How to send large money transfers with Wise
Wise, a UK based financial service known for its simple, affordable, and fast international money transfers, is trusted by both individual and corporate clients. In 2024, Wise obtained official authorization and registration as a first-class money transfer business operator in Japan. As a result, the previous limit for transfers under the equivalent of 1 million yen has been lifted, and now transfers of over 1 million yen, up to a maximum of 150 million yen per transaction, are possible.
This means that Wise now allows for high-value transfers comparable to those made by banks, making it especially useful for business purposes, real estate purchases, lifetime gifts, stock options, and other opportunities. In this article, we will explain in detail how to make high-value transfers with Wise, the required documents, deposit methods, transfer times, and transfer limits.
Key Points of This Article: High-Value International Transfers with Wise
First, let’s go over the key points of making high-value international transfers with Wise:
Transfer limits vary depending on the transfer currency, receiving currency, and deposit method.
The discount on fees increases as the monthly transfer amount increases.
Even for high-value transfers, the process can be completed online or via the app.
Wise has officially been authorized and registered by Japan's Financial Services Agency as a first-class money transfer business operator, making it a highly reliable service.
What is Wise Overseas Remittance?
Wise is a financial technology company originating in the UK, primarily focused on overseas remittance services.
Wise's overseas remittance is characterized by its transparent fees and the application of mid-market rates, without any additional foreign exchange fees. By building its own unique remittance system, Wise has significantly reduced the lengthy processing times typical of traditional bank transfers, enabling fast and cost-effective remittances.
With the acquisition of a first-class fund transfer business license in Japan, Wise has expanded the remittance limit from 1 million yen to up to 150 million yen equivalent.
Note that the remittance limit varies depending on the destination currency and method of transfer. For example, when sending USD from Japan via ACH transfer, the limit is 1,000,000 USD (equivalent). By entering the currency and amount you wish to send into the simulator, the limit will be displayed automatically for confirmation in advance.
For large remittances or receipt of funds, you can receive support from Wise's high-value remittance team, and inquiries can be made in advance.
Benefits of Wise High-Value Remittance
| Wise High-Value Remittance Benefits | Wise High-Value Remittance Disadvantages |
|---|---|
| ✅ Remittance limit up to 150 million yen equivalent | ❌ Fees vary depending on the amount and currency |
| ✅ Mid-market rate with no foreign exchange fees | ❌ Additional documents may be required for identity verification |
| ✅ Fee discounts for high-value remittances | ❌ The deposit methods for remitting amounts up to 150 million yen equivalent are limited to bank transfers or debit cards *(1) |
| ✅ Safe and speedy remittance | |
| ✅ Expert support for personalized customer service |
How to Send Money Overseas with Wise 🚀
Is Wise's High-Value Remittance Safe?
Yes, Wise's high-value remittance is highly secure, complying with regulations in each country, ensuring a safe experience.
Wise's Japanese subsidiary, Wise Payments Japan Inc., is authorized and registered by the Kanto Local Finance Bureau as a first-class and second-class fund transfer business operator (No. 00040).
You may be unfamiliar with the term "fund transfer business." This refers to non-bank companies engaging in foreign exchange transactions as their business.
To be registered as a fund transfer business, a company must meet various requirements, and it must also comply with regulations aimed at ensuring user protection, such as the deposit of performance guarantees. For those who may feel uneasy about entrusting funds to non-bank entities, the Fund Settlement Law requires that fund transfer businesses maintain a performance guarantee equal to or greater than the amount of funds held during transfer. This guarantee is preserved through methods like depositing cash with the legal affairs bureau.
In other words, even if a fund transfer business were to go bankrupt, a system is in place to return users' funds based on the performance guarantee. This refund process must be initiated by the user within a specific period of more than 60 days.
Wise also takes comprehensive security measures.
With a dedicated fraud prevention department and two-factor authentication, Wise regularly conducts tests by independent security auditors and monitors for any abnormalities while staying updated on the latest cyber threats.
How to Make a High-Value Overseas Remittance with Wise
For residents of Japan to make a remittance with Wise, they must first complete free registration. Once identity verification is complete, the process can generally be completed in 7 steps via the Wise website or app.
Before beginning the remittance process, it's recommended to check the remittance limit with your bank. Some banks set a transfer limit for online banking, and in some cases, you may need to visit the bank in person depending on the transfer amount.
