Still love it
Last year we discovered Transferwise and did a big write-up on the site. That post is the most-commented on so far on the blog, and there is a wealth of information in the comments alone. Well worth a read if you need to send money from Japan to other countries.
The consensus from the feedback I have had so far is that for most people Transferwise is the best option for moving money abroad. If you are sending large amounts or need the funds to arrive quickly GoRemit might be a better fit.
I've been using Transferwise since we wrote about it, and so far I still love the service. I have sent money to myself in the UK, to my daughter in Singapore, and to my brother in Sweden.
Each time setting up a new beneficiary and doing the transfer took just a couple of minutes online and the funds arrived within a day or two (to Singapore was same day).
I had one small hiccup when I made the first transfer to Singapore, as Transferwise needed my My Number in order to comply with Japanese regulations. I had set up my account before that law came into effect, so that caused a delay for a few days as they requested the documents, I submitted them, and they confirmed them.
Normally they take care of this when you sign up, so anyone opening a new account won't have that problem. If you have an older account that you haven't used for a while it might be worth checking to see if all your info is up to date.
So why am I such a big fan?
- The website is in English, it's simple and easy to use, and everything can be done online easily.
- The fee is low and the exchange rate is as good as you are going to get (they use the interbank rate).
- Setting up new beneficiaries can be done online in minutes, and the site remembers information from previous transfers so sending money to the same person takes seconds to set up.
- You can use a debit or credit card to fund some transfers (for a fee) but the cheapest option is to send money from your bank to Transferwise's account in Japan. This could take time and cost money, depending on your bank.
- Er, that's about it.
Right now I think Transferwise is the best option to send money abroad from Japan. If you are still using the Post Office or your bank, I really recommend you check it out. You won't regret it :)
How about you? How do you send money abroad? Any experiences with Transferwise?