Wise Reviews in Japan

How to Use Wise

Using Wise is simple. You will need a smartphone or computer. Once you create a free account with Wise, you can do the following:

• Make international transfers to over 160 countries.

• Hold and manage over 40 currencies with a single account.

• Receive transfers in major 9 currencies for free, in the same currency.

• Use your account balance for payments with a debit card.

• Open a business account.

How to Make an International Transfer with Wise

If your identity verification is complete, you can easily send money from Japan to overseas by following these steps:

1. Log in to your account.

2. Specify the amount you want to send, or the amount you want the recipient to receive.

3. Choose the purpose of the transfer.

4. Enter the recipient's information (*).

5. Choose the deposit method.

6. Review the details and complete the deposit.

That’s it! Your transfer will be complete. You can find more detailed instructions on how to transfer money on this page.

(*The recipient's required information varies depending on the destination country and currency.)

Methods to Top Up Your Wise Account

There are two ways to fund your Wise account or add money to your balance:

1. Bank transfer

2. Debit card

Note that fees can vary slightly depending on the method you choose. The most economical and common method is through bank transfer. Credit card and cash deposits are not accepted.

How to Receive International Transfers with Wise

There are three ways to receive money with Wise:

1. Use local bank details in 9 major currencies (*1) to receive funds in foreign currency.

2. Receive transfers from other Wise users via user-to-user transfer.

3. Receive transfers in 17 currencies (*2) via SWIFT.

With Wise’s multi-currency account, you can hold over 40 currencies, but for the top 10 currencies (*1), you can receive them just like you would with a local bank account. By sharing your account details with the sender, you can receive transfers for free, as if they were domestic transfers.

If the sender is also a Wise user, transfers between accounts are free.

Additionally, you can use SWIFT to receive 17 currencies (*2) by using your GBP balance’s global account details. Be cautious, as intermediary bank fees may apply due to SWIFT transfers.

For a more detailed explanation of how to receive international transfers with Wise, please check this article.

How to Open a Wise Account

You can open a Wise account online for free. The process is simple and follows these steps:

1. Register for an account using your email address, Facebook, Google, or Apple account.

2. Enter your personal information such as your name and address as instructed.

3. Upload a document for identity verification.

4. Once your identity is verified, you can start sending money.

For more detailed information on the identity verification process, check out Wise Help Center.

Documents Required for Identity Verification

Identity verification is an important process to prevent financial crimes. The documents required may vary depending on the case, but generally, the following can be used:

Accepted IDs:

• Passport (only the photo page)

• Government-issued ID

• Driver’s license with a photo

Accepted Proof of Address Documents:

• Utility bills (electricity, gas, phone; mobile phone bills are not accepted)

• Bank or credit card statements

• Residence tax notice

• Vehicle registration or tax notice

• Driver's license with photo (showing address and expiry date)

• Other documents issued by financial or government institutions

In any case, the identity verification process can be saved or canceled at any time, so you can feel secure.

Time Taken for Identity Verification

The time required for identity verification varies depending on the case. It may be completed immediately, or it could take 2-3 business days. You will be notified of the result via email.

How Wise (formerly TransferWise) Works

Bank overseas transfers use the SWIFT system. SWIFT is a network connecting banks worldwide through telegraphic transfer, and typically, several intermediary banks are involved to complete the transaction.

Since each intermediary bank may charge its own fees, overseas bank transfers tend to be expensive and can take a long time.

In contrast, Wise does not use SWIFT but relies on its own network of bank accounts. For example, when sending money from Japan to the U.S., the sender deposits the transfer amount into a Wise account in Japan, and Wise deposits the same amount into the recipient’s account from its own U.S. account. In other words, two domestic transfers are actually taking place.

This process allows Wise to significantly reduce transfer fees and shorten the time it takes to send money. There is no risk of unexpected fees being charged by intermediary banks.

What is Wise (formerly TransferWise)?

