As a foreign resident living in Japan, sending money back to your home country can be a daunting task. With various remittance service providers and complex procedures, it's essential to understand the purpose of remittance and how to navigate the process. In this guide, we'll walk you through the ins and outs of sending money from Japan to Nepal, India, Sri Lanka, Bangladesh, and the Philippines.
Understanding the Purpose of Remittance
Remittance refers to the transfer of money from one country to another, typically by a foreign worker or resident. The purpose of remittance can vary, but common reasons include:
- Supporting family members or loved ones back home
- Paying bills or debts in the home country
- Investing in property or businesses
- Sending gifts or donations
Choosing the Right Remittance Service Provider
When sending money from Japan, it's crucial to select a reliable and cost-effective remittance service provider. Some popular options include:
- Wise
- SmileRemit
- JpRemit
- BrastelRemit
- CityRemit
- JapanRemit
- KyodaiRemit
Each provider has its strengths and weaknesses, so it's essential to compare their fees, exchange rates, and transfer speeds before making a decision.
Comparing Bank Transfers vs. Cash Pickup
Two common methods of remittance are bank transfers and cash pickup. Bank transfers involve sending money directly to the recipient's bank account, while cash pickup allows the recipient to collect the funds in cash from a designated location.
| Method | Advantages | Disadvantages |
|---|---|---|
| Bank Transfer | Convenient, secure, and fast | May require recipient's bank account details, potential for high fees |
| Cash Pickup | Quick and easy for recipient, no need for bank account | May have higher fees, limited pickup locations |
Step-by-Step Guide for First-Time Remitters in Japan
If you're new to sending money from Japan, follow these steps:
- Gather required documents: Typically, you'll need your residence card, passport, and proof of income.
- Choose a remittance service provider: Research and compare providers to find the best fit for your needs.
- Create an account: Sign up for an account with your chosen provider, either online or in-person.
- Fill out the remittance form: Provide the required information, including the recipient's details and transfer amount.
- Pay the transfer fee: Pay the fee using a payment method accepted by the provider, such as bank transfer or konbini.
- Track your transfer: Monitor the status of your transfer to ensure it's delivered safely and efficiently.
Mobile Money Transfers: Sending to GCash, bKash, and PayMaya from Japan
Mobile money transfers are a convenient way to send funds to popular mobile wallets like GCash, bKash, and PayMaya. This method is often faster and more cost-effective than traditional bank transfers.
- Wise: Offers mobile money transfers to GCash and PayMaya
- SmileRemit: Supports transfers to bKash and other mobile wallets
Tips for Saving Money on Remittance Fees
To minimize remittance fees, consider the following tips:
- Compare exchange rates: Look for providers offering competitive exchange rates to get the most value for your money.
- Choose a provider with low fees: Some providers, like Wise, offer transparent and low fees.
- Use a konbini: Paying with a konbini can be a cost-effective way to fund your transfer.
- Avoid peak hours: Transferring during off-peak hours may result in lower fees.
Conclusion
Sending money from Japan doesn't have to be complicated. By understanding the purpose of remittance and following our step-by-step guide, you can navigate the process with confidence. Remember to compare remittance service providers, choose the right method for your needs, and take advantage of tips to save money on fees.
Use a real-time comparison tool like RatesRemit's Comparison Tool to find the best remittance option for your next transfer.