News Comparison

Japan Price Comparison Research

Wise

15.06.23 (updated more than 1 year ago)

Read time 2 minutes

An independent research team compared Wise to 5 Japanese bank accounts as well as Revolut. They found that we’re on average 1x cheaper for spending ¥15,000 abroad. Wise is also on average 7x cheaper to send ¥15,000 abroad. Our fees to withdraw ¥15,000 from an ATM abroad are not significantly cheaper and close to the same price as the compared providers. This is based on the prices offered by Wise Payments Japan K.K. during the research period.

Research methodology

The competitor research was collected in January 2023 during a 5 day period (23/01/2023 - 27/01/2023).

They looked at data across multiple countries, currencies, and price points to make sure any price claims we make are fair and accurate. The data was collected by simulating a transfer using live accounts on the providers website, during standard trading hours and at the same time every day, whenever possible, to ensure consistency across the comparison.

The research scope looked at the following, across BRL, CNY, EUR, KRW and USD using ¥15,000 as the transaction value:

The cost to send money abroad from an account
The cost to spend money abroad using a debit card
The cost to withdraw money abroad from an account via an ATM

The costs collected for sending money abroad are made up of both the foreign transaction fee and any exchange rate markup. The exchange rate markup is a percentage added to the mid-market exchange rate by a provider when they sell you a currency. The costs collected for spending money abroad and withdrawing money abroad from an account via ATM are only made up of foreign transaction fees.

The research and results

1. Total cost to send ¥15,000**. Overall, Wise is 7x cheaper.

JPY > BRL: Wise is 4x cheaper

Wise: ¥324.91
MUFG: Not offered
Rakuten: ¥2,889.06
Revolut: ¥0.00
Shinsei Bank: Not offered
SMBC: Not offered
Sony: Not offered

JPY > CNY: Wise is 3x cheaper

Wise: ¥308.03
MUFG: Not offered
Rakuten: ¥2,202.22
Revolut: ¥0.00
Shinsei Bank: Not offered
SMBC: Not offered
Sony: Not offered

JPY > EUR: Wise is 12x cheaper

Wise: ¥185.03
MUFG: ¥3,159.18
Rakuten: ¥1,892.60
Revolut: ¥0.00
Shinsei Bank: ¥2,170.14
SMBC: ¥3,603.58
Sony: ¥3,000.35

JPY > KRW: Wise is 3x cheaper

Wise: ¥342.13
MUFG: Not offered
Rakuten: ¥2,158.67
Revolut: ¥0.00
Shinsei Bank: Not offered
SMBC: Not offered
Sony: Not offered

JPY > USD: Wise is 11x cheaper

Wise: ¥200.01
MUFG: ¥3,121.22
Rakuten: ¥1,860.98
Revolut: ¥0.00
Shinsei Bank: ¥2,120.95
SMBC: ¥3,605.28
Sony: ¥2,999.95

2. Fees to spend ¥15,000 using a debit card. Overall, Wise debit card is 1x cheaper.

JPY > BRL: Our fees are not significantly cheaper and close to the same price

Wise: ¥216.00
MUFG: ¥0.00
Rakuten: ¥462.00
Revolut: ¥0.00
Shinsei Bank: Not offered
SMBC: ¥0.00
Sony: ¥268.50

JPY > CNY: Our fees are not significantly cheaper and close to the same price

Wise: ¥190.50
MUFG: ¥0.00
Rakuten: ¥462.00
Revolut: ¥0.00
Shinsei Bank: Not offered
SMBC: ¥0.00
Sony: ¥268.50

JPY > EUR: Wise is 1x cheaper

Wise: ¥102.00
MUFG: ¥0.00
Rakuten: ¥462.00
Revolut: ¥0.00
Shinsei Bank: ¥600.00
SMBC: ¥0.00
Sony: ¥0.00

JPY > KRW: Wise is 1x cheaper

Wise: ¥106.50
MUFG: ¥0.00
Rakuten: ¥462.00
Revolut: ¥0.00
Shinsei Bank: Not offered
SMBC: ¥0.00
Sony: ¥268.50

JPY > USD: Wise is 1x cheaper

Wise: ¥106.50
MUFG: ¥0.00
Rakuten: ¥462.00
Revolut: ¥0.00
Shinsei Bank: ¥600.00
SMBC: ¥0.00
Sony: ¥0.00

3. It’s free to withdraw ¥15,000 internationally with Wise compared to the 5 banks and Revolut in Japan

JPY > BRL: Free withdrawal with Wise

Wise: ¥0.00
MUFG: ¥110.00
Rakuten: ¥462.00
Revolut: ¥0.00
Shinsei Bank: Not offered
SMBC: ¥0.00
Sony: ¥488.50

JPY > CNY: Free withdrawal with Wise

Wise: ¥0.00
MUFG: ¥110.00
Rakuten: ¥462.00
Revolut: ¥0.00
Shinsei Bank: Not offered
SMBC: ¥0.00
Sony: ¥488.50

JPY > EUR: Free withdrawal with Wise

Wise: ¥0.00
MUFG: ¥110.00
Rakuten: ¥462.00
Revolut: ¥0.00
Shinsei Bank: ¥600.00
SMBC: ¥0.00
Sony: ¥268.50

JPY > KRW: Free withdrawal with Wise

Wise: ¥0.00
MUFG: ¥110.00
Rakuten: ¥462.00
Revolut: ¥0.00
Shinsei Bank: Not offered
SMBC: ¥0.00
Sony: ¥488.50

JPY > USD: Free withdrawal with Wise

Wise: ¥0.00
MUFG: ¥110.00
Rakuten: ¥462.00
Revolut: ¥0.00
Shinsei Bank: ¥600.00
SMBC: ¥0.00
Sony: ¥268.50

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 Wise Limited or its affiliates. Prior results do not guarantee a similar outcome. 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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