Send Money to Japan with Remitly
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Can you send money from Japan with Remitly? Yes.
Can you send money to Japan with Remitly? Yes.
You would never know by its heft, but Remitly is a relatively new kid on the block when it comes to the international money transfer scene. Founded in 2011, by former Barclays Kenya Internet and mobile banking chief, Matt Oppenheimer, this Fintech powerhouse is serving up the competition in the multi billion dollar money transfer market. And, with a 2019 infusion of $220 million in capital, the Seattle firm is setting it's eyes on speed.
Money transfer companies make their money on exchange rate markups and fees, and the competition is stiff, and Remitly is betting it's money on making a difference by zeroing in on transaction speed. (Source: Forbes)
The company already has heart in their business, having launched the effort in 2011 with the goal of helping immigrant families transfer money back home to their relatives, mainly in The Philippines. These days, you can transfer money internationally to 50 countries, from 59 countries (as of February 8, 2021). Japan, of course, is one of those countries you can send money to from a number of others. Let's take a look.
What are the benefits of using Remitly to send money to Japan?
When it comes to entrusting the sending and recieving of money across the globe, I think character counts. As I wrote above, Remitly's origin began with the intent to help immigrant families transfer money back to their home country of The Philippines. It has since expanded to throughout the globe, helping people transfer money from bank to bank, bank to location with the ease of technology and low fees. In Vietnam, they actually support home delivery. Remitly is now available to send money abroad from 17 countries, including: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Singapore, Spain, Sweden, the United Kingdom, and The United States. You can send money to 88 countries using Remitly's international transfer service. One of those countries, of course, being Japan.
Flexible Receipt of Money.
Remitly offers four ways to deliver a remittance: bank transfer, cash pickup, home delivery, and mobile wallet. You can use Remitly's app, or their website to facilitate your transfer.
Local Japanese Partner Banks.
Remitly's service creatively connects its deliveries to the end recipient through partner banks. In Japan, they work with the biggies, so you should be in good shape. Currently, Remitly's bank partners in Japan are: MFUG, JP Bank, Mizuho, SMBC, Resona and Fukuoka Bank.
Competitive rates and fees.
Like Wise, Remitly offers competitive rates, without markup fees on exchange rates. The fees they do levy are based on the speed you choose for your digital remittance. So, since their exchange rates should be roughly in line with Wise, who is using the mid-market rate, you'll want to compare based on where you might be sending your money from, as well as how you want it delivered, and how fast.
As mentioned earlier, Remitly has invested a significant amount of money in upping the ante on the delivery speeds of their international transfers. They have essentially two tiers as of this writing (February 8, 2021). Their Express Transfer pricing tier shuffles money from sender to recipient immediately using a debit or credit card. Economy money transfers take about 3-5 days to travel to the remittance recipient, and the transfer fees are lower as a result.
Remitly offers 24/7 assistance to customers.
Discounts and Referrals.
I'm always a fan of a good discount, and Remitly offers a promotional discount for your initial transfer. They also have a referral program, so if you have a lot of friends with the need to transfer money around the world, well, why not earn a few buck for spreading the word, right?