- Wise Guide for Japan Residents
- What Is Wise?
- Who Benefits From Wise in Japan?
- How Wise Handles International Transfers
- Wise Account: Multi-Currency Tools
- Is Wise Useful for Travel?
- Security and Regulation
- Wise Fees vs Japanese Banks
- Advantages of Wise
- Limitations of Wise
- Wise vs Other Services
- Use Cases
- How to Get Started
- Final Verdict
Wise Guide for Japan Residents
Managing money across borders is a common part of life for many foreign residents in Japan—whether sending savings home, supporting family, paying international tuition, or receiving income from abroad. Traditional Japanese banks offer strong domestic services, but international transfers often involve high fees, complex procedures, and slower processing. Wise (formerly TransferWise) is a global financial platform that focuses specifically on international money movement. With transparent fees and mid-market exchange rates, Wise has become popular among long-term residents, international students, freelancers, and remote workers in Japan. This guide provides a balanced, up-to-date overview of Wise: how it works, its strengths, limitations, and where it fits among other transfer options available to Japan residents.
What Is Wise?
Wise is a UK-based fintech company founded in 2011 that specializes in low-cost, cross-border transfers and multi-currency money management. Over 16 million users worldwide use Wise to send, receive, and convert money across multiple currencies.
Key Features
・International money transfers with transparent fees
・Multi-currency Wise Account
・Mid-market FX rates
・Local receiving accounts (USD/EUR/GBP, etc.)
・Business accounts
・Budgeting and activity tracking
Wise focuses on reducing international transfer costs and making fees easy to understand.
Who Benefits From Wise in Japan?
Foreign Residents Sending Money Internationally
・Useful for
・Students
・Engineers
・Language teachers
・Technical interns
・International families
Recurring remittances tend to be cheaper than with Japanese banks.
Freelancers / Remote Workers
Users can receive payments from clients in
・USD
・EUR
・GBP
・AUD
・CAD
etc.
This helps avoid Japan’s high inward bank conversion fees.
People Holding Savings Overseas
Wise is helpful for moving funds between
・Home country accounts
・PayPal
・Overseas banks
・Brokerage platforms
Users Wanting Transparent Fees
Wise shows all charges upfront.
How Wise Handles International Transfers
Mid-Market Exchange Rates
Wise applies the real mid-market rate—the same rate you see on Google or XE—without markup.
Transparent Fees
・Before sending, Wise displays
・Fixed fee
・Percentage fee
・Total cost
Exact amount the recipient will receive
Transfer Speed
・Typical delivery times
・Instant: Wise-to-Wise
・Same day: major currencies
・1–2 business days: most bank transfers
・Up to 5 days: less common currencies
Supported Currencies
Wise supports 40+ currencies, including JPY, USD, EUR, GBP, AUD, CAD, PHP, THB, INR, KRW, and more.
Wise Account: Multi-Currency Tools
Users can hold and convert balances in
・USD
・EUR
・GBP
・CAD
・AUD
・JPY
and others
Benefits
・Store foreign currencies without forced conversion
・Convert when rates are favorable
・Receive overseas income as if you had local bank details
・Spend abroad (if you hold a Wise Card from another region)
Local Bank Details Provided
・US routing + account number
・European IBAN
・UK sort code + account number
・Useful for international payroll or clients.
Is Wise Useful for Travel?
Although the Wise Card is not issued in Japan yet, users who opened their account abroad can use it for
・Mid-market rate card spending
・Lower overseas fees
・Real-time notifications
Even without the card, holding foreign currencies simplifies international trips.
Security and Regulation
Wise is regulated in the UK, EU, US, Japan, and other regions.
Security Features
・Two-factor authentication
・Encrypted transfers
・Secure identity checks
・Real-time alerts
Wise Fees vs Japanese Banks
What Banks Typically Charge
・approx. ¥2,500–¥7,500 transfer fee
・approx. ¥1,500–¥4,000 receiving fee
・2–4% FX markup
Typical Cost Example (¥100,000 transfer)
・Banks: approx. ¥5,000–¥10,000+
・Wise: roughly ¥600–¥1,500
Actual fees vary by currency and payment method.
Advantages of Wise
・Uses true mid-market FX
・Lower fees compared to banks
・Fast transfers
・Multi-currency accounts
・Clear fee display
Limitations of Wise
・Wise Card not available for Japan-issued accounts
・Transfer speed varies by route
・Daily limits may apply
・Cannot fully replace a Japanese bank account
Wise vs Other Services
Wise vs Revolut
・Wise: best for pure transfers
・Revolut: better for daily spending and travel budgets
Wise vs Remitly
・Remitly: faster on some routes
・Wise: usually cheaper and more transparent
Wise vs PayPal
・PayPal charges significantly higher FX fees
Use Cases
・Sending money home
・Receiving freelance income
・Paying tuition
・Managing savings in multiple countries
How to Get Started
・Download the Wise app
・Complete identity verification
・Add funds
・Send money or receive payments
・Manage currencies as needed
Final Verdict
Wise is one of the most practical, transparent, and affordable money transfer solutions available to foreign residents in Japan. While it cannot replace a full Japanese bank account, it excels for cross-border transfers, global income management, and multi-currency usage.
