I-remit Japan: Everything you should know before sending money

This guide will explain the costs and exchange rates when using I-remit Japan. We’ll also take a look at Wise, a cheap and convenient option to send money abroad from Japan.

I-remit Japan: A Cost Example

Sending 100,000 JPY (including transfer fees) from Japan to a PHP account in the Philippines

(October 23, 2020 at 09:57 (GMT+9))

When you make a transfer, you should check not only the fees but also the offered exchange rates. This can help you see the actual cost of the transaction.

With Wise, the fee is very clear and straightforward. Wise uses the mid-market rate rate without involving any markup fees and assures that you only pay small transparent fees.

Start saving with Wise🚀

How much does it truly cost to send money abroad with I-remit?

I-remit transfer fees

Transfer fees are not disclosed on the I-remit website itself. You can check the fees on their app or contact their customer support via one of the provided WhatsApp mobile numbers on the website.

I-remit claims that the fee varies depending on the country that you are sending from, and the chosen mode for the money to be received by the beneficiary. ³

I-remit exchange rates

The I-remit website offers the exchange rate on the website. But It’s not clear if their exchange rate is the same as the mid-market rate - the ‘real’ rate - so make sure to compare the I-remit rate against the mid-market rate, which you can check on Google or any online currency converter.

‘Hidden cost’ in international transfers

When you send money across borders using banks, as an individual customer, it’s unlikely that you will get to enjoy the mid-market rate you see on XE or Google, which is the fairest rate set by markets. During the process, banks can mark up their exchange rates.

Combined this with transfer fees, an international transfer may cost you some hefty extra fees. Even for transfer services that claim to have a 0 transfer fee, you should also take a close look at their exchange rate where the ‘hidden costs’ may exist.

A cheap and transparent alternative: Wise

Instead of scrambling through multiple international bank transfer services, you can opt for using Wise with no hidden costs. With Wise, you can be assured to send money at the 'real' exchange rate.

Transfer fees on Wise differ depending on the amount of money you want to send, and fees can go really low! For instance, when you send 10,000 JPY to a PHP bank account in the Philippines, you only have to pay a meager fee of 177 JPY.

It’s very easy to start sending your money with Wise with these steps:

1. Register for a free account
2. Select amount of money to send
3. Add bank details of recipient
4. Verify your identity
5. Pay your transfer fee using your bank transfer

You’re done! We’ll help you track your transfer and notify your recipient when the money reaches them.

Even when banks and other providers seem to offer cheaper fees than Wise, double-check their exchange rates, too, as they may markup their rates.

Send money with 'real' rate💡

NEW! Wise multi-currency account

In addition, Wise offers multi-currency accounts, which work the best if you receive and transfer money across borders or want to hold different currencies in one place.

It is free to get a personal Wise multi-currency account. A business multi-currency account costs 3,000 JPY as a registration fee.

Get a multi-currency account🚀

How to make a global remittance with I-remit Japan

Online bank transfer⁴

Send money via online bank transfer using the I-remit app on mobile, available on Android and iOS.

• Select your country and log into the app using your phone number and a password sent to your email address
• Select the amount of money you want to send, the service mode (i.e. how you want your recipient to receive money) and the source of fund
• Select your recipient and your recipient’s bank. Enter their account number and select the purpose of remittance
• Select payment method as ‘Payeasy: Online banking’, review details and confirm
• Enter 6-digit PIN
• On the payment page, select the online banking option and choose your preferred bank
• Note: Via online bank transfer, transaction limit is 500,000 JPY per transaction

ATM⁵

You can also choose to send money from the ATM.

• Select your country and log into the app using your phone number and a password sent to your email address
• Select the amount of money you want to send, the service mode and the source of fund
• Select your recipient and your recipient’s bank. Enter their account number and select the purpose of remittance
• Select payment method as ‘Payeasy: ATM deposit’, review details and confirm
• Enter 6-digit PIN
• On the payment page, select the ATM option and provide store number, contact number and confirmation number
• Note: Via ATM, transaction limit is 100,000 JPY per transaction

Convenience store⁶

You can pay at one of the nearby Lawson, Seicomart or Ministop convenience stores in Japan.

• Select your country and log into the app using your phone number and a password sent to your email address
• Select the amount of money you want to send, the service mode and the source of fund
• Select your recipient and your recipient’s bank. Enter their account number and select the purpose of remittance
• Select payment method as ‘Konbini’, review details and confirm
• Enter 6-digit PIN
• Go to a convenience store and find a Loppi machine
• You can either
  • Enter Recipient Number and Contact Number
  • Scan the QR code
• Note: Via Konbini, transaction limit is 300,000 JPY per transaction

What do I need to make an international money transfer with I-remit Japan?

In order to register for an account with I-remit account, you need the following:⁷

• Photo of your My Number Card
• Photo of your Residence Card
• Bank name, bank account number of your beneficiary
• Proof of deposit (in case of transfer via ATM deposit)

After you have registered your account with your documents approved, you are not required to provide any additional documents.

What should I give to the sender to receive an international transfer with I-remit Japan?⁷

• Your bank name
• Your account number
• Your full name as it appears on your account

When you receive the money as cash in person, you need an identity document and the control number.

By doing some research before you make an international transfer, you may save a decent amount of hidden costs in exchange rates and transfer fees. With Wise offering the mid-market rate, it might also be a good idea to compare it to other service providers. Good luck with finding the best deal for your transfer!

Create a free account🚀