and exchange rate with full transparency.

Next, I provide the recipient’s information, including their name and Japanese bank details (bank name, SWIFT code, and account number). I then fund the transfer using my preferred payment method, such as a bank transfer or debit/credit card. Once payment is made, Wise converts the currency at the mid-market rate and notifies me when the funds are sent. Typical delivery times range from minutes to a few business days, depending on the payment method and banks involved.

Receiving Money In Japan

Receiving money in Japan with Wise involves sharing my Japanese bank account details with the sender. After the sender initiates the transfer, I receive the amount directly into my account in JPY without hidden fees or inflated exchange rates.

For a smoother process, I confirm that the sender uses the correct details, including my bank’s name, SWIFT code, and account number. Wise tracks the transfer in real-time, keeping both parties updated on the transaction status. This ensures reliable and efficient fund delivery, ideal for salaries, family remittances, or other financial needs.

Tips For Using TransferWise In Japan

Using Wise in Japan is straightforward and efficient, but knowing a few tips can enhance the experience and ensure seamless international transactions. Here are some key aspects to keep in mind:

Understanding TransferWise Fees

Wise fees are transparent, with costs determined by the currency, transfer amount, and payment method. Generally, the fees for sending money range between 0.35%–2% of the transfer amount, making it cheaper than traditional banks. For example, transferring ¥100,000 using a bank debit may cost around ¥900, while a credit card might incur slightly higher charges. Wise displays all fees upfront before completing a transaction, so there are no surprises.

Choosing low-cost payment methods can optimize savings. Bank transfers often have lower fees compared to credit or debit card payments, though these may take longer to process. Additionally, keeping track of Wise’s mid-market exchange rates can help avoid unfavorable currency conversion costs.

Ensuring Secure Transactions

Wise employs stringent safety measures to protect users’ funds and information. Transactions are regulated by financial authorities like the Financial Services Agency (FSA) in Japan, ensuring compliance with local and global standards. All sensitive data is encrypted, and user accounts are secured using two-factor authentication for added protection.

Using unique, strong passwords for your Wise account enhances security. Monitoring the real-time transfer tracking feature lets you stay informed at each step of the process and alerts you if any discrepancies arise. Always verify the recipient’s banking details carefully, as incorrect details may delay or impact transactions.

Conclusion

Using Wise in Japan offers a seamless, cost-effective way to manage international money transfers. Its transparent fees, competitive exchange rates, and user-friendly platform make it a reliable choice for expats and anyone needing to send or receive funds across borders. Whether you’re supporting family, paying tuition, or handling other financial commitments, Wise simplifies the process while saving you money. It’s a secure and efficient solution that takes the stress out of international transactions.

Frequently Asked Questions

What is Wise, and how does it work?

Wise is an international money transfer service that provides low-cost, efficient transactions by matching currency exchanges between users. It uses mid-market exchange rates without hidden markups and charges transparent fees. Wise supports over 170 countries and 50 currencies and is ideal for personal and business transfers.

Why is Wise a good option for expats in Japan?

Wise offers competitive exchange rates, low fees, and local bank transfer options. Expats in Japan can avoid high bank fees and unfavorable exchange rates when sending money abroad. Additionally, Wise doesn’t require a Japanese credit card and provides real-time tracking for peace of mind.

How can I get started with Wise in Japan?

To start using Wise, visit their website or download the app, create an account, and verify your identity with a valid ID and proof of address. After verification, add your Japanese bank details and recipient information to begin transferring money internationally.

Are there fees to use Wise in Japan?

Yes, Wise charges fees based on the transfer amount and payment method, typically ranging from 0.35% to 2%. For example, sending ¥50,000 to a USD account may cost less than ¥700, making it more affordable than traditional banks.

Is Wise secure for international money transfers?

Yes, Wise prioritizes security with features like regulatory compliance, data encryption, and two-factor authentication. Your funds and personal information are protected, ensuring a safe and reliable transfer process.

Can I track my transactions on Wise?

Absolutely! Wise offers real-time transaction tracking. You’ll receive updates at every stage of the transfer, ensuring transparency and allowing both sender and recipient to monitor the process.

How long does it take to send money with Wise?

Delivery times vary based on the payment method and currency, but most transfers are completed within a few hours to a couple of days. Wise notifies users when funds are sent and delivered.

What payment methods are available on Wise in Japan?

Wise supports local bank transfers in Japan for funding international transactions, making it a convenient option. Other payment methods like debit and credit cards may also be available, depending on the transfer.

Does Wise provide mid-market exchange rates?

Yes, Wise uses real mid-market exchange rates with no hidden markups. This ensures you get the best possible rate compared to traditional banks, which often add 3–5% to their rates.

Can I send money to multiple recipients on Wise?

Yes, Wise allows you to save multiple recipient profiles in your account. This makes it easy to send money to different people without having to re-enter their details every time.