Sending money from Canada to Japan can be challenging due to the differences in the banking systems between the two countries. There are some key differences in the banking systems in Japan and Canada that can impact the process of sending money between the two countries.
Additionally, some Japanese banks may not accept foreign currencies or international wire transfers, which can limit the options for sending money.
Below is a step by step description of how you can send money electronically from Canada to a bank account in Japan.
1. Choose a money transfer service
The first step in sending money to Japan is to choose a money transfer service. It’s important to choose a money transfer service that understands these nuances and has experience sending money to Japan to ensure a smooth and successful transaction. When choosing a service, consider the fees, exchange rates, and delivery options.
Here at Interchange Financial, we guarantee the best CAD to JPY exchange rates and charge no fees whatsoever.
2. Set up an account
After selecting a money transfer service, you can Create an Account and follow the prompts to complete your profile. Keep in mind that you may need to provide additional documentation, such as identification and/or a bank statement, after your transaction is booked.
3. Choose the amount to send
Once your account is set up, simply click on ‘Send Money’ and select the amount of money you wish to send. When you choose Interchange Financial, you can view the exchange rate upfront by selecting JPY as the currency, so you know exactly how much you’ll be paying and how much the recipient will receive.
Tip: To get a better exchange rate, consider sending a larger amount of money in a single transaction rather than in multiple smaller transactions.
4. Enter the payment information
After selecting the amount to send, enter the recipient’s information, including their name, address, and bank account details. When sending money to Japan, note that many Japanese banks require a “branch code” or “branch number” in addition to the recipient’s account number and SWIFT code. This code identifies the specific branch of the bank where the recipient’s account is held, so it’s essential to obtain this information from the recipient to avoid any delays or errors.
5. Pay for the transfer
To complete the transfer, pay for it using your preferred payment method, such as a bank transfer or debit card.
6. Confirm your transaction
Your transaction will be processed and JPY payment will be sent within 3-4 business days.
Other Tips for saving money on fees and getting the best exchange rates:
- Compare fees and exchange rates from different services to find the best deal.
- Use a specialized remittance provider like Interchange Financial that specializes in CAD to JPY money transfers to avoid any issues.
Sending money from Canada to Japan does not need to be complicated. Industry experts specializing in sending money to Japan can ensure your transaction is quick, secure and cheap. So why wait? or Get Started today or Contact Us.
