Send Money To Japan

Currency Symbol and Swift Codes

The Japanese yen (JPY) is the official currency of Japan. It is commonly used as a reserve currency, and it is the world’s third most traded currency. The Japanese government’s currency intervention policy has been in place since 1973, which places the yen under a “dirty float” regime.

When sending money to a Japanese bank account, you will need to provide the receiving bank’s SWIFT code. The table below lists SWIFT codes of some popular financial institutions in Japan.

Case Study

Work required Yuki to travel to the U.S. for two years. During his stay in the U.S., he needed to send some money to Japan each month, to cover for his family’s living expenses and existing loan repayments. Upon getting to the U.S., he compared some of the leading banks with the top overseas money transfer companies. The table below shows results of the top alternatives from both realms.

Using the money transfer company instead of the bank turned out to be a more cost effective alternative for Yuki. The company he selected let him lock in exchange rates for up to six months, and it also let him schedule transfers ahead of time.

Cash Pickup Locations in Japan

If the recipient does not have a bank account or if you want to send money to Japan quickly, you may consider using the services of companies such as Western Union, Ria, or MoneyGram.

Safety Tips for Picking Up Cash in Japan

Crime levels in Japan are typically low, although you should exercise due precautions. Travelling on public transport and walking around at night is typically safe. The entertainment districts of Tokyo such as Kabuki-cho and Roppongi and considered to be high risk areas, especially after dark. There have been reports of foreigners being targeted in different ways such as extortion, drink-spiking, robbery, credit card fraud, and assault.

What Information Do I Need to Transfer Money to Japan?

When sending money to Japan, the desired mode of transfer has a bearing on the information you need to provide.

• Bank account. The required information includes the recipient’s complete name, a bank account number, the receiving bank’s name, and the receiving bank’s SWIFT code.
• Cash pickup center. Other than the recipient’s complete name, you will need to provide the location of a suitable cash pickup center. When collecting the cash, the recipient will need a reference number and a valid form of photo ID.

Regulations When Transferring Money To and From Japan

The Japanese yen is a completely convertible currency, and there are no restrictions on cross-border money transfers made to or from the country. The Bank of Japan is responsible for overseeing the country’s financial institutions and payment systems, and it also works in preserving price stability. The bank has not interfered in the forex market since 2012.

While there are no restrictions on moving money in or out of the country, if you plan to invest 10% or more in a sector that has implications surrounding national security or national sovereignty, you will need approval from the country’s Ministry of Finance in advance.