What’s the best way to transfer money from your American Bank to your Japanese bank?
With the yen so low, and wanting to use the cash, what’s the easiest way to transfer money and getting the most bang for your buck?
Transfer to Wise then to Japanese bank? What’s the easiest way to do this? Is there another way using Wise?
Withdrawing straight from American bank debit card at ATMs in japan?
Any information would be cool
Thanks
5 comments
If you have the Charles Schwab debit card, then your best option is to go to any ATM and withdrawal cash.
If you do NOT have the Charles Schwab debit card, which you can only open in America, then Wise is your best option. Just initiate the transfer in Wise. Select your U.S. bank account as the “From” account, and your Japanese bank account as the “To” account. It will cost you some money, but it’s your best option
Wise is cool. Been using them for years. Reliable and fast. They offer better rates than all banks in Japan.
I’ve been using non-yen currency credit card for all of my spendings these days. Cheap yen won’t go away any time soon.
Look at bank transfer fees, and international withdrawal/transaction fees for your debit card. Transfer fees are usually pretty steep, and withdrawal fees depend on the card but probably don’t make it worth it for big amounts. I did some googling on this and it pretty much seemed like Wise was the best option so that’s what I’ve used.
Unless you absolutely need cash, the best option would be to get a US-based credit card that gives a very generous sign-up bonus and points without any foreign transaction fees, assuming you have good credit and a US address you can use. (Chase sapphire preferred is a good one). Then you can link your credit card with your Japanese phone, and charge a Pasmo or Suica with it.
If you have SoftBank, Y mobile or Linemo, you can also link your foreign credit card to your phone bill, and then charge your PayPay indirectly with that.
You can also pay national health insurance, city tax and pension premiums with your foreign credit card (or PayPay which doesn’t have any service charge)
So not only are you taking advantage of the great exchange rate from Dollar to yen, but you are also racking up the points. I just came back from one week in Okinawa, airfare for 2 and hotel paid for by credit card bonus points