Wise Complete Guide for Japan
What is Wise?
Wise (formerly TransferWise) is a UK-based fintech company founded in 2011, serving over 16 million users worldwide. It offers low-cost, transparent cross-border transfers and multi-currency account management.
Wise’s key advantage: it uses the real mid-market exchange rate with no hidden markup, so you always know exactly how much the recipient will receive before sending.
International Transfers
40+ currencies, 160+ countries. 74% of transfers arrive in under 20 seconds. Average fee is just ~0.65%.
Multi-Currency Account
Manage 40+ currencies in one account. Get local bank details for 10 currencies — receive money like a local.
Debit Card
Mastercard accepted in 150+ countries. Up to 3x cheaper than regular credit cards for foreign currency spending.
App Management
Full-featured iOS/Android app. Instant freeze/unfreeze, real-time notifications, disposable virtual card numbers.
Why Wise? Bank Comparison
Sending ¥100,000 from Japan to the US:
| Comparison | Wise | Traditional Bank |
|---|---|---|
| Exchange Rate | Mid-market rate (no markup) | Bank’s own rate (1-3% hidden spread) |
| Fees | ~¥630–1,500 | ¥3,000–7,500 + intermediary bank fees |
| Speed | Most arrive in 20 sec – 1 hour | 3–5 business days |
| Process | Fully online/app | May require branch visit |
| Transfer Limit | Up to ¥150 million | Varies by bank |
| Transparency | All costs shown before sending | Final amount unknown until arrival |
Safety & Licenses
Wise operates in Japan as “Wise Payments Japan K.K.” with robust regulatory credentials:
✅ Registered with Kanto Finance Bureau as a fund transfer service provider
✅ Type 1 Fund Transfer license (2024) — removed the ¥1M per-transfer cap
✅ Zengin System access approved (2024) — first non-bank entity in Japan
✅ Zengin System API connected (Nov 2025) — dramatically faster transfers
✅ Customer funds safeguarded under Japan’s Payment Services Act
✅ Listed on the London Stock Exchange (WISE.L)
✅ 24/7 Japanese-language customer support
Opening an Account in Japan
📋 Required Documents
Japanese citizens: My Number Card (recommended — covers both ID and My Number verification), or driver’s license + My Number notification card
Foreign residents: My Number Card + Residence Card (在留カード)
Everyone: Smartphone with camera (for facial verification)
📝 Steps
Sending Money Abroad
⚡ 74% arrive in under 20 seconds / 87% within 1 hour / 96% within 24 hours
Multi-Currency Account
A powerful global wallet that lets you hold and manage 40+ currencies in one account.
Hold Foreign Currencies
Convert when the rate is favorable. Use later for transfers or card payments.
Local Bank Details
Get local bank account details for 10 currencies. Receive money as if you had a local bank account — fee-free.
10 Currencies with Local Bank Details
| Currency | Region | Use Case |
|---|---|---|
| 🇺🇸 USD | United States | Client payments, US stock dividends |
| 🇬🇧 GBP | United Kingdom | UK salary, SWIFT receiving (23 currencies) |
| 🇪🇺 EUR | Europe (SEPA) | European client payments |
| 🇦🇺 AUD | Australia | Working holiday wages |
| 🇨🇦 CAD | Canada | Study abroad living expenses |
| 🇳🇿 NZD | New Zealand | Working holiday wages |
| 🇸🇬 SGD | Singapore | Business income |
| 🇷🇴 RON / 🇭🇺 HUF / 🇹🇷 TRY | Romania / Hungary / Turkey | Local transactions |
Wise Debit Card
| Item | Details |
|---|---|
| Brand | Mastercard (contactless) |
| Issuance Fee | ¥1,200 (one-time) |
| Annual Fee | Free |
| Foreign Currency Fee | ~0.45–3% (major currencies ~0.5–0.6%) |
| ATM Withdrawal | 2x/month & ¥30,000 free / Over: ¥70 + 1.75% |
| Virtual Card | Available (disposable numbers too) |
Cost Comparison for ¥100,000 Foreign Currency Spending
| Card Type | Fee Rate | Estimated Cost |
|---|---|---|
| Wise Debit | ~0.6% | ~¥600 |
| Regular Credit Card | 1.6–3.85% | ¥1,600–3,850 |
| Bank Debit Card | 2.5–3.0% | ¥2,500–3,000 |
Receiving Money
Method 1: Local Bank Details (Recommended)
Share your local bank details with the sender. They send via domestic transfer, you receive fee-free.
