Looking for a way to send money to family, friends or a business in Japan (or even to your own bank account overseas)? According to MoneySmart, you should avoid Australian banks and go with a money transfer specialist to get better JPY exchange rates and lower fees on international transfers.
Based on the providers we've compared, Revolut is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in Japan within minutes.
As reported by the ACCC, bank transfers are typically the cheapest way to get your money to Japan. Revolut and Xe Money Transfers have some of the lowest bank transfer fees of the brands we've compared.Remember, it's more important to look at the overall cost of your transfer to Japan and this has a couple of elements:
Certain providers may give the mid-market rate but add fees on top and others will have low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many yens your recipient will end up with.
Actual transfer times from Australia to Japan can depend on several factors including transfer amount, payment method and currency.Here are some of the fastest average transfer speeds to Japan:
The safest way to get your money to Japan is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Australia and Japan.
A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to Japan, consider using a provider such as TorFX or Xe Large Transfers to secure a better JPY exchange rate and benefit from its expertise handling larger transactions.Using a large transfer specialist can have the following advantages:
To send money to Japan, you'll need the necessary documentation, your recipient's details and a way to pay.
Sakura is working in Australia as a digital marketer and she stays in regular contact with her elderly parents back home in Japan. Her parents need some funds to help pay off a mortgage, so Sakura plans to send them $2,000 from Australia.
She decides to compare a bank and a money transfer specialist to see which one can save the most money on her transaction.
|Bank||Money transfer company|
|Exchange rate||1 AUD = 96.23 JPY||1 AUD = 97.50 JPY|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||191,491.86 JPY||194,758.14 JPY|
The money transfer company enables Sakura to send an extra ¥3,266.28, which is transferred straight to her parents' MUFG Bank account.
When selecting a provider to transfer money to Japan, here are the main factors to consider:
Compared to the start of the year, the Australian dollar is stronger against the yen. Currently $5,000 is worth ¥489,954.50, whereas at the beginning of 2023, $5,000 was equivalent to ¥446,650.00. That's an increase of 9.7%.
Similarly, compared to mid-2022, the Australian dollar is again stronger against the yen. In mid-2022, $5,000 was equal to ¥468,400.00. That's an increase of 4.6%.
So based on those two data points, yes, it's a relatively good time to send money to Japan, and your Australian dollars will go further than they would have. But what's more important, however, is the strength of the Australian dollar against the yen and where it goes from here – which is harder to call.
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