Looking for the best way to send money from Canada to family, friends or businesses in Japan (or even to your own overseas bank account)?
Don't head straight to your Canadian bank – compare specialist money transfer services instead. They nearly always offer better JPY exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more yens.
Of the companies we've compared, Remitly is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Remitly can get money to your recipient in Japan within minutes.
Bank transfers are typically the cheapest way to get your money to Japan. Remitly and Xe Money Transfers have some of the lowest bank transfer fees of the brands we've compared.
When you're hunting down the cheapest ways to send money to Japan, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many yens your recipient will end up with.
Many online providers can offer transfers to Japan within minutes, although you're likely to pay a premium for the convenience.Here are some of the fastest average transfer speeds to Japan:
Actual transfer times from Canada to Japan can depend on several different factors including transfer amount, payment method and currency.
The safest way to get your money to Japan is to use a provider registered with Canada's industry regulator, the Financial Consumer Agency of Canada. All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Canada and Japan.
A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to Japan, consider using a provider such as OFX to benefit from its expertise in handling larger transfer amounts.Using a large transfer specialist can have the following advantages:
To send money to Japan, you'll need the necessary documentation, your recipient's details and a way to pay.
Sakura is working in Canada as a digital marketer and she stays in regular contact with her elderly parents back home in Japan. Her parents need some funds to help pay off a mortgage, so Sakura plans to send them $2,000 from Canada.
She decides to compare a bank and a money transfer specialist to see which one can save the most money on her transaction.
|Bank||Money transfer company|
|Exchange rate||1 CAD = 106.79 JPY||1 CAD = 108.20 JPY|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||212,505.55 JPY||216,130.26 JPY|
The money transfer company enables Sakura to send an extra ¥3,624.71, which is transferred straight to her parents' MUFG Bank account.
When choosing a money transfer provider to send money from Canada to Japan, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
Compared to a month ago, the Canadian dollar is a little weaker against the yen. Currently $5,000 is equivalent to ¥543,720.50, whereas a month ago, $5,000 was equivalent to ¥544,650.00. That's a decrease of 0.17% over the past month.
But compared to a year ago, the Canadian dollar is stronger against the yen. A year ago, $5,000 was equivalent to ¥503,550.00. That's an increase of 7.98% over 12 months.
What's more important, however, is where the strength of the Canadian dollar against the yen goes from here – which is harder to call. But whichever way it goes, shopping around has the potential to get you more yens for your Canadian dollars and can help you get the best out of any market conditions.
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