Wise is a fintech company with a mission to "change the way international money transfers work with new technology." It aims to provide the safest, fastest, and most convenient way for sending money internationally.

TransferWise, which started offering money transfer services in 2011, rebranded as Wise in 2021. It currently has over 16 million users worldwide, with a quarterly transfer volume exceeding 30 billion British pounds. Beyond international transfers, Wise’s services have expanded into the following areas.

Wise’s International Money Transfers

Wise’s international money transfer service is characterized by its low fees compared to banks and other money transfer services. Additionally, because it uses exchange rates without any markup, there’s no need to worry about “hidden costs.”

Money is transferred directly to the recipient’s bank account, so the recipient does not need to have a Wise account. You can send money to over 160 countries and regions from Japan.

When transferring, you can specify either the amount you want to send or the amount the recipient will receive. Unlike banks, where you might not know the exact amount the recipient will receive until the transfer is complete, Wise allows you to clearly see the recipient’s amount through a simulation.

Wise Multi-Currency Account and Wise Debit Card

With the Wise Multi-Currency Account, you can hold over 40 currencies simultaneously. You can easily use it for sending, receiving, and making payments. For the ※9 major currencies (listed below), you can obtain local bank account details, allowing you to receive funds without incurring any fees.

※GBP、EUR、USD、AUD、NZD、CAD、HUF、SGD、TRY

By linking your Wise Debit Card to your multi-currency account, you can spend your balance anywhere in the world. You can either pay in foreign currencies directly or use Wise's low exchange fees to convert currencies for payments or ATM withdrawals.

The account can be managed through the Wise App, where you can easily check your balances anytime.

Wise Business Account

In addition to services for individuals, Wise also offers business accounts for companies and sole proprietors. With a Wise business account, you can do more than just basic transfers:

• Obtain local bank account details for 9 currencies to receive international transfers more easily

• Make salary payments in multiple currencies

• Simplify bulk payments using CSV files

• Add users to the account to streamline management

• Automate transfers and payments using the Wise API

• Integrate with cloud-based expense management services

Wise Fees

Wise has revolutionized the typically high fees for international transfers by building its own transfer system, which is different from banks. Wise focuses not only on keeping fees low but also on providing transparency, making international transfers more convenient.

Wise Exchange Rate 

Wise uses the mid-market rate, which is the actual exchange rate without any markup fees. This is the same rate you would find on Google search or other currency conversion websites.

In contrast, many banks and other transfer providers add a currency exchange fee on top of the exchange rate. This fee is often hidden and can be an "invisible cost" of international transfers. Wise's exchange rate is always clear and straightforward.

Wise Multi-Currency Account & Debit Card Fees

You can check Wise's fees on this page. Below is a summary of the key points.

Is Wise Safe?

Wise Payments Japan Inc. is licensed as a Type 1 Funds Transfer Service Provider by the Kanto Local Finance Bureau. While Wise is not a bank, it operates with the same level of security as financial institutions. Additionally, in all other countries, Wise is fully compliant with local regulations and is closely monitored.

To prevent fraud and unauthorized activities, Wise uses the latest technology to provide 24/7 surveillance. Strict identity verification is also in place to help prevent crime.

Wise is a publicly listed company with over 5,500 employees and more than 16 million customers. The company handles quarterly transfer volumes of over £30 billion, making it a trusted business worldwide. Wise has been providing services in Japan since 2016.

How to Make High-Value Transfers with Wise?

In 2024, Wise obtained approval as a Type 1 Funds Transfer Service Provider. As a result, the maximum transfer limit from Japan has been significantly increased from ¥1 million to ¥150 million.

When making high-value transfers with Wise, additional documents to verify the source of funds and the purpose of the transfer may be required. Learn more here.

Wise Transfer Times

Bank transfers for international remittances typically take a few days to a week to arrive. In contrast, with Wise, 45% of transfers are instant (within 20 seconds of processing), and 90% arrive within 24 hours. If you need faster transfers than what banks offer, Wise is worth considering.

