GoRemit (Shinsei Bank international transfer): Fees and exchange rates

Yumiko Kijima

GoRemit is the Shinsei Bank international transfer service, which allows customers to send money overseas to 170+ countries in both JPY, and a range of 12 foreign currencies.¹

If you’re planning on sending money overseas, you’ll want to compare a few providers to find the best service for your needs. This guide covers all you need to know about GoRemit fees, the Shinsei bank exchange rate, and how to use GoRemit via their smartphone app.

To kickstart your research, we’ll also do a quick comparison of Wise vs GoRemit so you can see how the GoRemit rates and fees measure up against a smart modern competitor.

GoRemit vs Wise: Sending 100,000 JPY (including a transfer fee) to a bank account in the US

Let’s start with a live example - sending 100,000 JPY inclusive of fee, to a bank account in the US.

The true cost of sending JPY to USD

For this transfer, your recipient will get more if you send using Wise rather than GoRemit. But how do you check for your own specific payment?

The answer is to look at both the exchange rates and the upfront fees you’ll pay for any international transfer. In this case, the upfront fee you pay with Wise is lower than the GoRemit fee. However, there’s also a significant difference caused by variations in the exchange rate.

The exchange rate used by Wise is the mid-market rate - the one set by global currency markets. GoRemit uses the Shinsei Bank exchange rate which includes a markup² - an extra fee. We’ll cover this - and how to spot and avoid exchange rate markups - in more detail in a moment.

Send money with the real rate💡

GoRemit fees

Here are the GoRemit fees you need to know about.³

Account/transfer typeGoRemit remittance fee
Shinsei PowerFlex JPY account2,000 JPY
Shinsei PowerFlex foreign currency account4,000 JPY
Remittance by transfer to the GoRemit designated collection account2,000 JPY
For remittances in JPYAn additional fee of 0.1%, minimum 1,500 JPY

Shinsei Platinum customers may get the first transfer per month free of charge.

However, it’s worth noting that the remittance fee isn’t the only charge you’ll pay. As we saw in the example above, there are also additional fees in the GoRemit exchange rates used which push up the costs. You may also run into extra fees which are levied by intermediary banks or the recipient’s own bank. These will be deducted as the payment is processed - and can mean your recipient gets less than you’re expecting in the end.

GoRemit’s exchange rates - compare with the ‘real’ rate

The GoRemit terms and conditions state the following:²

“In addition, the exchange rate which the Bank applies to Overseas Remittance Transactions shall include an exchange handling charge determined by the Bank”

But what exactly does that mean?

In short, the exchange rate GoRemit uses for international transfers is created by taking the mid-market exchange rate and adding a markup. This markup is the exchange handling charge described above. It’s an extra fee, but it can be hard to spot - so you end up paying more than you think you are for your transfer.

Here’s how to check the rate you get from GoRemit. Find the live GoRemit exchange rate for your currency, over on the GoRemit website4. Then find the live mid-market exchange rate for your currency using a simple Google search or on Wise currency converter. If there’s a difference, it’s probably because of the markup used by GoRemit.

Here’s a model of how that might look:

Exchange rates JPY/USD If you want to send 1,000 USD Hidden fee in exchange rates
Mid-market rate 1 USD = 103 JPY 103,000 JPY ---
A bank’s rate 1 USD = 104 JPY 104,000 JPY 1,000 JPY

As you can see, a small difference in the exchange rate can work out to be a large additional hidden fee, especially if you send a large amount of money. And that’s on top of all the other charges levied by the sender bank, intermediaries and the beneficiaries own bank.

Avoid the hidden fees by choosing a service provider which uses the real mid-market rate with no markups, and a simple and transparent fee structure, like Wise.

💡A cheap and transparent alternative: Wise

Sending money without ‘hidden fees’ in exchange rates

With Wise , you can send money to 80+ countries using the mid-market exchange rate without any markup.


To send money with Wise,

  1. Create a free account
  2. Choose an amount to send
  3. Add recipient’s bank details
  4. Verify your identity
  5. Pay for your transfer by bank transfer or debit/credit card

And that is it! You can track your transfer in your account and your recipient will also be notified when a transfer reaches them.

See if you can save🚀

Receiving money for free, like a local does

You can also receive money for free to a Wise multi-currency account from the UK, USA, Australia, New Zealand, Singapore and many European countries, just as if you had a local bank account in those countries. Hold your money in 50+ different currencies, and switch it using the mid-market rate whenever you want to!

Learn more📖

How to send money with GoRemit

If you’re ready to get started with GoRemit, here’s what you have to do:⁵⁶

  1. Download GoRemit app
  2. Register your email address
  3. Submit personal information and documents (details below)
  4. Get confirmation by email or post
  5. Register your beneficiaries in the app
  6. You can now make a payment
  7. Shinsei PowerFlex account holders can make a payment directly from their Yen or foreign currency account
  8. Other customers will need to make a bank transfer to the designated account
🏦ID documents you need to register an account with GoRemit
MyNumber documents - usually one of the following:
  • Your MyNumber card
  • An official transcript of Resident Record (Juminhyo)
  • Certificate of registered items on Resident Record (Juminhyo)
  • MyNumber notification (copy)
And a photo identification document - such as:
  • Residence card
  • Special Permanent Residence Certificate
  • Japanese driving license
  • Driving career certificate (copy)

Contact GoRemit

Here’s how to learn more:

  • Use the GoRemit chat function to ask questions online - head to the GoRemit website to access the chat⁷
  • Email GoRemit using the form on the website
  • Check out the list of FAQs available online to solve simple questions
  • Call into a branch of Shinsei Bank to talk to someone face to face⁸

There is a large range of international payment services available, and features and fees can vary enormously. That makes it well worth checking out a few options to find the one that works best for you, before you send your money overseas. Take a look at traditional providers alongside modern alternatives like Wise to see if you can save.

Check the cost of Wise🔎

Wise for sending money

  1. GoRemit Sending money overseas from Japan just got better
  2. GoRemit Terms and Conditions(for Individuals)
  3. GoRemit Remittance fees
  4. GoRemit Current Exchange Rates
  5. GoRemit How to Use the GoRemit App
  6. GoRemit Procedures and Info
  7. Contact Us
  8. Branch Locations

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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