About USD and JPY
The US Dollar and the Japanese Yen are two of the most traded currencies in the world out of the 5 most popular currencies in the foreign exchange market today. Approximately $USD1.5 billion was remitted to Japan in 2017 according to the last report by the World Bank. These are incredibly high figures and a clear depiction of how money transfer is being highly prioritized between these two countries.
It is therefore important that you know the best ways of sending money from US to Japan before partaking in any transaction.
The best way to send money from US to Japan
There are many reasons why anyone would want to send money from US to Japan. For a start, many US Citizens are residing in Japan either for studies, business or in search of better opportunities. You may want to send money to your relatives or family members living in Japan or simply pay for your college tuition fee.
You will require the services of either bank, online money transfer companies or direct cash service providers to make your remittances for you. With that said, we have found out after a thorough analysis that:
The best company to use when sending money from US to Japan is OFX as it offers highly competitive exchange rates.
That OFX is the best option that enables you to remit money into the bank account of Japan.
The top three companies to use when sending money from US to Japan are OFX, TransferWise and Xoom.
Xoom offers direct cash pick-up of your money via the pick-up location of your recipient’s choice.
You can pay for your transfer using your bank account, credit card or debit card.
You can cash out using your bank account or through cash pick-up
You can also use Travelex and Western Union when sending money from US to Japan.
4 things to consider before sending money to Japan from US
To help you get the most out of your transfers and hence the most JPY for your USD, you have to make sure that:
Affordable exchange rates: The exchange rates are in check and fair from the service provider that you want to carry out the remittance for you.
Supportive customer service: The customer service of the service provider you are using is good and they are ready to bail you out in case you experience any kind of trouble.
Transfer plan: You have a transfer plan that is clear and precise. You have to know how much you are sending, how you want it sent, how you want it delivered to your recipient and how fast you want your money to take on the transfer. All these put into check will lead to a successful transaction.
Transfer limit: You have to choose a service provider that can accommodate your amount as per your transfer plan. Your providers should state their minimum daily, weekly, monthly or yearly limit when sending your money from US to Japan.
The cheapest way to transfer money from US to Japan
The cheapest way of sending money from US to Japan is the one with the most affordable rates and the least transfer fees; that is OFX.