If you are looking for the best way to transfer money from Canada to Japan and the fastest way to send money from Canada to Japan, read this article. In the following, we will fully explain the best way to send and transfer money from Canada to Japan. We will also review the methods for sending money to Japan and show which method is better than the others.
How to Send money From Canada to Japan
Banks
Most people do not use their bank by default, but this is often the most expensive option – especially if you transfer a lot of money. I admit that this was the stupidity of my first two years in Japan. Banks usually give you a weak exchange rate (my bank gives me about 4% off the interbank rate), high fees and slow transfer times. In addition, you usually have to call by phone during branch hours in the sending country (which may be midnight in Japan), wait through the heinous music, etc.
In addition, if you live in Japan, it may be difficult to open a new “home” bank account, as you usually have to stay in the country of the bank.
Use PayPal or money transfer service to transfer money from Canada to Japan
PayPal and Western Union are options for banks, but I don’t think they really are much better (or maybe even worse) than banks for transfer money from Canada to Japan
PayPal costs about 3-4% for regular transfers, plus their transfer limit is relatively low (unless you are a business user), so they are not very useful for sending large amounts of money. However, some inexperienced people have managed to send money from a bank in their country to their PayPal account in that country and from there to the Japanese PayPal account and then the Japanese bank. They found that this method is cheaper than using it directly from bank to bank, although it is a time-consuming method that requires jumping through the loops (verification, etc.) and checking receipt of charges.
Western Union has been in Japan since 2010 and its popularity is growing, but with the transfer of transaction costs, the transfer process can also be difficult and costly. The only positive thing about services like this is that you can normally use them through an online interface and you do not have to deal with your bank call center, which may be outsourced to another country. Shinsei Bank GoRemit is a name you’ll often hear when talking about remittances to Japan – but alas, it can only be used to send money from Canada to Japan.
TransferWise: The perfect option for transfer Money from Canada to Japan
This remittance service is actually a good way to send money to Japan. TransferWise is easy to use and not expensive. Depending on the currency you use, you are seeing a fee of between 0.5 and 1% (or even less) – and as long as the amount is relatively small, there are no unpleasant receipts in the rest of the article, or a rupture. Exchange rate or. The return time for transfers is usually two days but may be faster.
downstream? TransferWise is only available in a limited number of countries. Also note that large transfers, amounting to JPY 1 million, are processed via SWIFT, and the receiving bank in Japan “may charge a small selection fee of its choic.”
TransferWise multi-currency account
If you open a TransferWise multi-currency account, you can pay from six different currencies from abroad. This multi-currency account has been available to Japanese residents since September 2020 for people who need a bank account in more than one country, for work or other reasons.
you can get: UK account number and sorting code , IBAN Europe ,US account number, plus routing and wiring numbers Australia and BSB account numbers New Zealand account number Singapore SWIFT / BIC code and account number By paying for your TransferWise account for free, you can use this banking information to pay in local currencies.
OFX is The cheapest and best way to transfer money from Canada to Japan
After all my trials and tribulations, I discovered OFX – the currency provider. They make it easy to transfer currency directly to your bank account. They win in every way: Their exchange rate is usually around 1% of the interbank rate (ie they may be charged 1% or less) – Contact them to check your currency
Shipping costs are very low (and you can skip them completely with our cheap special link)
Transfers arrive very fast – my last transfer from the UK to Japan took just 24 hours , It is very easy to use, you can save the details of the beneficiary, then just log in to your account and with a few clicks you did Not only that, they have a set of tools, charts and features to help you make the most efficient currency transfers.
analyzing Exchange rate for transfer and send money from Canada to Japan
An important factor influencing the transfer of money from Canada to Japan is exchange rate fluctuations. If you are moving to Japan and need a lot of money to move a property, the exchange rate is constantly moving – so it can be in your favor or, conversely, a big impact on the amount you receive at the end of the day. Because the horizon for investing in real estate is relatively long, the risk of a currency transfer until the money transfer is very high.
To manage your risk, an expert can offer you a “forward contract”. These contracts allow you to lock the exchange rate for a future date. This means that you buy now but pay later for the full contract. If you make or receive regular payments, you can lock the rate today and make sure you receive a monthly or quarterly payment for up to a year.
Another tool that many people use is “meaning limit”. This is when you specify the rate you want and your currency provider watches the rates for you. If the rate reaches your desired level, the currency provider buys at the same rate. Limited orders are especially useful because most people can not be constantly fluctuating in the foreign exchange market and therefore may miss the positive or short-term exchange rate recovery. OFX can help with all of these good strategies.
additional fees for send money from Canada to Japan from banks
Banks in Japan love to charge money to their customers and usually charge a fee to free up funds in your bank account even if you send money in yen! Many banks charge a ridiculous 3000 3,000 to 000 4,000 for transfers. And if the currency is transferred to a yen account in Japan, the receiving bank will set the exchange rate to the yen – and will probably deduct another 2,000 yen from you for conversion.
Shinsei Bank is popular (and unusual) because it does not want to charge a fee, while JP Post and SMBC are at the lowest fee scale, charging around 1,000 to 1500 1,500 per transfer. Most other banks are around 4000000. Some bad news: These amounts do not include intermediary costs. Most transfers, including those made through Shinsei, use intermediary banks that may or may not deduct handling costs – this is more money.
