Japan Remit Finance (JRF): Everything you need to know before making a money transfer

Yumiko Kijima

Japan Remit Finance - also known as JRF - allows customers to send money to a range of countries around the world, online and in person.

This guide walks through all you need to know about making a JRF remittance, including the fees and exchange rates you should watch out for. We’ll also introduce Wise as a smart alternative for simple, low cost online payments all over the globe.

Wise v JRF: A cost example

Before we get started let’s look at a cost example: Sending 100,000 JPY (including a transfer fee) to your family’s bank account in Indonesia

Japan Remit Finance (JRF)¹ Wise²
Fee 1,450 JPY 113 JPY + 0.58%
Exchange rate (JPY→IDR) Rate that JRF decides (139.6) Mid-market rate - the same rate that you find on Google (140.5)
Actual cost 1,450 JPY + possible markup within the exchange rate offered 689 JPY
Your recipient gets 13,757,580 IDR 13,954,586IDR Send money

(October 28 2020 at 14:37 (GMT+3))

Wondering why there’s such a difference in the amount received through JRF compared to Wise?

When you send money with Japan Remit Finance, transfer fees are not the only thing you’re paying. You are also paying a markup within their exchange rates. That’s why you need to check not only transfer fees but also exchange rates when you want to find the best deal.

Compare providers against an option like Wise, which always gives you the mid-market rate with a low and transparent transfer fee. You might find you can save.

Send money with the 'real' rate

Understand Japan Remit Finance (JRF) exchange rate - compare with the ‘real’ rate

It always pays to compare the exchange rate you’re offered against the mid-market exchange rate for your currency. The mid-market rate is the one banks and currency services get when they buy and sell currency themselves. It’s the rate the market dictates - the ‘real’ rate.

However, many services don’t pass the mid-market exchange rate to their customers. Instead, they add a markup or margin - an extra fee - to the retail rate used.

Check out the JRF exchange rate for your currency online³, and compare it to the mid-market rate which you’ll find on Google. If there’s a difference there’s probably a markup in the JRF rate.

It’s also good to know that the JRF exchange rate which is shown may not be the rate applied to your transfer. Here’s the small print:

‘The exchange rate is based on today's rate of the transfer amount from Yen to US dollars converted into the local currency. The exchange rate will be applied on the date and time of when the remittance is processed, and the rate indicated above is for reference only.’⁴

This means that it’s not possible to estimate beforehand how much your recipient will get in the end, when you send a JRF international payment.

Wise, on the other hand, shows clearly how much your recipient will get, with the exchange rate guaranteed for a certain period of time varying from 2 hours to 72 hours. ⁵

Japan Remit Finance (JRF) transfer fees

There are a few different fees you need to look out for when sending a remittance with JRF. Some apply to all payments, while other charges may vary depending on the amount of money you’re sending, and the destination country.

Standard fees for all destination countries

There are a couple of charges which will apply no matter where you’re sending a payment to:³

Fee or service type JRF charge
Exchange rate markup Check the JRF exchange rate against the mid-market rate to see if there is an exchange rate markup used
Payment funded by bank transfer Bank transfer fee or deposit fee will apply
Payment arranged using JRF remittance card at a Japan Post Bank counter
  • Deposit JPY1- JPY49,000 : JPY 216
  • Deposit JPY50,000 - JPY100,000: JPY 440
  • Payment arranged using JRF remittance card at a Japan Post Bank ATM
  • Deposit JPY1- JPY49,000: JPY 125
  • Deposit JPY50,000 - JPY100,000: JPY 345
  • When you use Wise and deposit money from your bank account to Wise's Japanese bank account, a deposit fee (furikomi fee) will also occur. The fee depends on your bank.

    Transfer fees by country

    Some of the Japan Remit Finance fees you pay will change according to the country you’re sending a payment to. These are applied in addition to the costs listed above. You’ll be able to get the full details of fees, limits and other considerations, by looking on the JRF website.³

    To give a picture of the transfer fees involved, here are a selection of costs for popular currency routes:

    Sending money to: JRF charge
    Australia JPY1,500
    Canada JPY2,600
  • Send up to JPY10,000: JPY850
  • Send JPY 10,001 - JPY200,000: JPY1,450
  • Send JPY200,001 - JPY1,000,000: JPY 1,950
  • India
  • Send up to JPY50,000: JPY850
  • Send JPY 50,001 - JPY100,000: JPY1,250
  • Send JPY100,001 - JPY1,000,000: JPY 1,500
  • USA
  • Send up to JPY30,000: JPY880
  • Send JPY 30,001 - JPY200,000: JPY1,450
  • Send JPY200,001 - JPY1,000,000: JPY 1,950
  • 💡A cheap and transparent alternative: Wise

    Want to send money overseas with the real mid-market exchange rate and simple, low fees? Try 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. You can clearly see how much you’re paying - and how much your recipient will get - unlike most banks and providers.

