Metro Remittance Japan, a subsidiary of Metrobank Philippines, assists those with Metrobank accounts in remitting yen from Japan to the Philippines. This guide will explain the costs and exchange rates when using Metro Remittance Japan. We’ll also take a look at TransferWise, a cheap and convenient option to send money abroad from Japan.
We’ll look at the example of sending 100,000 JPY (including transfer fees) from Japan to a PHP account in the Philippines.
|Transfer fee ¹⁺²||750 JPY - 1,500 JPY||101 JPY + 0.76%|
|Exchange rate||Rate with a possible markup (1 JPY = 0.4575 PHP)||Mid-market rate (1 JPY = 0.4601 PHP)|
|Total cost ¹⁺³||1,200 JPY + markup within the exchange rate offered||864 JPY|
|Recipient gets ³||45,201 PHP||45,616.93 PHP Send money|
(Research done October 20, 2020, at 22:27 (GMT+3))
When sending money abroad, you always need to take into account a possible markup within banks or providers' exchange rates.
In the example above, your recipient gets more in their PHP account when you transfer 100,000 JPY (including transfer fees) with TransferWise.
It’s important to note markups in the exchange rate when banks convert currencies. Banks and other services usually mark up the rate when making international transfers for customers. Thus, there are ‘hidden fees’ in the exchange rates when transferring money abroad.
Metrobank Remittance Japan usually updates their exchange rate daily at 10:30AM JST on their website⁴. Before sending money with Metro Remittance, compare their rate against the mid-market rate - the ‘real’ rate - that you can find on Google or any online currency converter.
Depending on how much money you send to the Philippines using Metro Remittance, there will be different charges on the transfer fee.¹
|1 ~ 30,000 yen||750 yen|
|30,001 ~ 50,000 yen||950 yen|
|50,001 ~ 100,000 yen||1,200 yen|
|100,001 ~ 1,000,000 yen||1,500 yen|
If you send money to Nepal, Metro Remittance charges fees below¹:
|1 ~ 200,000 yen||1,000 yen|
|200,001 ~ 400,000 yen||1,500 yen|
|400,001 ~ 1,000,000 yen||2,500 yen|
Other important things to note is that there are upper limits to how much money, and how many times you can transfer in a certain period of time.⁵
|Per Transaction||1,000,000 yen|
|Per Month||3,500,000 yen|
|Per Year||6,000,000 yen|
|Transactions Per Month||8 Transactions|
Sending money without ‘hidden fees’ in exchange rates
The transfer fees change according to the amount of money transferred, and can be as cheap as 177 JPY in a case of sending 10,000 JPY to a PHP account in the Philippines, for instance.
To send money with TransferWise,
- Create a free account
- Choose an amount to send
- Add recipient’s bank details
- Verify your identity
- Pay for your transfer by bank transfer or debit/credit card
You can track your transfer in your account and your recipient will also be notified when a transfer reaches them.
Even when banks and other providers seem to offer cheaper fees than TransferWise, double-check their exchange rates, too, as they may markup their rates.
Do you regularly receive money from abroad to Japan? You can receive money for free to a TransferWise multi-currency account from the UK, US, Australia, New Zealand, and Europe just as if you had a local bank account in those countries. You can hold your money in 50+ currencies and switch it using the mid-market rate whenever you want to.
There are four ways to send money abroad from Japan using Metro Remittance.⁵
First, you will have to register as a remitter. Through their Easy Online Registration service, you will have to provide your Residence Card if you are a foreigner, or any passport if you are a Japanese national. Afterwards, you can receive your confirmation by post mail. ⁵
- Check your dedicated account assignment. It should be noted on the back of each Members’ card issued to you.
- Go to your Japan post bank ATM and choose ご送金 (Remittance). Choose 他行口座へのご送金, (Remittance to Other Banks). Click 次へ (Next) and put in your ATM card or Bank passbook, and input your PIN number.
- Choose 三井住友銀行 (Mitsui Sumitomo Bank). Search for リ (Ri) and choose リンドウ (Rindou) branch. Choose 普通預金 (Regular savings).
- Input the dedicated account number, and the total amount, and confirm your telephone number.
- A step by step guide in Tagalog is here.
- A postal payment card (yucho-card) shall be issued to each remittance beneficiary and can be used at any Japan post (yucho) bank counter or ATM.
- Please note the transaction fees to include in your remittance amount.
- A step by step guide (in Tagalog) is here.
- Please note that the transaction costs vary based on time and amount. The maximum is 100,000 JPY through postal bank ATM.
|Transfer Amount||Via ATM||Via Counter|
|1 ~ 49,999 JPY||123 JPY||216 JPY|
|50,000 ~ Max Amount||339 JPY||432 JPY|
The Metro Remittance Japan Office location is located in Yokohama, and is open Sunday to Friday from 9AM to 5:00 PM (except holidays).
Kitasaiwai GM21 Building 8F
2-4-3 Kitasaiwai, Nishi-ku, Yokohama-shi
Kanagawa-ken 220-0004 Japan
TEL : 045-324-2430
FAX : 045-324-2431
Softbank Mobile : 080-7951-8008
With a valid ID, you can send money immediately after filling the application form.
- There are agents who can assist you in remitting your money, with locations in Kanto, Chubu, Chugoku, and Kyushu (a list of agents can be found on the Metro Remittance website)
- However, authorized agents have slightly higher charges compared to the Metro Remittance charges.¹
- Beneficiary Name, Address, Account number, Bank name
- You may need to bring an ID card and other documentation such as a copy of passbook, taxation certificate, and certificate of income may be required to verify source of funds and purpose of remittance.
If you need help, you can reach out to Metro Remittance Japan through their online contact form.
Customers can arrange Metro remittance international payments through Japan post bank’s ATM, counter, or the registered agents.
Before you decide how to set up your international transfer, make sure to note the transaction costs and transfer fees. Compare the overall costs of your transfer against a modern alternative like TransferWise.
- Metro Remittance Japan - Reasonable charge
- TransferWise fees
- TransferWise - A cheaper, faster way to send money abroad
- Metro Remittance Japan - Exchange rate
- Metro Remittance Japan - Easy sending money
Checked on October 20, 2020
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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