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Fee comparison of incoming wire transfers at Japan banks

Finance Japan Banking

In this post, I want to compare the total fee at three Japanese banks. The scenario is that all of the incoming wire transfer in US dollars (USD) is converted to Japanese yen (JPY).

The following banks will be compared:

  • Rakuten Bank 楽天銀行
  • SBI Shinsei Bank 新生銀行
  • SBI Sumishin Net Bank 住信SBIネット銀行

They each charge a fee in USD to receive a wire transfer in USD, i.e. 受取手数料.

Rakuten Bank SBI Shinsei Bank SBI Sumishin Net Bank
Incoming fee (USD) 20 14 25

In addition, they each charge a currency conversion fee, i.e. 為替手数料, in JPY per USD converted.

Rakuten Bank SBI Shinsei Bank SBI Sumishin Net Bank
Conversion fee (JPY per 1 USD) 0.25 0.15 0.06

Between Shinsei and Sumishin, the latter charges a higher incoming fee (amount independent) but a lower conversion fee (amount dependent). Therefore, above a certain amount, the latter bank will charge a lower total fee.

Here are the fees for different amount of wire transfers. 1 USD is 130 JPY.

Fee comparison between Japan banks

As you can see, Shinsei and Sumishin has the lowest fees. Between them, at around 16,000 USD, there is a cross-over point. Below that amount, Shinsei has lower fees and above that Sumishin.

The conversion fee quoted above for Shinsei is based on their Standard membership level. If one has higher membership levels, the fee is lower.

Standard Silver, Gold Platinum, Diamond
Conversion fee (JPY per 1 USD) 0.15 0.09 0.07

Here is the fee chart again.

Fee comparison between Shinsei membership levels

As you can see, all of the higher membership levels at Shinsei offers lower total fee than Sumishin.

In conclusion, below 16,000 USD transfer-amount, total fee is lowest at Shinsei Bank with the Standard membership. With any higher membership, Shinsei Bank offers the lowest fee, period.

Notes: