Cheapest Way to Send Money from Japan (2026): Wise vs Banks vs SBI Remit
The cheapest way to send money out of Japan in 2026 is almost never a major bank. Branch wires from Mizuho, MUFG, and SMBC still cost ¥4,000–7,500 plus an FX spread that swallows another 2–4%. Wise, Revolut, and SBI Remit clear the same money for a fraction of that. This guide explains the three laws that govern remittance from Japan (外為法, 資金決済法, 犯収法), compares providers on a like-for-like ¥150,000 send, and gives country-by-country best-route recommendations.
The cheapest way to send money out of Japan in 2026 is almost never a major bank. Branch wires from Mizuho, MUFG, and SMBC still cost ¥4,000–7,500 in fees plus an FX spread that typically swallows another 2–4% of the amount. Digital fund-transfer operators (資金移動業者) registered under the 資金決済法 — Wise, Revolut, SBI Remit — clear the same money for a fraction of that, with the trade-off being per-transaction caps and stricter ID checks.
- Best for most foreign residents: Wise — mid-market FX rate, ~0.4–1.0% total cost, multi-currency wallet
- Best for remittances to the Philippines, Vietnam, China, Nepal, Indonesia: SBI Remit — fees from ¥460, bank-account payout in 11 specific corridors
- App-native alternative: Revolut Japan (launched September 2024) — similar economics to Wise
- Banks remain mandatory for transfers above ¥1,000,000 per transaction (where 第一種 資金移動業 licence is needed) and for some corridors (Brazil, India in certain cases)
- NTA tracking kicks in at ¥1,000,000. Above that, the institution files a 国外送金等調書. Below it, there is no automatic report.
Information current as of May 2026 based on the FSA's registry of 資金移動業者, the Ministry of Finance FAQ on cross-border transfer procedures, and the NTA's 国外送金等調書 procedure page. Three laws govern this space — 外為法 (Foreign Exchange Act), 資金決済法 (Payment Services Act), and 犯罪収益移転防止法 (Crime Proceeds Act) — and they each set thresholds that decide what ID you show, what you declare, and what the institution itself reports about you.
The remittance landscape in Japan, 2026
Three categories of provider can legally move money out of Japan:
- 銀行 — full-service banks (Mizuho, MUFG, SMBC, Japan Post Bank, Sony Bank, regional banks). No transfer cap. Branch fees dominate the cost.
- 資金移動業者 — registered fund-transfer operators under 資金決済法 §37. Three sub-tiers since the 2021 reform: 第一種 (no cap, only six licensees as of 2026), 第二種 (≤¥1,000,000/tx, most fintechs), 第三種 (≤¥50,000/tx, prepaid/small).
- FX brokers / specialty wires — Western Union, OFX, MoneyGram. Convenient cash pickup but generally the worst total cost.
The structural rule that explains everything below: when a 第二種 fund-transfer operator (Wise, Revolut, the most common SBI Remit transactions) handles your remittance, the per-transaction limit is ¥1,000,000. To send more than ¥1M in one go, you need a 第一種 licence (very few hold it) or a bank.
Top services compared
| Provider | Type | Per-tx cap | Fee model | FX margin |
|---|---|---|---|---|
| Wise | 第二種 資金移動業 | ¥1,000,000 | Variable: small fixed fee + ~0.4–1% spread | Mid-market + transparent fee |
| Revolut Japan | 第二種 資金移動業 | ¥1,000,000 | Free in-app; bank-payout fees vary; ~0.5–1% weekend FX | Interbank + 0.5–1.5% weekend markup |
| SBI Remit | 第二種 資金移動業 | ¥1,000,000 | Flat fee from ¥460; corridor-specific | Operator-set, generally 0.5–2% |
| Western Union (JP) | 第二種 資金移動業 | ¥1,000,000 | Flat by tier; high vs digital peers | 2–4% |
| Mizuho / MUFG / SMBC | 銀行 | No cap (online ¥3M/day) | ¥4,000–7,500 branch / ¥3,000–5,500 online + intermediary + 円為替手数料 | TTS spread ≈ ¥1/USD (~1% at ¥150) |
| Japan Post Bank (ゆうちょの国際送金) | 銀行 | ¥3M/tx web | ¥2,500 (web) + intermediary; service revised July 2025 | ~1.5–2% |
Sources: Wise Japan, Revolut Japan, SBI Remit fee page, MUFG fee schedule, SMBC remittance page, Mizuho 外国送金, Japan Post Bank international remittance, Western Union Japan.
What you actually pay: the three-layer fee
The total cost of any remittance has three layers, and you should mentally separate them every time you compare quotes.
- Send fee (front-end charge): Shown clearly. Bank: ¥3,000–7,500. Wise: typically ¥150–700 for small sends. SBI Remit: from ¥460.