    The true cost of sending JPY to USD

    Wise takes a different approach to sending international payments, avoiding the outdated and expensive SWIFT system which banks and other providers use. This cuts the costs, and allows for cross border payments which are fast, cheap and secure.

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

    Even when banks and other providers seem to offer cheaper fees than Wise, it’s important to double-check their exchange rates, too, to check if there’s a markup added.

    Sign up now

    Receiving money for free, like a local does

    Do you regularly receive money from abroad to Japan? You can receive money for free to a Wise multi-currency account from the UK, US, Australia, New Zealand, Singapore and many European countries, just like a local. Hold your money in 50+ different currencies, and switch it using the mid-market rate whenever you want to!

    • Manage 50+ currencies
    • Get local bank account details for UK, US, Europe, Australia, New Zealand, Hungary
    • Send money to 80+ countries without ‘hidden fees’ in exchange rates

    Get a free multi-currency account🚀

    How to send money with Japan Remit Finance (JRF)

    • Create an account online
    • Get your ID verified either by uploading a picture of your ID documents online, by mailing a copy of your ID, or by visiting the JRF Office
    • If you go through the process in person at a JRF office, you can instantly activate your account. But accounts opened by mail or online can take up to 7 days to activate

    Once your account is open, you can send money in one of the following ways:⁶

    • Using a ‘Japan Post Bank Money Transfer Card’ at a Japan Post Bank ATM or counter - you’ll receive this card after you open your account
    • Online, using a bank transfer
    • In person at the JRF office in Hamamatsucho, Tokyo

    You’ll be able to choose to have the money collected in cash - which takes 15 minutes to 3 hours - or delivered directly to your recipient’s bank account. This can take up to 3 days.

    What you need to make an international money transfer with Japan Remit Finance (JRF)

    To send a payment you’ll need:⁶

    • Your own government issued ID document (In case of Residence Certificate, it should be issued within the last 3 months)
    • The name of your recipient, as shown on their ID and bank account
    • Your recipient’s bank account details, including bank and branch name, SWIFT code and account number

    You might need extra information depending on where you’re sending money to. For example, you’ll need a sort code to send a payment to the UK, and might be asked for an ABA routing number for payments to the US. Check the details for your destination country in advance.

    Japan Remit Finance bank account information

    If you’re paying using a bank transfer, you’ll need to deposit your money to one of these Japan Remit Finance bank accounts:⁷

    • SMBC
      Japan Remittance Finance Co. Ltd
      Hamamatsucho Branch
      A/C No. 7787020 / Futsu Account

    • Mizuho Bank
      Japan Remittance Finance Co. Ltd
      Hamamatsucho Branch
      A/C No. 1363930 / Futsu Account

    • Japan Post Bank
      Japan Remittance Finance Co. Ltd
      Branch Code: 001004
      A/C No. 0651984 / Toza Account

    • MUFG
      Japan Remittance Finance Co. Ltd
      Shinbashi Branch
      A/C No. 4233460 / Futsu Account

    Where you can send money to with Japan Remit Finance (JRF)

    You can send money through JRF to the following countries:³

    • Australia
    • Bangladesh
    • Bhutan
    • Brazil
    • Canada
    • China
    • Hong Kong
    • India
    • Indonesia
    • Malaysia
    • Nepal
    • Pakistan
    • Peru
    • Philippines
    • Qatar
    • Senegal
    • South Korea
    • Sri Lanka
    • Taiwan
    • Thailand
    • UAE
    • USA
    • Vietnam

    If your destination country is not available, or if you just want to compare prices to make sure you’re getting the best deal, take a look at Wise. With Wise you can send money from Japan to 80+ countries, using the mid-market exchange rate.

    Sending money overseas should be simple, but it can sometimes take a bit of research to find the perfect provider for your needs.

    Take a look at the fees, exchange rates and services provided by JRF compared to Wise, to see if you can get a better deal.

    See if you can save with Wise👀

    Wise for sending money


    1. Japan Remit Finance - Remittance Calculator (October 28 2020 at 14:37 (GMT+3))
    2. Wise - Calculator (October 28 2020 at 14:37 (GMT+3))
    3. Japan Remit Finance - Find our rates and limits
    4. Japan Remit Finance - Remittance Calculator
    5. Wise - What's a guaranteed rate?
    6. Japan Remit Finance - Let's know about our payment procedure
    7. Japan Remit Finance

    *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.

    Money without borders

    Find out more

    Tips, news and updates for your location