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

Yumiko Kijima

23.10.20 (updated more than 1 year ago)

4 minute read

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

	I-remit¹	Wise²
Fee	1,400 JPY	864 JPY
Exchange rate	Rate with a possible markup	Mid-market rate - the ‘real’ rate that you find on Google
Total cost	1,400 JPY+ markup within the exchange rate offered	864 JPY
Recipient gets	45,356.00 PHP	46,023.89 PHP Send money

(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.

The true cost of sending JPY to PHP

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:

Register for a free account
Select amount of money to send
Add bank details of recipient
Verify your identity
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.

Hold 50+ currencies using one single account Get local bank account details for UK, US, Europe, Australia, New Zealand, and Singapore Send money to 80+ countries without ‘hidden fees’ in exchange rates

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🚀

Wise for sending money

Sources

IREMITX - Apps on Google Play (Downloaded the app and did the simulation on October 23, 2020 at 09:57 (GMT+9) )
Wise (Did the simulation on October 23, 2020 at 09:57 (GMT+9))
https://iremitx.com/pages/FAQ.aspx
How to use IREMITX Japan via Online Banking
How to use IREMITX Japan via ATM Deposit
How to use IREMITX Japan via Konbini
Information from the downloaded app

*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.