The actual time for a transfer to arrive depends on factors like the destination country, currency, transfer amount, and payment method (credit card or bank transf

Pros and Cons of Wise

Wise Reviews and Reputation

Wise has an overall rating of 4.3 out of 5 on TrustPilot, showing that users are generally satisfied with the service. Below are some reviews from TrustPilot.

"I had no experience with international transfers, so I was initially hesitant to use this service instead of a bank, but I was drawn to the low fees. The quick responses and status updates via email made me feel very reassured. I'll continue using it in the future."

"I had been using postal money orders for international transfers, which took a long time to arrive and made me very anxious. I tried transferring via my local bank, but the fees and paperwork were overwhelming. Using Wise was incredibly smooth, the fees were cheap, and I was surprised that there were no fees from the US bank."

"I was hesitant because I thought the registration and procedures would be complicated, but it was very easy. The support system was great, and I was able to complete the entire transfer from home without the annoying procedures and waiting times associated with banks. The only downside was the limit of ¥1 million per transfer."

Of course, there are some negative reviews as well.

"I called the call center around noon, but I couldn’t get through, and there was no announcement. Also, since I can't always make calls during the day, I would appreciate it if they extended their support hours."

"I kept failing with the image verification. The reason for the failure wasn’t provided, and it took a lot of time. The screen for taking photos didn’t reflect correctly, so I had to retake photos multiple times. There are many areas for improvement!"

Out of over 220,000 reviews on TrustPilot, nearly 90% have given Wise a rating of 5 or 4 stars, indicating that most people rate Wise highly.

Can Wise Be Used on Mobile?

Wise can be accessed online on a computer or smartphone. The app is available for both Apple and Android devices.

Additionally, Wise offers customer support in multiple languages, including Japanese.

Wise Transfer Limits

In March 2024, Wise obtained approval as a Type 1 Funds Transfer Service Provider. This has raised the transfer limit for Wise to ¥150 million, allowing for high-value transfers.

However, when making large transfers, additional documents may be required to verify the purpose of the transfer and the source of funds.

Supported Currencies on Wise

Wise supports over 40 currencies and allows transfers to over 160 countries and regions. The number of supported currencies is continuously increasing. For the latest updates, click here.

Visit the official Wise website

Is Wise a Bank?

Wise provides financial services, but it is not a bank. In Japan, Wise is registered as a funds transfer service provider with the Kanto Local Finance Bureau and uses the same fraud detection tools and security technologies as banks. As a result, you can make transactions with the same level of security as you would with a bank.

Funds deposited by users are kept separate from Wise's company funds and are securely stored in partner banks. Therefore, in the unlikely event that the company goes bankrupt, your funds are protected.

Wise Customer Support

Wise is easy to use online, so there’s no need to visit a branch or make a phone call like with banks. However, if you have any questions, you can easily contact Wise’s customer support. Wise offers support via chat, phone, and email.

Alternatives to Wise

There are always pros and cons to using any international transfer service. Before using Wise, it’s important to compare it with other services.

• Revolut: A service similar to Wise that offers multi-currency accounts and debit cards in addition to international transfers. However, you’ll need to subscribe to a paid plan to access all features.

• Western Union: An international transfer service available online or in-store. You can choose to receive funds via bank transfer or cash. It supports more countries than Wise, and the ability to use cash is attractive, but the overall fees are slightly higher than Wise.

• PayPal: A widely used international transfer service. However, you can’t transfer funds to the recipient’s bank account unless they also have a PayPal account. Be aware of high currency exchange fees.

Conclusion: A Comprehensive Overview of Wise (formerly TransferWise)

We’ve thoroughly reviewed Wise (formerly TransferWise) as an international transfer service.

Wise is known for its low fees for international transfers. In addition to transfers, it offers multi-currency accounts and multi-currency debit cards, making it especially recommended for frequent travelers, business owners, and individuals who frequently handle money across borders.

If you’re looking for an affordable and easy-to-use international transfer service, Wise is definitely worth considering.