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Wire Transfers

Whether outgoing or incoming, wire transfers are useful tools for sending large amounts of money to foreign bank accounts. For small sums of money, using a money exchange is probably more economical. A banker once said that if it is possible to avoid wire transfers, it is best to do so because of the cost. Note that wire transfer fees occur at both sending and receiving banks; users are charged at both ends of the transfer. Other fees and exchange rate issues may also occur.

Note that at any bank, your personal details are necessary (name, account number, address, phone, etc.), as well as proof of identity.

Wire from Japan

An outgoing wire transfer is relatively easy to do. Simply go to a bank that provides such services, fill out the required documents, and pay the required fees.

JP Bank Transfer Information

Beneficiary Bank

  • Name:                    Ex:CAPITAL ONE, N.A.
  • Branch:                  Ex:MCLEAN,VA
  • Address:                 Ex:1680 Capital One Drive, McLean, VA 22102, USA
  • SWIFT Code/BIC:    Ex:NFBKUS33(XXX)
  • ABA Routing Number:    Ex:056073612

Account Information (Example)

  • Account Name:       Ex:JOHN SMITH
  • Account Number:    Ex:123-123456-1
  • Account Address:    Ex:520 Gary Lane, McLean, VA, 22102 USA
  • Account Phone:       Ex:123－123－1234

Sources

Recommendations

Japan Post Bank is a relatively cheap and easy option for wire transfers, charging  about ￥2500 for a transfer. Each application takes about 10-20 minutes to fill out and check.
They also have an easier-to-use, online-only option for ￥2000 for those with Japan Post Direct online-linked accounts (linked here); however, this option requires users to be sure of their applications, as they will be charged a further ￥2000 for each correction.

Wire to Japan

An incoming wire transfer is more difficult than a wire from Japan, but it is still relatively simple. Below is the information necessary for a wire transfer to a Japanese bank.

JP Bank Transfer Information

Intermediary Bank
  • Name:                    Deutsche Bank Trust Company Americas NY
  • SWIFT Code/BIC:    BKTRUS33

Beneficiary Bank

  • Name:                    Japan Post Bank
  • Branch:                  Head Office
  • Address:                 3-2, Kasumigaseki 1-chome, Chiyoda-Ku, Tokyo 100-8798, Japan
  • SWIFT Code/BIC:    JPPSJPJ1
  • CHIPS UID:             427593

Account Information (Example)

  • Account Name:       Ex:TARO YUSEI
  • Account Number:    Ex:12345-12345678 or 12345-1-123456
  • Account Address:    Ex:3-1, Shintoshin Chuo-Ku, Saitama-Shi, Saitama 330-0081, Japan
  • Account Phone:       Ex:123－1234－1234

 

Fees
  • Intermediary Fee:    $10
  • Wire Transfer Fee:    Depends on the sending bank
Sources

Mizuho Bank Transfer Information

Beneficiary Bank

  • Name:                    Mizuho Bank, Ltd.
  • Branch:                  Look at Bank Book
  • Address:                 Look at Bank Book
  • SWIFT Code/BIC:    MHCBJPJT

Account Information (Example)

  • Account Name:       Ex:TARO YUSEI
  • Account Number:    Ex:123-1234567
  • Account Address:    Ex:3-1, Shintoshin Chuo-Ku, Saitama-Shi, Saitama 330-0081, Japan
  • Account Phone:       Ex:123－1234－1234

 

Fees
  • Intermediary Fee:    ￥1500-2500
  • Wire Transfer Fee:    Depends on the sending bank

Sources

US-Based Fees and Wire Services

Many companies advertise wire transfers, but many banks offer only in-person/in-bank services. There are also quite a few fees to pay for receiving and sending wires.

Fees

The average sending fee among banks is around $40-50, while the average receiving fee is around $10-20. Read more here.

Avoid fees by using investment companies, such as Vanguard, Fidelity, or E-Trade. They offer free wires so customers can easily user their services. Read more here.

Online Domestic and International Transfer/Wire Services

Vanguard Wiring Services

Vanguard offers a wire service that was once free. Limits are unknown but also unlikely. According to Bogleheads, users must link a domestic or foreign bank account to their Vanguard account before they can use these wire services. Vanguard currently uses HSBC to convert currency. Vanguard also does not charge fees to receive wires, so it can be used as an intermediary “bank”, according to Bogleheads. Read more:

E-Trade

E-Trade offers free, online wire transfers as well as banking services. Read more:

XE-Trade

XE-Trade is a foreign exchange firm specializing in FOREX trading. Users can use it to send money as well, and as it is not a bank, the exchange rate may be more favorable. Services are based on Western Union’s network, but without the associated fees. Read more here.