- FX spread (the hidden margin): The gap between the mid-market rate (the rate you see on Google) and the rate the provider gives you. Banks: 2–4% (Mizuho TTS is roughly ¥1 wider than mid-market on USD; on ¥150,000 send, that's ¥1,000). Wise and Revolut quote the mid-market itself and price the spread to ~0.4–1%.
- Receiving / intermediary bank fee: Often ¥1,500–5,500, deducted from the recipient. Banks frequently don't disclose this; you find out when the recipient sees less. Wise sends via local rails in most corridors, avoiding this.
Real total cost: sending ¥150,000 (~$1,000) to a U.S. bank account
| Route | Send fee | FX margin cost | Recipient deduction | Total cost |
|---|---|---|---|---|
| Wise | ~¥700 | ~¥900 (0.6%) | ¥0 (local ACH) | ~¥1,600 |
| Revolut (weekday, free tier) | ¥0 | ~¥0–¥750 (0–0.5%) | ¥0–¥2,000 if SWIFT | ~¥750–2,750 |
| SBI Remit (USA cash pickup) | ¥980–1,500 | ~¥1,500–2,500 | ¥0 (pickup) or ¥1,500 (deposit) | ~¥2,500–5,500 |
| MUFG online (SWIFT) | ¥3,000 | ~¥1,500 (1%) | ¥1,500–5,500 typical | ~¥6,000–10,000 |
| MUFG branch | ¥7,500 | ~¥1,500 | ¥1,500–5,500 | ~¥10,500–14,500 |
| Western Union (cash) | ¥1,990 typical | ~¥3,000–4,500 (2–3%) | ¥0 (pickup) | ~¥5,000–6,500 |
Illustrative figures. Actual quotes vary by day, currency, and payout method — always run the live calculator on each provider's site before you transact.
The legal framework: three laws, three thresholds
Different rules attach at different amounts. Knowing them makes the ID interrogation at the counter make sense.
| Threshold | What triggers | Statute |
|---|---|---|
| Any amount | Photo ID for in-person remittance; 在留カード for foreign residents | 犯罪収益移転防止法 §4 |
| >¥100,000 cash | Stricter ID + 取引目的 declaration at cash window | 犯収法 施行規則 |
| >¥1,000,000 cross-border | Institution files 国外送金等調書 to NTA | 内国税の適正な課税の確保を図るための国外送金等に係る調書の提出等に関する法律 (409AC0000000110) |
| >¥3,000,000 cross-border | Post-facto written report to BOJ via the bank under 外為法 §55 | 外国為替及び外国貿易法 |
| >¥1,000,000 per tx via fintech | Requires a 第一種 fund-transfer operator (bank or one of six 第一種 licensees) — most fintechs cap at ¥1M | 資金決済法 §37-2 |
What the ¥1,000,000 line actually means for you
This is the number most often misunderstood. Sending ¥1,000,000 or more does not mean you owe tax, nor does it mean you have to file anything yourself. It means the remitting institution will file a 国外送金等調書 with the National Tax Agency listing your name, address, the recipient, and the stated purpose (per the MOF procedural FAQ). The NTA cross-references this with your tax return. As long as the underlying transaction is correctly reported on your tax return (salary, gift, repatriation of after-tax savings), there is nothing further to do. Splitting into multiple <¥1M sends to evade the 調書 is itself a flag — institutions report patterned sub-million-yen activity under the suspicious-transaction regime in 犯収法.
Why banks remain expensive
Two reasons. First, branch overhead: a counter remittance ties up staff for 30–45 minutes including AML walk-through, document signing, and SWIFT message preparation. Second, FX desks at megabanks set the customer rate manually with a built-in spread (TTS for sells, TTB for buys) — see the MUFG 外為手数料 page, where you can compare the cash TTS rate to the live mid-market quote. The gap is the bank's margin and it is far wider than the marginal cost of executing the trade.
The 2021 資金決済法 reform created the 第一種 tier so that fintechs could compete at the higher amounts banks dominate. As of 2026 only six operators hold 第一種 status, so for transfers above ¥1M most foreigners still default to a bank — which is exactly where banks recover margin.
Country-specific best routes
| Destination | 1st choice | 2nd choice | Notes |
|---|---|---|---|
| USA | Wise | Revolut | Wise sends via local ACH; no intermediary fees |
| China | SBI Remit (bank-account payout) | Wise (CNY supported with limits) | SBI Remit is one of the few licensed for CNY bank deposit |
| Philippines | Wise or SBI Remit | Western Union (cash pickup) | SBI Remit pays Filipino banks directly; Wise covers PHP wallets |
| Vietnam | SBI Remit | Wise | SBI Remit direct-to-bank in 11-country list |
| India | Wise | Revolut | SBI Remit excludes India; banks possible but expensive |
| Indonesia / Thailand / Nepal | SBI Remit | Wise | SBI Remit covers all three with bank deposit |
| Brazil | SBI Remit | Bank (BTG/Itaú correspondents) | Limited fintech coverage; SBI Remit lists Brazil |
| EU / UK | Wise | Revolut | SEPA rails make both very cheap to EUR/GBP accounts |
SBI Remit's bank-account payout corridors are the Philippines, Vietnam, China, Indonesia, Thailand, Cambodia, Myanmar, Brazil, Peru, Nepal, and Sri Lanka — see the SBI Remit official site. Other destinations are cash-pickup only via their MoneyGram tie-up.
