Hi!
I just recently opened SMBC bank account and got my visa cash/debit card. My question is what’s the cheapest way to receive money from my relatives in Europe? Bank transfer? Or some third-party services like Wise?
Thanks in advance!
P.S.
I cannot add my SMBC’s visa card to google pay. Is it only possible for credit cards?
6 comments
How long have you been here? More than 6 months? Get a mynumber card as you’ll need that to receive remittance from overseas.
As to the method, how much are they sending you? > $10k USD equivalent? SWIFT bank transfer. Less than $1000 or so? Probably transferwise/wise (you’ll need mynumber card for that, too).
Below 10k and above 1k, depends on the frequency and sending/receiving bank. At some point swift might come out on top, at some point transferwise.
By far the easiest method is to have an ATM card from your foreign bank that you can use in any of the convenience store ATMs.
Wise is the best from my experience
Revolut
Wise for small amounts, SWIFT for large amounts.
How good a deal SWIFT is also depends on the sending bank’s fees, and if there are any intermediary banks between you and the sending bank.
Transferwise or WorldRemit
Regarding that PS:
SMBC client here. Added my debit card to Google Pay and pay daily via ID. Google Pay for suica works also flawlessly.
However, this is based on interaction with an App called Osaifu-keitai, which Google Pay interacts with to facilitate payments. This app comes pre installed on smartphones bought within Japan. I don’t know if it can be installed or used on overseas smartphones.