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An independent researcher compared Wise to 5 other Japanese bank accounts. They found that Wise is on average 6x cheaper to send, spend and withdraw money overseas. They also found that we’re up to 2.4x cheaper for spending in foreign currencies. And our fees to withdraw ¥80,000 from an overseas ATM are up to 1.1x cheaper. There are no monthly fees, and no minimum balance with the Wise account and card. It’s also up to 16x cheaper to send money abroad.
The research was carried out in March 2022 by market research agency, Alderson Consulting, with an in-market researcher in Japan, in conjunction with Wise. The data was gathered through publicly available pricing information and mid-market rate comparison data provided by Refinitiv, formerly known as Reuters.
The different fees recorded for this price comparison include:
^With regard to the cost of using debit cards overseas, there may be additional costs to the consumer where the bank applies a retail margin to the rate provided by Visa or Mastercard. In the interest of fairness, since it’s not possible to accurately determine these costs, we only compare the charges declared by the banks in their online documentation, or confirmed via social media.
#The costs collected are made up of both the foreign transaction fee and any exchange rate markup.
Research took place on transfers from JPY to BRL, CNY, EUR, KRW and USD routes. The providers compared were MUFG, Rakuten, Shinsei Bank, Sumitomo Mitsui Banking Corporation (SMBC), and Sony Bank.
When comparing Wise to the propositions of the specified banks, we remove the consumer-initiated advantages, like use of currency balances or currency auto-detection. In brief, we assume that the conversion takes place at the point of transaction. This is consistently applied across all propositions, including Wise.
"When comparing the cost to “Send” money with banks, we have, where possible, used the customer journey on their websites to determine the Exchange Rate. Otherwise, we have used the TTS Sheet Rates published on the brands' websites.
For the fees, we used information taken directly from the relevant brand's website relating to the specified product or as guided by the brand i.e fee documents. Where there was any question of interpretation, we obtain further clarification via social media or customer channels before applying the fees reported.
For the remaining areas of comparison, “Spend” and “Withdraw”, we use information taken directly from the relevant bank’s website relating to the product in question or as guided by the bank i.e general fee documents. Where there is any question of interpretation, we obtain further clarification via social media or customer channels before applying the fees reported.
Research is undertaken over 5 working days (Monday to Friday) during standard trading hours and is currently updated regularly. It is acknowledged that brands may change their propositions during that period and therefore, the published results should be considered indicative and individual experiences may differ. We also encourage you to visit the Wise pricing page to find out about the most updated fees offered by Wise.
With regard to the cost of spending using debit cards overseas,** there may be additional costs to the consumer where the brand applies a retail margin to the rate provided by Visa or Mastercard.** In the interest of fairness as it is not possible to accurately determine these costs, we only compare the charges declared by the banks in their online documentation or confirmed via social media.
It is up to 2.4x cheaper to spend ¥15,000 internationally with Wise compared to the 5 banks in Japan — MUFG, Rakuten, Shinsei Bank, SMBC, Sony Bank.
With regard to the cost of spending using debit cards overseas,** there may be additional costs to the consumer where the brand applies a retail margin to the rate provided by Visa or Mastercard.** In the interest of fairness as it is not possible to accurately determine these costs, we only compare the charges declared by the banks in their online documentation or confirmed via social media.
Note that even though MUFG does not charge a transaction fee, it charges a 3.05% administrative fee applied to VISA rate)
JPY → BRL: Wise debit card is on average 2x more expensive
It seems like we're not the cheapest this time around. But we're committed to transparency and show the price comparison data here. Refer to the notes above about the additional costs that may be charged by the banks.
