I would like to send money back home with as little fees as possible. I’m planning on opening a bank account in the same bank as Wise to avoid the credit card fee (Wise) and 振り込み fee (all the banks I have looked up so far).
Except I have seen several Japanese bank accounts associated with Wise, Mitsubishi… the latest being PayPay bank. Has Wise moved to PayPay bank or are they using several accounts?
Which bank/method would you recommend?
Thanks!
6 comments
I am using Brastel Remit. It is working with any bank include JP post.
MUFG had better inbound exchange rates, but higher fees, than SMBC last time I tried. SMBC was almost free but they hit you with the bad rate, 2 points lower
I used Shinsei bank and transferred money to Wise’s account (Mitsubishi) every month. You can send 1 time for free every month with the lowest rank.
https://www.shinseibank.com/english/powerflex/relationship/
They use MUFG so I think its free. If not I know MUFG have one free transfer monthly.
Sony Bank give you 2 free furikomi a month minimum.
If you hold a certain level of money/forex with them you’ll get more.
Wise and MuFG are expensive. Check out r/JapanFinance wiki’s transfer page to check out the cheaper options (IB, sony, shinse, depending on stages etc), you will save quite some money