As a foreign resident living in Japan, sending money back home to loved ones can be a daunting task. With so many remittance options available, it's hard to know which one to choose. In this article, we'll compare three popular remittance services: Wise, SmileRemit, and BrastelRemit, to help you decide which one is best for your needs.
Introduction to Remittance Services in Japan
Japan has a large expat community, with many individuals sending money back to their home countries in Nepal, India, Sri Lanka, Bangladesh, and the Philippines. The remittance market in Japan is highly competitive, with many service providers offering a range of options. However, not all services are created equal, and it's essential to compare fees, exchange rates, and transfer times before making a decision.
Wise: A Popular Choice for Remittances from Japan
Wise is a well-known remittance service that offers competitive exchange rates and low fees. With Wise, you can send money from Japan to over 80 countries, including Nepal, India, Sri Lanka, Bangladesh, and the Philippines. Wise uses the mid-market exchange rate, which means you get a fair deal on your currency exchange. Additionally, Wise's fees are transparent and relatively low, ranging from 0.5% to 1.5% of the transfer amount.
How to Send Money with Wise from Japan
To send money with Wise from Japan, follow these steps:
- Create a Wise account online or through the mobile app.
- Verify your identity and address.
- Enter the recipient's details and the amount you want to send.
- Choose your payment method (bank transfer, credit/debit card, or konbini).
- Review and confirm the transfer.
SmileRemit: A Japanese Remittance Service with Competitive Rates
SmileRemit is a Japanese remittance service that specializes in sending money to Asian countries, including Nepal, India, Sri Lanka, Bangladesh, and the Philippines. SmileRemit offers competitive exchange rates and low fees, with a transfer fee ranging from ¥200 to ¥1,000. SmileRemit also provides a cash pickup option, which allows recipients to collect the funds from a designated location.
How to Send Money with SmileRemit from Japan
To send money with SmileRemit from Japan, follow these steps:
- Create a SmileRemit account online or through the mobile app.
- Verify your identity and address.
- Enter the recipient's details and the amount you want to send.
- Choose your payment method (bank transfer, credit/debit card, or konbini).
- Review and confirm the transfer.
BrastelRemit: A Remittance Service with a Wide Range of Options
BrastelRemit is another popular remittance service in Japan that offers a wide range of options for sending money to Nepal, India, Sri Lanka, Bangladesh, and the Philippines. BrastelRemit provides competitive exchange rates and relatively low fees, with a transfer fee ranging from ¥200 to ¥2,000. BrastelRemit also offers a cash pickup option and allows recipients to receive funds directly into their bank accounts.
How to Send Money with BrastelRemit from Japan
To send money with BrastelRemit from Japan, follow these steps:
- Create a BrastelRemit account online or through the mobile app.
- Verify your identity and address.
- Enter the recipient's details and the amount you want to send.
- Choose your payment method (bank transfer, credit/debit card, or konbini).
- Review and confirm the transfer.
Comparison of Wise, SmileRemit, and BrastelRemit
So, which remittance service is best for Japan? The answer depends on your specific needs and preferences. Here's a comparison of Wise, SmileRemit, and BrastelRemit:
- Fees: Wise has relatively low fees, ranging from 0.5% to 1.5% of the transfer amount. SmileRemit and BrastelRemit have transfer fees ranging from ¥200 to ¥2,000.
- Exchange Rates: Wise uses the mid-market exchange rate, which means you get a fair deal on your currency exchange. SmileRemit and BrastelRemit also offer competitive exchange rates.
- Transfer Time: Wise, SmileRemit, and BrastelRemit offer relatively fast transfer times, with funds arriving in the recipient's account within 1-3 business days.
Conclusion
Choosing the right remittance service from Japan can be overwhelming, but by comparing Wise, SmileRemit, and BrastelRemit, you can make an informed decision. Consider your specific needs and preferences, such as fees, exchange rates, and transfer times, to choose the best service for you.
To get the best deal on your remittance, use a real-time comparison tool like RatesRemit's Comparison Tool to compare fees, exchange rates, and transfer times across multiple remittance services.