Method 2: Wise-to-Wise Transfer
If the sender also has Wise, transfers in the same currency are completely free.
Method 3: SWIFT International Transfer
Use your GBP account’s SWIFT details to receive 23 currencies from anywhere. Note: intermediary bank fees may apply.
Fee Overview
| Item | Fee |
|---|---|
| Account Opening & Maintenance | Free |
| Multi-Currency Account & Local Bank Details | Free |
| Wise-to-Wise Same Currency Transfer | Free |
| Debit Card Issuance | ¥1,200 (one-time) |
| International Transfer | Fixed fee + ~0.5–1.5% |
| Currency Conversion | ~0.45–3% (major currencies ~0.5%) |
| Card Foreign Currency Payment | Already holding currency: Free / Conversion needed: ~0.5% |
| Overseas ATM | 2x/month & ¥30K free / Over: ¥70 + 1.75% |
Money-Saving Tips
🧳 Travel
Pre-convert: Convert JPY to destination currency before your trip → card payments abroad are fee-free
ATM: Withdraw local cash at ATMs. 2x/month up to ¥30K free. Always decline DCC (Dynamic Currency Conversion)
Freeze card: Lock your card in-app when not in use to prevent fraud
💼 Study Abroad & Work
Tuition payments: Up to ¥150M per transfer — thousands of yen cheaper than banks
Salary receiving: Get local bank details and use them as your payroll account — no local bank needed
🛒 Online Shopping
Foreign e-commerce: ~0.5% fee vs 2–3% with regular credit cards
Disposable card numbers: Generate temporary virtual card numbers for untrusted sites
Pros & Cons
✅ Pros
- Real mid-market rate, no hidden fees
- Low, transparent fees
- Lightning-fast transfers (most under 20 sec)
- 40+ currencies in one account
- Local bank details for 10 currencies
- Debit card is super cheap for foreign spending
- Strong security features
- Zengin System direct connection
- Up to ¥150M large transfers
❌ Cons
- No credit card funding (Japan)
- ¥1M balance cap (Japan residents)
- No interest on balances
- Limited domestic ATM availability
- No points/cashback rewards
- No Apple Pay (Japan accounts)
Wise vs Revolut
| Comparison | Wise | Revolut |
|---|---|---|
| Japan License | Type 1 Fund Transfer + Zengin direct | Fund Transfer Service |
| Exchange Rate | Mid-market (no markup) | Near interbank (small markup ~0.1–0.25%) |
| Conversion Fee | ~0.5% (no time restrictions) | Free plan: ¥300K/month free, then 0.5%; weekends +1% |
| Transfer Limit | ¥150 million | ¥1 million |
| Transfer Speed | 74% under 20 seconds | Up to 5 business days (SWIFT) |
| Receiving Accounts | 10 currency local bank details | Not available in Japan |
| Card | Mastercard (¥1,200) | Visa (free first card) |
| ATM Free Limit | 2x/month & ¥30K | ¥25K/month |
| Apple Pay | Not in Japan | Supported |
| Funding | Bank transfer, debit | Bank transfer, debit, credit (Visa) |
| Other | Business accounts | Precious metals, crypto, lounge access |
✅ Choose Wise for
- Large international transfers
- Speed (instant transfers)
- Receiving overseas income (freelancers)
- Most transparent exchange rates
- Business accounts
✅ Choose Revolut for
- Travel spending + ATM
- Domestic convenience (Apple Pay)
- Visa card preference
- Crypto/precious metals trading
- Free card issuance
👇 Sign up through the referral buttons below
FAQ
Is Wise safe to use in Japan?
Do I need a My Number Card?
Can foreign residents sign up?
Does the ¥1M balance cap affect transfers?
Wise vs Revolut — which is better?
How can I reduce fees further?
Get Started with Wise
Sign up through the referral link below for a first-transfer fee discount:
Account opening and maintenance are completely free.