If you can identify an intermediary bank by transferring to a Shinsei bank account, choose Citibank Japan Ltd, Tokyo branch (to pay yen) or JPMorgan Chase Bank, NA, Tokyo branch (to pay USD), because they We do not charge a fee (or we did not review the latest fee). If your transfer is from a major international bank to a major Japanese bank, then you should avoid intermediaries and “withdraw fees” – just check before sending.
Should we send money from Canada to Japan by bitcoin?
One of the last ways to send money to Japan that I have to mention is to use cryptocurrency. You’ve probably heard more about Boom Quinn and the Wild West about boom, bust, and boom – plus you may have heard about the demise of MtGox Exchange, a Shibuya-based company. Since I’m a little cheap, I thought I could see how using Bitcoin to transfer money to Japan compares to other methods, and before the MtGox crashed, I made several small bank-sized transfers to a Japanese bank account. I did bitcoin myself as an intermediary. Surprisingly, it was very easy, relatively fast and very fast.
I used a site called bitbargain.co.uk to buy bitcoins using a bank transfer from my UK account. I then sent the bitcoin to my MtGox account (which has now evaporated) and transferred it to my JP Bank account as a yen. In fact, I was able to raise the interbank price by gambling against Bitcoin and JPY, which is in my favor – because bitcoin is so volatile, it makes for fun gambling. But be warned, bitcoin and cryptocurrencies are still completely new and dangerous. There are many ways to lose your coins, from price fluctuations to hacking to forgetting your password / key.
Of course, MTGox is no more (tens of millions of dollars are still shut down for its customers) and it is still very difficult to use Bitcoin for several years – I do not recommend using it to transfer currency.
transfer money from Canada to Japan : compare transferwise and OFX
for transfer money from canada to Japan TransferWise is a UK-based international money transfer service provider that uses mid-market rates to process transfers. It provides a great platform for small and large transfers with higher transfer constraints. Currently, the limits are 1 million, $ 1 million and € 1.2 million. TransferWise, formerly known as Exchange Solutions Ltd, has been in the industry for nearly a decade. The service serves more than 6 million customers who transfer more than 4 billion a month.
OFX has been in the industry for about two decades. It is one of the most reputable online money transfer operators with network coverage that connects more than 1 million customers worldwide and supports more than 55 currencies. Since its inception, customers have transferred more than $ 100 billion through the operating system. Of the many features of OFX, one that gets the most attention is the $ 0 transfer fee that the company processes in all of its transfers.
TransferWise
The cost of TransferWise varies depending on the currency pair, payment method and amount transferred. According to TransferWise, a fee is charged as a percentage of the amount sent. The higher the amount, the lower the commission percentage. The pricing calculator on the TransferWise website is the surest way to know the cost of your transfer. OFX carries the day with zero transfer fees
The TransferWise website supports 12 languages: English (both US and UK), German, French, Portuguese, Turkish, Spanish, Japanese, Polish, Romanian, Italian, Hungarian and Russian. Customer support is available in live chat, email and phone. With the TranserWise mobile app, you can send money, track transfers, check rates, and more. The provider has placed security with a two-factor authentication rating as a security layer.
In Trustpilot, TransferWise has 76,548 reviews, 86% “excellent” and 8% “excellent”. The trust score is 4.6 / 5. The main benefits of customers are mentioned: Simple and interactive user interface , Excellent exchange rate , Very fast on transfers , Fair pricing in transfer costs , On Reddit, however, some customers complained of delays and inefficiencies in some areas.
OFX
for transfer money from canada to Japan OFX averages 0.4% higher than the market average. However, you may encounter cases where transfers between $ 5,000 and $ 50,000 raise margins of about 0.8% to 1.2%. Once you have agreed on the exchange rate, OFX will lock the exchange rate for the duration of the transfer to protect you from exchange rate fluctuations.
OFX supports 6 languages through its website: English (US and UK), Hong Kong, Australia, Canada, New Zealand and Singapore. Customer support via email and phone. Just like TransferWise, OFX has a mobile application that runs on both Android and iOS. In terms of security, OFX has invested in advanced technology to protect its identity and prevent fraud. They also have Secure Socket Layer (SSL) encryption for web security.Other features that OFX offers its customers more than TransferWise offers are limit and stop loss, pre-sale contracts and FX options.
for transfer money from canada to Japan review Limited Orders and Losses – The customer selects the exchange rate which, if reached, stimulates the transfer. This saves you from the burden of constant exchange rate monitoring. Forward Contracts – This feature allows you to lock the exchange rate for a maximum of 12 months. In the face of fluctuations in foreign exchange markets, he stabilizes and goes to the shelter.
FX Options – With FX Options, you have the right but not the obligation to transfer money at a predetermined rate in the future.
conclusion
So far we have talked about the best ways to transfer money from Canada to Japan and show which methods will be cheaper than others. You have to keep in mind that sending money from Canada to Japan is expensive and will take a long time to transfer money, but the methods we have discussed can make things easier. And offer you better, cheaper and faster options so you can transfer money from Canada to Japan.
Finally, if you have more questions about the methods of transferring money from Canada to Japan, you can ask us through the contact link on the website, so that we can contact you as soon as possible.