How to Create a High-Value Remittance Transaction on the Wise Website
Select "Send Money" from the homepage
Choose bank transfer as the funding method
Correctly enter recipient information
Upload required documents
Confirm remittance details
Answer questions regarding the source of funds
Deposit funds into Wise's bank account
For larger amounts, additional documents to verify the source of funds may be required. Be sure to prepare the necessary documents in advance. Further details about the required documents will be explained later.
Documents Required for High-Value Overseas Remittance
When making a high-value remittance with Wise, you may be asked to verify the source of funds depending on the transfer amount. In such cases, additional documents may be required.
By preparing the necessary documents in advance, you can ensure the process proceeds smoothly even if additional documentation is needed. The required documents are as follows:
Bank Transaction Statement
If you are asked to provide proof of the source of funds, a bank transaction statement containing the following information will be required:
Sender's name and account number
Deposit history to the sending account
Withdrawal history from the sender's account (transactions to Wise)
(If applicable) Other deposit/withdrawal history between accounts
Other Documents
Depending on the source of funds, additional documents beyond the bank transaction statement may be requested. The required documents are listed below based on the reason for the remittance:
| Remittance Purpose | Example of Required Documents |
|---|---|
| Real Estate Sale | Address of the property, Description of the property, Date of property ownership acquisition |
| (Document examples: Sales contract, Payment details, etc.) | |
| Inheritance | Name and signature of the will creator, Relationship to the sender |
| (Document examples: Probate certificate, Will, etc.) | |
| Salary | Sender's position and annual income, Employer's name and address, Employment date, Salary payment date |
| (Document examples: Employment contract, 3 months of pay slips, etc.) | |
| Investment | Investment amount, Investment date, Type of investment |
| (Document examples: Certificate, Transaction details, etc.) | |
| Loan | Purpose of the loan, Loan amount, Lender's name and address, Loan receipt date |
| (Document examples: Certificate, Transaction details, etc.) |
If your situation does not match any of the above categories, please contact Wise to confirm which documents are required.
Wise High-Value Remittance Fees
Wise's overseas remittance fees decrease as the transfer amount increases.
The transfer amount is calculated in British pounds (GBP). If you send the equivalent of 20,000 GBP or more per month, the fees for amounts exceeding that will be reduced.
| Transfer Amount (GBP per month) | Wise Discount Rate (%) |
|---|---|
| 0–20,000 | No discount |
| 20,000–300,000 | 0.1% |
| 300,000–500,000 | 0.15% |
| 500,000–1,000,000 | 0.16% |
| Over 1,000,000 | 0.17% |
Fee Discount System for High-Value Remittances
Let’s explain the fee discount system for high-value remittances using specific amounts.
For example, let’s say you want to send a total of 41,000 GBP (equivalent) from Japanese yen in three separate transfers during the month of November.
For the first transfer of 20,000 GBP, the regular fee of [NumberWiseFee]% applies. Since this transfer is under 20,000 GBP, no discount is applied.
For the second transfer of 20,000 GBP, a fee discount of 0.1% applies, reducing the fee rate to 0.23%.
For the third transfer of 1,000 GBP, the same fee discount (0.1%) applies, bringing the fee rate to 0.23%.
As the number of transfers within the same month increases, the fees for the subsequent transfers become cheaper.
Even if you were to send the entire 41,000 GBP in one transfer, the fees would be almost identical to those of split transfers. Therefore, the difference in fees due to the number of transfers is minimal.
For instance, the total fees for sending 40,500 GBP in three separate transfers would be as follows:
1st Transfer: 20,000 GBP × 0.33% = 66 GBP
2nd Transfer: 20,000 GBP × 0.23% = 46 GBP
3rd Transfer: 1,000 GBP × 0.23% = 2.3 GBP
Total Fee = 114.3 GBP
Note: Fee discounts are not counted toward the transfer amount until the transfer is completed (when the recipient receives the funds). This example may differ from actual values. You can check the fee in advance using the simulator.
Exchange Rate for High-Value Remittances
Wise's overseas remittance service uses the "mid-market rate" with no added exchange fees, which is a major feature.
The mid-market rate refers to the exchange rate used by financial institutions for foreign exchange transactions, also known as the market middle rate. Wise believes that the mid-market rate, which is the midpoint between the buying and selling prices in the foreign exchange market, is the only fair exchange rate.
