How is money transferred from Canada to Japan? What are the ways to send money from Canada to Japan? How to send money from Canada to Japan with the lowest cost and in the shortest possible time? In this article we try to examine the best, fastest, cheapest and easiest way to wire money transfer and transfer money from Canada to Japan and show the best way to transfer money from Canada to Japan
How to transfer money from Canada to Japan
This question is more difficult to answer, given that there is little valuable information about it on the Internet (my thorough Google search has generated a lot of spam and there are not many.) In short, if you can You want to transfer money to someone in Japan, you have three options:
Use a bank
As long as your Canadian bank can transfer money to a bank account in Japan you can transfer money to a bank account in Japan (some of them can not, especially in less developed countries, so you want investigate). There are some important points in this regard:
A) The cost of doing this depends on your bank abroad, so it is important to ask beforehand. For example, my bank in the UK (Natwest) charges 20 20 to send money to Japan. B) The amount received in your Japanese bank account depends on the exchange rate, because the exchange rate changes frequently. If this is a large transfer, it could be worth it to weaken the first JPY. C) It also depends on how long it takes for your bank to receive the money (although you can pay more to get it faster), while your Japanese bank may well pay for it.
Use Western Union for send and transfer money from Canada to Japan
Western Union did not have a direct presence in Japan until 2010, which (at least in my opinion) is insane. But now you can transfer money to Japan at any Western Union office in the world. To receive it:
A) Use the Western Union Find A Location tool to find the closest place you can get money. B) Before applying, fill in the application form on how to receive the money and be sure to bring the sender’s information with you. It should be noted that although Western Union has services throughout Japan, most of them are at Family Mart and Seven Bank (7-11) ATMs, where you can not get money. This can make it difficult to use Western Union to receive funds. In other words, make sure you have a place near you before you start (there are places to get money in big cities in 17 provinces). In addition, Western Union does not give you the exchange rate you used until you received the money. This can mean losing you.
Use PayPal
If both you and your friend have a PayPal account in Japan, you can send them money online. To do this: 1. To transfer money from PayPal to a bank, you must connect your Japanese PayPal account to your bank account in Japan. 2. Log in to your account. 3. Enter the email address of the person you want to send money to and also the amount. 4. Check the transaction details and if everything is fine, press send. Compared to a bank, Paypal is a faster option, with the added bonus that you do not need to visit a bank or similar place to raise money.Of course, there are some conditions:
A) If sending money internationally, there will be a fee (ie to a person whose PayPal account email address is registered in another country.) The sender usually decides that the fee will be paid by him or the recipient. B) PayPal fee structure is specified here. You also need to look at the user agreement, which provides more detailed information.
In general, the fees depend on both the place of registration of your account and the place of sending the money. So for me, as a person who has registered with PayPal in Spain, the original cost of sending money to someone else in Spain is 3.4% of the total plus € 0.35. In addition, if I want to send money to Japan, I will pay 1.5% of the extra amount and I will increase the cost to 4.9 ٪ + 0.35 € so far.
what is conversation fee
In addition, there is a currency conversion fee for PayPal. PayPal sets the exchange rates that you can find using their currency converter. (If that link does not work, your account profile is available on the home page.) The rate you receive will usually be 3-4% below the rate you see there. So if the dollar to JPY, for example, is 79.59, as it is now, you can have 76.41 or the same range.
This is not a bad thing, but it does mean that the total cost of sending money from Spain to Japan (for example) is around 8.9 ٪ + 0.35 euros. This is of course, if your account is registered in Japan or the United States, the costs may be quite different. So it is obvious to check before sending money.
C) If you have not verified your PayPal account, the maximum amount you can send is $ 2000. However, if you verify your account, this restriction will be lifted and then depends on the status of your account. (For me, the maximum amount I can receive is 2,500 euros, at which time the limit will be set in May 2013. However, I can remove this limit) In short, the total amount you can send using PayPal seems to be very small, which may not be right for your needs. However, given the costs associated with the service, this may not be a bad thing at all.
How to transfer money from Japan to Canada
For whatever reason (perhaps high immigrant demand) this is much easier than transferring money to Japan. You can use Western Union to transfer money from Japan to Canada. In addition, there is the Japan Post, as well as dedicated banking services such as GoRemit (formerly GoLloyds).
Editor’s Note: When sending money home or abroad for the purpose of logging into your bank account, keep in mind that you may incur various fees from an intermediary bank and / or your own bank or bank that sends to (beneficiary bank) You get from you. You want to check with the bank or bank you are referring to and see how they handle each of the following types of transfers.
Use Western Union
The biggest drawback of using Western Union to get money (meaning you can’t in most places) is when transferring money. In fact, you can transfer money outside of Japan: A) In one of 8700 family families in Japan, with which Western Union has cooperated. (Search for one here, as long as you can read Japanese. Using a browser translation tool or Rikaichan or Rikaikun may help.) B) 7-11 ATMs, with which Western Union has also cooperated. (Find the ATM in English.)
The more you can use Western Union, the easier it is obviously. Details on using Western Union in Family Mart are available here. remember: You must first register, and if you want to use 7-11 you have to do it separately again.
You can only transfer money in person, but you can add potential recipients online to your account.
The costs associated with the service are available here and depend on the amount you send. (If you transfer less than 10,000 yen, the cost is 990 yen.)
The annual ceiling is 5 million yen (see here for other currency restrictions) Details on using Western Union at Seven Bank are available here. remember: Again, if you transfer money with Western Union, you will not be notified of the exchange rate until you receive the funds. The total annual amount for sending money through Seven Bank is 8 million yen (see here for other currency restrictions.) These are the costs of Family Mart.
