As a foreign resident living in Japan, sending money back home to Nepal, India, Sri Lanka, Bangladesh, or the Philippines can be a daunting task. With numerous remittance service providers available, it's essential to choose the best option to ensure your loved ones receive the maximum amount possible. In this article, we'll compare Wise, SmileRemit, and BrastelRemit, three popular remittance services in Japan, to help you make an informed decision.
Overview of Wise, SmileRemit, and BrastelRemit
Before we dive into the comparison, let's take a brief look at each provider:
- Wise: Known for its transparent fees and competitive exchange rates, Wise is a popular choice among expats in Japan. It offers fast and secure transfers to over 80 countries, including Nepal, India, Sri Lanka, Bangladesh, and the Philippines.
- SmileRemit: SmileRemit is a Japan-based remittance service provider that offers competitive exchange rates and low fees. It provides a convenient online platform and mobile app for sending money abroad.
- BrastelRemit: BrastelRemit is another Japan-based provider that offers a range of remittance services, including online, mobile, and in-person transfers. It's known for its fast and reliable transfers to countries like the Philippines and India.
Comparing Fees and Exchange Rates
When it comes to sending money abroad, fees and exchange rates can significantly impact the amount your recipient receives. Here's a comparison of the fees and exchange rates offered by Wise, SmileRemit, and BrastelRemit:
- Wise: Wise charges a small fee, typically between 0.5-1.5% of the transfer amount, depending on the destination country. Its exchange rates are often more competitive than traditional banks.
- SmileRemit: SmileRemit's fees vary depending on the transfer amount and destination country. It typically charges between 1-3% of the transfer amount. Its exchange rates are also competitive, but may not be as good as Wise's.
- BrastelRemit: BrastelRemit's fees are generally higher than Wise and SmileRemit, ranging from 2-5% of the transfer amount. Its exchange rates may also be less competitive.
Transfer Speed and Convenience
Transfer speed and convenience are crucial factors to consider when choosing a remittance service provider. Here's how Wise, SmileRemit, and BrastelRemit compare:
- Wise: Wise offers fast and secure transfers, often completing transactions within 1-2 business days. Its online platform and mobile app are user-friendly and convenient.
- SmileRemit: SmileRemit also offers fast transfers, typically completing transactions within 1-2 business days. Its online platform and mobile app are easy to use and provide a convenient way to send money abroad.
- BrastelRemit: BrastelRemit's transfer speeds vary depending on the destination country and transfer method. Its online platform and mobile app are available, but may not be as user-friendly as Wise and SmileRemit.
Additional Features and Services
Each provider offers additional features and services that may be beneficial to users:
- Wise: Wise offers a borderless account, which allows users to hold and manage multiple currencies in one account. It also provides a debit card for easy spending.
- SmileRemit: SmileRemit offers a rewards program, which provides users with points for each transfer. These points can be redeemed for discounts and other benefits.
- BrastelRemit: BrastelRemit offers a cash pickup service, which allows recipients to collect cash at designated locations.
A Step-by-Step Guide for First-Time Remitters in Japan
If you're new to sending money abroad from Japan, here's a step-by-step guide to help you get started:
- Choose a provider: Select a remittance service provider that suits your needs, such as Wise, SmileRemit, or BrastelRemit.
- Create an account: Sign up for an account on the provider's website or mobile app.
- Verify your identity: Provide required documents to verify your identity, such as a passport or residence card.
- Set up your transfer: Enter the recipient's details, transfer amount, and destination country.
- Pay for your transfer: Fund your transfer using a debit/credit card, bank transfer, or other accepted payment methods.
- Track your transfer: Monitor the status of your transfer using the provider's online platform or mobile app.
Mobile Money Transfers: Sending to GCash, bKash, and PayMaya from Japan
Mobile money transfers are becoming increasingly popular, especially when sending money to countries like the Philippines, Bangladesh, and Nepal. Here's how you can send money to popular mobile wallets like GCash, bKash, and PayMaya from Japan:
- Wise: Wise allows users to send money directly to GCash, bKash, and PayMaya mobile wallets.
- SmileRemit: SmileRemit also offers mobile money transfers to GCash and bKash.
- BrastelRemit: BrastelRemit provides mobile money transfers to GCash and other popular mobile wallets.
Comparing Bank Transfers vs. Cash Pickup from Japan
When sending money abroad from Japan, you may have the option to choose between bank transfers and cash pickup. Here's a comparison of the two:
- Bank Transfers: Bank transfers are a convenient and secure way to send money abroad. They typically offer better exchange rates and lower fees than cash pickup services.
- Cash Pickup: Cash pickup services allow recipients to collect cash at designated locations. They may be more convenient for recipients who don't have a bank account or prefer to receive cash.
Conclusion
Choosing the best remittance service provider for sending money from Japan depends on your individual needs and preferences. Wise, SmileRemit, and BrastelRemit each offer unique features and benefits. To make an informed decision, it's essential to compare fees, exchange rates, transfer speeds, and additional services.
Use a real-time comparison tool like RatesRemit's Comparison Tool to find the best provider for your needs. With RatesRemit, you can compare fees, exchange rates, and transfer speeds across multiple providers, ensuring you get the best deal for your money transfer.