Sending money to Japan with Transferwise

[Beaglehound]

Seems like a sensible and cost effective way to do things, will bear that in mind for when I have family or friends over. You wouldn’t want it to come to over the gift tax threshold I suppose in the unlikely event that the tax guys took a dim view. Hope your family enjoy the World Cup, though I will be hoping for the good, rather than hopeless, Scotland to turn up at the weekend.

[Galway Dave]

Well I will be in Yokohama on Sunday but of course I will be shouting on the green half!

[TokyoWart]

Why don’t they just withdraw money from their overseas account by using the Seven Bank atm’s in Japan?

[Galway Dave]

Why don’t they just withdraw money from their overseas account by using the Seven Bank atm’s in Japan?

Would this not have some transaction fee attached? Would the exchange rate offered be better than what transferwise would offer?

[TokyoWart]

I travel a lot (writing from Helsinki airport right now) and I always use atm's to get local currency. Credit cards also give a reasonably good rate. The exchange rate I think makes more of a difference than transaction fees but at least in my case I don't see a transation fee beyond the out-of-network atm fee (maybe equivalent of 300-500 yen at worst) in some countries.

[0x143]

Thought this might be the thread to say this: but wow SBI's Furikomi + TransferWise is fast. Now that all my identification and verification is settled with TransferWise I was able to pay a contractor and him receive the money in less than 12 hours. This despite the contractor being on the other side of the world.

If anything SBI's Furikomi felt too fast. I almost wish they left more time for errors or theft to get caught.