What is the Best International Money Transfer Service From Japan to Use for Studying Abroad or Traveling? Comparing Banks and Money Transfer Services

When studying or traveling abroad, access to foreign currency is one of the most essential items, be it paying a part of travel expenses to a local hotel or travel agency in advance, or preparing living expenses when for a short study or live abroad stint.

Without knowledge or experience of international money transfer, it may be hard to know what to do, or where to find the best service for sending money internationally.

In this article, we will discuss various methods of international money transfer, how to choose a service, and the best method by destination country, useful knowledge for those planning to study or travel abroad.

The Key Factors: Fees, Speed, and Convenience

While banks have long been the mainstream method of international money transfer, online services have also grown significantly in popularity.

The most suitable service will depend on the priority of the following three factors; fees, speed, and convenience.

For example, if receiving help and support is a priority, a bank will be the best option as they have a helpdesk.

On the other hand, those who wish to reduce the fees for international money transfers as much as possible, or those wanting to complete transactions speedily, should opt for an international money transfer service as they offer speedy transactions at lower prices.

Why are there such differences in fees and speed between banks and international money transfer services? Let's take a more in-depth look at the differences and characteristics of each method.

Banks: Recommended for Those Prioritizing Support Rather than Fees and Speed

Are you not so particular about the fees and speed, and prefer to receive support when doing international transfers?

In that case, we recommend international money transfer services offered by a bank or a major financial institution.

Banks, as credit institutions, are fully equipped with thorough security and support systems and can provide tailored support depending on what kind of procedure needed.

In most cases, there is a dedicated consultation service for international money transfers. Immediate support from a specialist is available for any questions or concerns about the procedures involved.

Of course, international money transfer services also have a customer service center, but these are often only limited to online communication.

Therefore, for more generous support and peace of mind, transferring money through a bank is the most suitable option.

International Money Transfer Services: Recommended for Those Prioritizing Fees and Speed

On the other hand, to keep the fees low or complete the transfer procedure in a short period, we recommend using an online international money transfer service.

Let's take a look at the differences in the fees charged for money transfers by banks and international money transfer services.

Fees charged when transferring money via a bank

• Remittance fee: Fee charged by the bank where the remittance is made
• Receiving fee: Fee charged by the bank where the money is received
• Relay bank charges: Fees incurred by the relay bank before reaching the receiving bank
• Foreign exchange commission: Commission incurred when exchanging currency using the bank's own exchange rate
  

The overall cost tends to be higher with money transfers through banks, as many relay banks are involved in the process. There are many types of fees, such as a remittance fee by the Japanese bank, a foreign exchange commission when the bank exchanges currencies at its own rate, fees charged by relay bank(s), and a receiving fee by the bank in the destination country.

Do note that depending on the country and the route, there may be more than one relay bank, each of which will charge a separate fee.

Fees charged when transferring money via an international money transfer service

• Remittance fee: Fee charged when sending money from an international money transfer service
• Foreign exchange commission: (There are two types of services: those that charge a commission by using their own exchange rate, and those that use the actual exchange rate and charge no commission.)
  

Since international money transfer services do not use banks for transactions, only two types of fees are incurred: a remittance fee and a foreign exchange commission.

In addition, there are also two types services in terms of foreign exchange commission: those that use the "mid-market rate," which is the actual exchange rate, and those that use their own exchange rate with a commission added on top of the exchange rate.

To keep fees low, always check if the offered rate only includes essential fees, or if there are additional fees on top of the exchange rate, before choosing a service.

There is also a difference in the speed between banks and international money transfer services. Since bank transfers involve many financial institutions, it usually takes about 5 to 7 business days to complete a transaction. On the other hand, international money transfer services do not use relay banks, allowing speedy transactions that take only 1 to 2 business days.

Based on the given points, international money transfer services are better options for those seeking a lower fee and a speedy transfer.