Wise debit card: ¥214.50
MUFG Visa debit card: ¥0
Rakuten Visa debit card: ¥462
Shinsei Gaica Flex: Not available
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥0
JPY → CNY: Wise debit card is on average as cheap as the others
Wise debit card: ¥187.50
MUFG Visa debit card: ¥0
Rakuten Visa debit card: ¥462
Shinsei Gaica Flex: Not available
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥268.50
JPY → EUR: Wise debit card is on average 2.4x cheaper
Wise debit card: ¥90.00
MUFG Visa debit card: ¥0
Rakuten Visa debit card: ¥462
Shinsei Gaica Flex: ¥600
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥0
JPY → KRW: Wise debit card is on average 2x cheaper
Wise debit card: ¥90
MUFG Visa debit card: ¥0
Rakuten Visa debit card: ¥462
Shinsei Gaica Flex: Not available
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥268.50
JPY → USD: Wise debit card is on average 2.4x cheaper
Wise debit card: ¥90
MUFG Visa debit card: ¥0
Rakuten Visa debit card: ¥462
Shinsei Gaica Flex: ¥600
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥0
It is up to 1.7x cheaper to spend ¥80,000 internationally with Wise compared to the 5 banks in Japan — MUFG, Rakuten, Shinsei Bank, SMBC, Sony Bank.
JPY → BRL: Wise debit card is on average 2x more expensive
It seems like we're not the cheapest this time around. But we're committed to transparency and show the price comparison data here. Refer to the notes above about the additional costs that may be charged by the banks.
Wise debit card: ¥1,144
MUFG Visa debit card: ¥0
Rakuten Visa debit card: ¥2,464
Shinsei Gaica Flex: Not available
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥0
JPY → CNY: Wise debit card is on average as cheap as the others
Wise debit card: ¥984
MUFG Visa debit card: ¥0
Rakuten Visa debit card: ¥2,464
Shinsei Gaica Flex: Not available
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥1,432
JPY → EUR: Wise debit card is on average 2.4x cheaper
Wise debit card: ¥480
MUFG Visa debit card: ¥0
Rakuten Visa debit card: ¥2,464
Shinsei Gaica Flex: ¥3,200
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥0
JPY → KRW: Wise debit card is on average 2x cheaper
Wise debit card: ¥480
MUFG Visa debit card: ¥0
Rakuten Visa debit card: ¥2,464
Shinsei Gaica Flex: Not available
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥1,432
JPY → USD: Wise debit card is on average 2.4x cheaper
Wise debit card: ¥480
MUFG Visa debit card: ¥0
Rakuten Visa debit card: ¥2,464
Shinsei Gaica Flex: ¥3,200
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥0
It is free to withdraw ¥15,000 internationally with Wise compared to the 5 banks in Japan — MUFG, Rakuten, Shinsei Bank, SMBC, Sony Bank.
JPY → BRL: Free withdrawal with Wise
Wise debit card: ¥0
MUFG Visa debit card: ¥110
Rakuten Visa debit card: ¥462
Shinsei Gaica Flex: Not available
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥268.50
JPY → CNY: Free withdrawal with Wise
Wise debit card: ¥0
MUFG Visa debit card: ¥110
Rakuten Visa debit card: ¥462
Shinsei Gaica Flex: Not available
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥488.50
JPY → EUR: Free withdrawal with Wise
Wise debit card: ¥0
MUFG Visa debit card: ¥110
Rakuten Visa debit card: ¥462
Shinsei Gaica Flex: ¥600
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥268.50
JPY → KRW: Free withdrawal with Wise
Wise debit card: ¥0
MUFG Visa debit card: ¥110
Rakuten Visa debit card: ¥462
Shinsei Gaica Flex: Not available
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥488.50
JPY → USD: Free withdrawal with Wise
Wise debit card: ¥0
MUFG Visa debit card: ¥110
Rakuten Visa debit card: ¥462
Shinsei Gaica Flex: ¥600
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥268.50
It’s up to 1.1x cheaper to withdraw ¥80,000 internationally with Wise compared to the 5 banks in Japan — MUFG, Rakuten, Shinsei Bank, SMBC, Sony Bank.