A typical foreign-resident scenario
Anecdote: An Indian software engineer in Shinjuku sends ~¥75,000 (about $500) home every month to support family in Bengaluru. Using MUFG's branch (the default at his employer-introduced bank), each transfer ran ¥7,500 send fee + ~¥1,200 FX margin + ¥3,000 intermediary deduction = roughly ¥11,700 in total friction per transfer. Annualised: ¥140,400 lost to fees.
He switched to Wise after a colleague's recommendation. The same ¥75,000 send now costs around ¥400 in fee + ¥450 in FX margin + zero intermediary (local INR rails) = ¥850 per transfer. Annual cost dropped to ~¥10,200, saving roughly ¥130,000 a year — the equivalent of one extra month of remittance home, every year.
Tax implications for foreign residents
The act of sending money abroad is not itself taxable. What matters is the nature of the underlying funds. Treat the 国外送金等調書 as a paper trail that has to line up with whatever you reported (or didn't) on your tax return.
| Purpose of transfer | Tax status | Notes |
|---|---|---|
| Sending part of after-tax salary to family | Not taxable | Your salary was already taxed via 源泉徴収. Document the salary slip if asked. |
| Repatriating savings accumulated from taxed Japan income | Not taxable | Keep records showing the source was already taxed. |
| Sending proceeds of stock / crypto sales | Capital gains may apply | 申告分離課税 20.315% on listed-stock gains; separate filing required. |
| Sending gift money to a non-resident relative | Gift tax may apply (recipient or donor) | Cross-border gift rules under 相続税法 §1-4 turn on residency of both parties; consult a 税理士. |
| Bringing money INTO Japan from abroad | Not income; not taxable as remittance itself | But "remittance basis" rule for 非永住者 in NTA Tax Answer 7401 can pull foreign-source income into Japan tax to the extent remitted in. |
Receiving money into Japan
Inbound is the mirror image. A SWIFT credit into a Japanese bank account is the traditional path — your bank deducts a ¥1,500–4,000 receipt fee and applies the TTB FX rate. Wise's multi-currency wallet gives you local Japanese receiving details (a virtual Japanese bank account number) for JPY, plus separate USD, EUR, GBP details to receive in those currencies without conversion. Revolut Japan offers similar JPY receiving since its September 2024 launch. The same ¥1,000,000 threshold applies in reverse: above it, your receiving institution files a 国外送金等調書 covering the inbound.
Red flags: avoid informal money couriers
Some foreign communities in Japan use informal "money courier" services — a person collects cash in Japan, a counterpart pays out in the home country, no licence, no record. These are illegal under 資金決済法 §37 (unregistered 為替取引 is a criminal offence). Even if you trust the operator, when one link of the chain is investigated, every customer's name surfaces. The Japanese police have prosecuted multiple hawala-style cases since 2020. The marginal saving over Wise or SBI Remit is not worth that exposure.
Related guides on LO-PAL
- Money & Taxes in Japan for Foreigners (2026)
- Credit, Loans, and Mortgages in Japan for Foreigners (2026)
- Open a Japan Bank Account Without a Phone (2026)
- Freelance Tax in Japan (2026)
Disclaimer: This article is general information, not legal, tax, or financial advice. Fee structures, thresholds, and provider service terms change without industry-wide notice — always verify the live fee page and 重要事項説明 of each provider before transacting. For tax questions about cross-border transfers, consult a 税理士. For 在留資格-sensitive transfers (large gifts, repatriation), confirm with a 行政書士 or immigration lawyer.
Get help sorting out your remittance plan
Choosing between Wise, SBI Remit, and your existing bank for a recurring international transfer is a small decision that adds up to tens of thousands of yen a year. If the Japanese-language sign-up screens, the 在留カード upload step, or the question "do I need to file anything?" are blocking you, post on LO-PAL. A local helper can walk through provider setup, the 取引目的 declaration, and any 国外送金等調書 questions with you in real time. Free to ask; you only pay if you accept hands-on help.
Written by
Founder, LO-PAL
Former Medical Coordinator for Foreign Patients (Ministry of Health programme) and legal affairs professional. Built LO-PAL from firsthand experience navigating life abroad.
Written with partial AI assistance
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