In contrast, banks and most other overseas remittance services apply an exchange rate that includes a hidden fee, which becomes an additional cost for the user.
Wise applies the mid-market rate for high-value remittances, so users do not lose money due to exchange fees. The only fees involved are the transfer fees, which you can check in advance using the simulator before proceeding with the transaction.
Wise's Remittance Limits
Wise has set remittance limits, which vary depending on the transfer and receiving currencies, as well as the deposit method. Below are the limits for major currencies:
| Currency | Wise Remittance Limit (Equivalent) |
|---|---|
| USD |
|
| GBP |
|
| EUR |
|
| CAD |
|
| JPY |
|
As shown in the table above, Wise’s remittance limits may vary depending on the deposit method.
For example, if your Wise account is registered with a Japanese address, you can only send up to 1,000,000 JPY from your Wise balance. For amounts exceeding 1,000,000 JPY, you must use a bank transfer or debit card.
It’s a good idea to check the limits for your preferred deposit method in advance.
How Long Does It Take for Wise's High-Value Remittances?
Wise’s overseas remittance service is known for its speed, but high-value remittances cannot be processed as urgently. This is due to regulatory compliance requirements for financial institutions and the possibility of needing additional information or verification of the transfer details.
When sending more than 1,000,000 JPY (equivalent) via Wise, the transfer will be processed as a “First-Class Remittance.” When processing a First-Class Remittance, an estimated time for completion will be notified once the deposit has been confirmed. Therefore, to ensure a smooth transfer, it is important to proceed with the deposit as quickly as possible.
In the unlikely event that there is a delay beyond the estimated time, the regulations governing money transfers will protect the user by requiring the refund of the transfer funds due to regulatory requirements.
If you attempt the same transfer again, the estimated time for the process will be longer than the previous attempt.
Wise’s High-Value Remittance Payment Methods
For users registered with a Japanese address, there are two methods for depositing funds for high-value remittances:
Bank Transfer
Debit Card
Banks often set limits on the amount you can send per transaction or per day. The limits may vary between online banking and in-person transactions, so it is a good idea to confirm these limits with the bank before proceeding.
Please note that credit cards are not accepted for high-value remittances in Japan.
Wise’s High-Value Remittance Customer Support
If you feel uncertain when making a high-value remittance, Wise provides dedicated customer support for these types of transactions.
Currently, inquiries in Japanese are only accepted via email. However, if you can communicate in English, you can request a callback.
3 Key Points for Smooth High-Value Remittance Transfers
Wise’s overseas remittance process is simple and easy to understand, but as explained, high-value remittances require additional procedures. Here are 3 important points to ensure a smooth transfer:
1. Check the Bank’s Transfer Limits or Use the Bank’s Counter for Transfers
When making a bank transfer to Wise for high-value remittances, be aware that banks often set limits on the amount you can send in one transaction. Particularly with online banking, the limits are typically lower than for in-person transactions.
If the transfer limit is low, you may need to make multiple transfers, which can take additional time and cause you to miss out on favorable exchange rates. It’s advisable to check the transfer limits with your bank in advance and plan your deposits accordingly.
2. Complete Identity Verification in Advance
Wise requires identity verification when making an overseas remittance. You will need to provide valid identification and proof of address. The required identification may vary depending on your country of residence.
Completing identity verification may take around two business days, so it is recommended to complete this process in advance to ensure a smoother transfer.
3.Submit Proof of Joint Account Ownership
If you are depositing funds from a joint account, you will need to provide documentation proving you are one of the account holders. Submitting this proof before initiating the transfer will help expedite the process.
By verifying that the name on your Wise account matches the name on the bank account and that the account number used for the transfer matches the one on the Wise account, the transfer process will proceed smoothly.
You can directly contact Wise’s high-value remittance specialist team for further assistance.
Summary
This time, we explained Wise's high-value remittance process.
Wise ensures safety equivalent to that of banks while complying with regulations in each country, making it a reliable option for handling high-value remittances with confidence.
The biggest advantage of using Wise is that it offers currency exchange at the mid-market rate with no added forex fees. Unlike banks, which include a fee in their exchange rate, the larger the remittance amount, the more you save with Wise, as there are no additional hidden costs.
If you are involved in high-value transactions such as business dealings, real estate sales, inheritance, or investments with international counterparts, you might want to consider consulting Wise's high-value remittance customer support for assistance.