JPY → BRL:
Wise debit card: ¥2,019
MUFG Visa debit card: ¥110
Rakuten Visa debit card: ¥2,464
Shinsei Gaica Flex: Not available
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥1,432
JPY → CNY:
Wise debit card: ¥1,859
MUFG Visa debit card: ¥110
Rakuten Visa debit card: ¥2,464
Shinsei Gaica Flex: Not available
SMBC Prestia Global Pass: ¥3,200
Sony Bank wallet: ¥1,652
JPY → EUR:
Wise debit card: ¥1,355
MUFG Visa debit card: ¥110
Rakuten Visa debit card: ¥2,464
Shinsei Gaica Flex: ¥3,200
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥1,432
JPY → KRW:
Wise debit card: ¥1,491
MUFG Visa debit card: ¥110
Rakuten Visa debit card: ¥2,464
Shinsei Gaica Flex: Not available
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥1,652
JPY → USD:
Wise debit card: ¥1,355
MUFG Visa debit card: ¥110
Rakuten Visa debit card: ¥2,464
Shinsei Gaica Flex: ¥3,200
SMBC Prestia Global Pass: ¥0
Sony Bank wallet: ¥1,432
It’s up to 16x cheaper to send ¥15,000 internationally with Wise compared to the 5 banks in Japan — MUFG, Rakuten, Shinsei Bank, SMBC, and Sony Bank.
JPY → BRL: Wise is on average 4.9x cheaper
MUFG, Shinsei Bank, and SMBC do not offer money transfer to BRL.
Wise upfront fee: ¥348
Wise exchange rate markup: ¥0
Average bank upfront fee: ¥875
Average bank exchange rate markup: ¥815
JPY → CNY: Wise is on average 7.2x cheaper
MUFG, Shinsei Bank, SMBC, and Sony Bank do not offer money transfer to CNY.
Wise upfront fee: ¥307
Wise exchange rate markup: ¥0
Average bank upfront fee: ¥1,750
Average bank exchange rate markup: ¥465.99
JPY → EUR: Wise is on average 16.3x cheaper
Wise upfront fee: ¥132.00
Wise exchange rate markup: ¥0
Average bank upfront fee: ¥2,050.00
Average bank exchange rate markup: ¥117
JPY → KRW: Wise is on average 7.8x cheaper
MUFG, Shinsei Bank, SMBC, and Sony Bank do not offer money transfer to KRW.
Wise upfront fee: ¥284.00
Wise exchange rate markup: ¥0
Average bank upfront fee: ¥1,750
Average bank exchange rate markup: ¥451
JPY → USD: Wise is on average 14x cheaper
Wise upfront fee: ¥153
Wise exchange rate markup: ¥0
Average bank upfront fee: ¥2,050
Average bank exchange rate markup: ¥103.48
It’s up to 5x cheaper to send ¥80,000 internationally with Wise compared to the 5 banks in Japan — MUFG, Rakuten, Shinsei Bank, SMBC, and Sony Bank.
JPY → BRL: Wise is on average 4.1x cheaper
MUFG, Shinsei Bank, and SMBC do not offer money transfer to BRL.
Wise upfront fee: ¥1,266
Wise exchange rate markup: ¥0
Average bank upfront fee: ¥875
Average bank exchange rate markup: ¥4,352.22
JPY → CNY: Wise is on average 3.9x cheaper
MUFG, Shinsei Bank, SMBC, and Sony Bank do not offer money transfer to CNY.
Wise upfront fee: ¥1,097
Wise exchange rate markup: ¥31.28
Average bank upfront fee: ¥1,790
Average bank exchange rate markup: ¥2,491.04
JPY → EUR: Wise is on average 5.0x cheaper
Wise upfront fee: ¥520
Wise exchange rate markup: ¥31.28
Average bank upfront fee: ¥2,050
Average bank exchange rate markup: ¥624.63
JPY → KRW: is on average 5.3x cheaper
MUFG, Shinsei Bank, SMBC, and Sony Bank do not offer money transfer to KRW.
Wise upfront fee: ¥781.00
Wise exchange rate markup: ¥0
Average bank upfront fee: ¥1,750
Average bank exchange rate markup: ¥2,400.49
JPY → USD: Wise is on average 4.8x cheaper
Wise upfront fee: ¥541
Wise exchange rate markup: ¥0
Average bank upfront fee: ¥2,050
Average bank exchange rate markup: ¥550.99
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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