Recommended International Money Transfer Services by Destination Country

Depending on the destination country, the available services, fees, and duration may differ slightly. In this section, we will introduce recommended services for the three most popular destinations – South Korea, the United States, and Thailand – and compare each with the other.

Money Transfers to South Korea

When sending money to South Korea, international money transfers through Hana Bank, a Korean bank, are more popular than the ones using Japanese banks. Hana Bank is a major bank with users and branches in Japan, so it may be a good idea for those who frequently transfer money to South Korea to open an account with Hana Bank for convenience.

Rakuten Bank also offers a relatively low handling fee compared to the megabanks, making it one of the more affordable options.

In terms of money transfer services, Wise and Curfex offer low fees and speedy transfers, making it convenient for those who want to transfer money quickly. PayPal is also commonly used not only for international money transfers but also for payments at stores worldwide. For those already with an account, it is another easy option.

On the other hand, Paypal also has drawbacks, such as taking a longer time than other money transfer services and charging higher fees than Wise and Curfex since it uses its own exchange rate, which adds a fee on top of the mid-market rate.

Click here to read more about sending money to Korea

Money Transfers to the U.S.

The United States is one of the most popular destinations to send money, so it is safe to assume that almost all banks and international money transfer services support money transfers there. While there are many options, we recommend the following methods and services.

Rakuten Bank is recommended for those who want to perform the transfer through a bank. The fees are relatively low and it does not require many days to complete a transaction.

Sumitomo Mitsui Banking Corporation is also a highly reliable megabank in Japan, so it can be recommended to those who would like to use the consultation service in case of any problems.

Wise, Exparo, and Curfex are convenient international money transfer services that can complete the procedure smoothly even if the destination country is as far away from Japan as the United States.

However, do note that Wise has recently increased some of its fees, so it is recommended to check if there is an additional fee added on top of the mid-market rate.

Exparo also uses its own exchange rates, which may translate to hidden fees.

Curfex is a service that allows trading at mid-market rate, which means no hidden fees and maximum commission savings.

Read more about sending money to the U.S. here.

Money Transfers to Thailand

Thailand is a popular destination for international money transfer, mainly for business trips and tourism.

Sumitomo Mitsui Banking Corporation is a highly reliable megabank among the many financial institutions and international money transfer services that support transfers to Thailand, but the transactions take quite a long time and incur high fees. For transfers through a bank that save a little more money and time, Rakuten Bank is the recommended option.

If low cost and speed are priorities, using an international money transfer service is by far the best choice.

Wise, Paypal, and Curfex are the three services listed here, but if speed is the priority, we recommend Wise or Curfex as they can process the transaction by the next business day.

If cost is of concern, Curfex is the best option as it uses the mid-market rate rather than its own exchange rate and clearly states that there are no added fees.

For Speedy Money Transfers at a Low Cost, go with Curfex!

In this article, we have looked at the features of different international money transfer services and how to choose one.

For eisure or business trips, as well as studying abroad, international money transfer is an essential process. It is important learn the basics and even complete any sign up or registration processes in advance, as the identification process may take a while.

Speed and fees are the key points when it comes to choosing an international money transfer service. To keep the fees as low as possible and perform the transfer speedily, Curfex offers the best of both worlds.

Curfex only charges a 1% fee on the amount transferred, and the exchange rate is based on the mid-market rate, which means there is no need to worry about added fees.

To sweeten the deal, Curfex is currently offering a free first transfer. If you have plans to go abroad sometime soon, do register now and take advantage of the promotion.

Our commitment to delivering exceptional service sets us apart from the competition and ensures that our customers have a positive experience every time they use our service. Whether you have a question about fees, exchange rates, or anything else related to your money transfer, our team is here to help. We are dedicated to making your money transfer process as smooth and stress-free as possible, and we are always happy to assist with any concerns or issues you may have. So if you're looking for a reliable and customer-focused money transfer service, look no further than us!

Take this opportunity to register with Curfex and enjoy your stay abroad with great savings!

https://remit.curfex.com/en