Best option for overseas remmittances?

11 comments

1. I use Wise.

2. Wise

3. As above I have found Wise the easiest option.

4. Revolut is cheaper and better imo. Wise used to be the only game in town but upped their fees too much

5. I use world remit

6. Wise is perfect. Don’t forget to apply for dependent deduction for your tax. You need to send more than 380,000 yen starting this year though, but 3k-4k per month is enough to get to that value.

7. Wise.

8. I use world remit. Usually 100,000-150,000 per months.
   Have heard lot about wise too in this sub.

9. I use SBI remit.

10. It depends on the destination, whether major currency or not and if you want to do the currency conversion and transfer at the same time or independently.

    Generally, smaller, repeated amounts can conveniently sent at low fees and good rates with Revolut (avoid weekends as rate is worse) and Wise. Revolut is a bit cheaper if you are not much over $1000/month, Wise is even a bit more intuitive (Revolut is already easy) with a slightly better app imo. Wise even gives you bank account details (ACH for USD, IBAN for SEPA) to receive payments internationally also on Japan-based accounts.

    For larger amounts, a multi-currency account eg. at Sony or SBI Shinsei lets you buy foreign currency and then transfer it at any later time via the SWIFT bank network for free (with gold status level). Only recommended when destination is the same (it could be the SWIFT details of your Wise) as recipient preregistration is required.

    To prevent unnecessary fees, avoid using the as “fast” and “easy” advertised ways such as topping up Wise/Revolut with a debit/credit card, do a local bank transfer instead.

    Once the money arrives in Wise or Revolut, it can be sent further to the recipient easily through local/domestic channels (like ACH, SEPA). If possible, sending the already converted destination currency to Revolut/Wise avoids their percentage-based commission.

    On r/JapanFinance, there’s more up-to-date info than on the mentioned thread from almost a decade ago.

11. Depends on destination. Either [Transfer]Wise, or a USD acct at SONY bank.

    r/JapanFinance