Tips on how to use TransferWise【Overseas Remittance】

Tips on how to use TransferWise【Overseas Remittance】Asset

Hello.This is Papazon of the Nomad family.(@nomadkazoku)
In March, taking advantage of the yen’s appreciation, we used low-cost TransferWise even for a small amount of money to send money overseas four times a month.

【Overseas Remittance】 Tips on how to use TransferWise

TransferWise, if the remittance destination has already set, overseas remittance is easy enough to be able to transfer money in 5 minutes using the smartphone!

In this article, I would like to introduce the basic usage of TransferWise, “tips to reduce the fee” and “tips to shorten the number of remittance days”.

Tips on how to use TransferWise

Here, in order to get the image of the remittance of everyday use, we will show you how to use when transferring to a registered remittance destination in the app.

Set up remittance amounts

Open the app and press the remittance button.Enter the amount sent, or the amount received, and press “Continue”.

※ If you enter the amount of money sent or received amount, the other number will be automatically calculated.

Set up a recipient’s account

Choose your registered account.

How to Use TransferWise - Recipient's Account Settings

Set up reasons for remittances

Choose from 15 different reasons for sending money.

By the way, I choose “investment”.

Check the contents of the remittance

Check your account information and remittance details, and if there are no problems, press the “Confirm” button.

Choose a deposit method

Select “Deposit manually from your bank” and “Yes, I am the account holder”.

※ You can also choose a debit card in the deposit method, but I do not recommend too much because the fee is high!
*The name of the account must be in the name of the person (including joint).

Deposit by bank transfer

Since the information of the transfer destination is displayed, make a deposit to the specified account and press the “Bank transfer completed” button.

*Please note that if the payment is not completed by the deadline, it will not be covered by the exchange rate guarantee.

This completes the work of overseas remittances at TransferWise.

Tips for keeping the number of days of overseas remittances the shortest

The approximate time to settle the deposit is indicated in the remittance work of Transfer Wise, but please note that there is a possibility that there is a possibility that there is a big deviation because it may not be considered such as the holiday and the holiday etc. of the bank in each country ^ ^ ;

As a result of actually using overseas remittances from Japanese yen to U.S. dollars more than 10 times in three months, the tips for sending money in the shortest possible time are 、、、

To deposit by 23:00 on Monday and Wednesday!

There are two points:

  1. To have the payment confirmed on the day of the transfer
  2. There is no weekend with remittance and deposit money.

We will explain the rationale in the following conditions, so if you want to understand the details or if you want to see if there is the same tendency other than dollars, please read.

In my case, the terms of use, yen, remittance of U.S. dollars, remittance of U.S. dollars, deposit to Sumishin SBI Bank , Mitsubishi UFJ Bank (TransferWise)

Deposit → Time required to confirm payment

If you deposit by 23:00, it was almost that the deposit is confirmed within 60 minutes.

08:30- | 15-60 minutes deposit confirmation
23:00- | 11 hours later (after 10:00 the next morning)

If it passes 23:00, the payment confirmation will become the next day (after 11 hours), so let’s finish the deposit work by 23:00 as much as possible.

※ However, there was also a case that was confirmed payment after 30 minutes at midnight 0:26 deposit only once.

Payment confirmation → Time required to complete remittance

The minimum time from payment confirmation to remittance completion was approximately 10.5 hours, up to 15 hours.

Depending on the day of the week when the payment is confirmed, the remittance completion time tends to be different.

Weekdays|The next midnight around 1:40-1:45
Saturday|Next morning around 7:00
Sunday|No data

Since the transfer completion e-mail on weekdays is concentrated in only 5 minutes, regardless of the deposit time, it seems to be processed together once a day.

Remittance complete → Time required for designated account deposit

There was a 50% chance that if the money was completed on Friday and Saturday, it would be a deposit on Monday after the week.

Remittance completion is Monday – Thursday
– same-night deposit
Remittance completion on the day is Friday – Saturday
– day late night deposit or new week Monday deposit

Although it is a probability of fifty-fifty minutes, it becomes a big time loss when it comes to crossing weeks, so I think that it is a good idea to send money in the first half of the week.

Tips for lowering the fees for overseas remittances

Amount sent
per time
Dollar feeCommission ratePer dollar
¥100,000¥7580.76%¥0.834
¥200,000¥1,3830.69%¥0.761
¥300,000¥2,0090.67%¥0.737
¥400,000¥2,6360.66%¥0.725
¥500,000¥3,2610.65%¥0.717
¥600,000¥3,8870.65%¥0.713
¥700,000¥4,5140.64%¥0.709
¥800,000¥5,1390.64%¥0.707
¥900,000¥5,7660.64%¥0.705
¥1,000,000¥6,3920.64%¥0.703
*The cost of the dollar is 110 yen.

TransferWise fees are cheap!
However, the more you send money together, the less you will be able to reduce the commission rate.

In the case of dollar yen, the commission rate is high on a 100,000-year basis, so I would like to send money in units of at least 200,000 yen or more.

Please refer to the article that summarizes the fee rate for each currency and set your own overseas remittance unit.

By the way, in my case, I send money at a good time in 700,000 years.

More important exchange rates than fee worries

As a matter of fact, transfer wise fees are overwhelmingly cheaper than others, so it’s more important when to send money than to worry about how much money to send at a time.

For example, if you transfer 300,000 yen to 110 yen per dollar, you can receive about 25 dollars more dollars for each yen appreciation.(Fee – about 2,000 yen is not taken into account)

$1Amount receivedDifference
¥100$3,000$272.73
¥101$2,970$243.02
¥102$2,941$213.90
103$2,913$185.35
¥104$2,885$157.34
¥105$2,857$129.87
¥106$2,830$102.92
¥107$2,804$19.47
¥108$2,778$10.51
¥109$2,752$25.02
¥110$2,727$0.00
¥111$2,703-$24.57
¥112$2,679-$48.70
¥113$2,655-$72.41

TransferWise also has a service that emails you daily with an exchange rate called exchange rate alert (English only) and notifies you by e-mail when it comes to the specified rate.

You can also send great overseas money by receiving notifications at the timing of the yen’s appreciation set by yourself and sending money crisply in 5 minutes!

Summary

Above, it was an introduction such as “basic usage of Transferwise”.

I think that there will be many ways to reduce overseas remittances in the future, but please use it as one of the easy overseas remittance methods that you can start now!

This quote feature is wonderful!

Related |How to open a transferwise account

タイトルとURLをコピーしました