RetireJapan

Looking for the cheapest way to receive money in Japan? A friend of mine sent me 10,000yen. My bank took 4,000yen out of that for the privilege of using their bank
So if time is not an issue, what would be the cheapest way to receive money? The cost of sending it is not important.

Probably transferwise. The transferring person will pay a small fee and it will cost you nothing to receive it, I don't think. A couple of people posted on this forum about bad experiences but all my experiences and those of people I know have been good. Quick, the correct rate of exchange and cheap. However, you will need to get the person sending you the money to sign up with them, and they will also have to have all your bank details which means if the name on your account is katakana, they will probably have to use that, too. Not sure how easy that will be for them on a computer from home.I've sent myself money from UK to Japan and first time it didn't work due to getting my own name wrong (slightly different to what was on my Japanese bank account) but second try worked fine!

I 2nd Transferwise. Another option is to have your friend deposit in your foreign account and then use an ATM here to withdraw it. Times may have changed but the JP bank machines had the cheapest rates for withdrawing from overseas accounts. Even better if you have an overseas multicurrency account to avoid the exchange fees.

Galway Dave wrote: ↑Wed Aug 14, 2019 7:08 am Looking for the cheapest way to receive money in Japan? A friend of mine sent me 10,000yen. My bank took 4,000yen out of that for the privilege of using their bank
So if time is not an issue, what would be the cheapest way to receive money? The cost of sending it is not important.

Next time he wants to send 10,000 yen, tell him to buy an envelope and a stamp. Anyone using banks to transfer 10,000 yen to a friend must have rocks for brains with all due respect.

For small amounts I ask people to buy me Amazon Japan gift cards. Much less hassle.