Use of Post Bank of Japan for send and transfer money from Japan to Canada
Japan Post is a well-known (and quite cost-effective) method of transferring money out of Japan through its Bank (Japan Post Bank). However, it is worth noting that there are only 233 branches in Japan that offer these services, so make sure there is one branch nearby. To use this service, you have two options:
A) A paper money order This means that the funds (in the currency you want) are sent in an envelope to the bank or address. It is neither fast nor safe. B) Electronic transfer , in which case the money is transferred directly to a bank account abroad (with the currency of your choice. ) This can be done in cash or through you if you have a Japanese bank account, The cost of doing this in most cases is 2500 yen. The cost of sending money to a US bank account is only 2,000 yen, excluding fees. In addition, the exchange rate is very competitive.
To transfer money from the post office, you need an alien registration card (residence card after July 9) or your passport and you must fill in the appropriate form (English forms are available). You can tell employees what kind of transfer you want to make.
Use GoRemit for send and transfer money from Canada to Japan
The third method of transferring money from Japan is perhaps one of the most well-known and widely used methods. This means opening a remittance account at GoLloyds or Shinsei GoRemit, which specializes in overseas banking services. Send money with GoRemit is 2000 yen, excluding the cost of transferring from a Japanese bank account to your GoRemit account. On the other hand, most banks charge Y2500-3000 to receive commissions, so the total use of GoRemit can be more.
In addition, unlike the post office, if you send before 3pm, the money will be refunded the same day. This is an important advantage over other methods.
Use JTB or SBI Remit
There are other remittance services that you can use to transfer money from Japan, such as JTB and SBI Remit. None of these are banks in themselves, but they offer special services for transferring funds abroad. SBI Remit is web-based, which is an advantage. However, the funds are not transferred to a bank account, but a physical location, similar to Western Union (SBI Remit is associated with Moneygram, Western Union’s biggest competitor), so it is a good choice for the recipient. There is a dot (search for one here).
The base cost for a transfer of 10,000 yen is 110 watts cheaper than the Western Union, which is significant. You can find more information about SBI costs here. JTB is a service comparable to SBI, in that it is web-based, but it depends on the person going to a physical location to receive money. In this case, these are Cirrus-related ATMs instead of selling Moneygram.
However, the website shows a lot of service related costs. If you send more than the maximum transfer limit of 300,000 yen, you will be charged an extra refund. Likewise, if you want to check your balance at the ATM, you will receive 100 yen. After all, the cost of services is only for more than 1000 yen per year. This is at least free compared to SBI Remit. In other words, watch out for JTB!
Your bank account is in Japan for send and transfer money from Canada
Finally, it is possible to transfer money abroad from many Japanese banks, although the specifications and costs of each are different. Some banks may require you to sign up for remittances as a separate service. Also, some may only be able to pay in some countries.
Costs will depend on the bank, although they will probably be more expensive than some of the other options listed above (3500 yen and above seems to be common). Unless you use a bank that offers these services in English, you should follow the steps in Japanese.
Alternative ways to send and transfer money from Canada to Japan
Transferwise has more than 40 different currencies and also makes remittances to Japan possible. For example, if you want to send US $ 100,000 JPY from the US, all you have to do is sign up for Transferwise. They will find another Transferwise user who wants to send 100,000 JPY to the US and you will be matched. Then your money is exchanged. Simply put, as soon as money is transferred from your US bank account to your American Transferwise account, money transferred by another (Japanese) user to your Japanese Transferwise account will be credited to your Japan bank account.
Instead of “money not being transferred between countries”, Transferwise is successful based on the fact that they receive a fee of 0.5 0.5 1% of the amount of the remittance abroad. They do not charge for the exchange rate and it is possible to make your remittance abroad at the international exchange rate. Please note that the Transferwise borderless account service does not currently serve JPY.
– Exchange rate: is the same as the international exchange rate (no processing fee) – Processing cost: 0.5 ~ 1 – Time required for inspection: 1-2 working days after confirmation of your deposit Ease of use: Registration, authentication and remittance can be done online. The time required to complete all steps is also short. The minimum amount to be repaid is not limited to a maximum of about $ 1.5 million (varies by country)
OFX
Overseas remittance services provided by the Canada non-banking financial institution OFX Canada receive 55 different currencies. The feature of OFX is that processing costs are exempt for amounts over A $ 10,000. If you want to send a lot of money, this is a service that you should not miss. The minimum payment is set at A $ 250, but there is no maximum limit.The OFX exchange rate is also set at the international exchange rate and they do not charge a processing fee. They are a company listed on the Australian Stock Exchange (ASX), so they are a reputable company with many users.
– Exchange rate: is the same as the international exchange rate (no processing fee) Processing cost: A $ 15 (exempt for amounts over A $ 10,000) – Time required for inspection: 1-2 working days after confirmation of your deposit Ease of use: Registration, authentication and remittance can be done online. However, telephone confirmation is required at the time of transfer. The procedure is simple. The minimum payment amount is $ 250 (AUD)
conclusion
How is money transferred from Canada to Japan? What are the ways to send money from Canada to Japan? How to send money from Canada to Japan with the lowest cost and in the shortest possible time?we have reviewed all these cases in the article. If you have any questions about money transfer methods or wireless money transfer from Canada to Japan or vice versa, you can raise them by contacting us on the site.
