Send Money from Japan to Singapore

Send Money from Japan to Singapore — The Complete Guide to Best Rates & Lowest Fees

If you're sending money from Japan to Singapore, you're part of a steady flow of remittances—whether you're a Japanese expat supporting family in Singapore, paying for business expenses, or investing in property. The JPY-to-SGD corridor is heavily serviced by banks and digital providers, which means you have real options to save money. Most senders lose 3–8% to unfavorable exchange rates without realizing it. This guide walks you through exactly how to send money affordably and safely.

Step 1: Understand the JPY to SGD Market

The Japanese yen (JPY) and Singapore dollar (SGD) are both liquid, stable currencies, so transfer options are plentiful. Banks in Japan can send money directly to Singapore, but they take a hefty markup on the exchange rate—often 2–4% hidden in the conversion. Digital money transfer providers like Wise, Remitly, Revolut, and WorldRemit have disrupted this market by offering rates that sit 3–8% closer to the real mid-market rate. Understanding this difference is the single biggest factor in how much money your recipient actually receives.

Step 2: Avoid Hidden Fees by Comparing the Full Cost

When you see an exchange rate, ask yourself two questions: (1) Is this the mid-market rate or a marked-up rate? (2) What fees are being charged on top? Never compare based on advertised rate alone. Instead, calculate the final amount your recipient will receive by working backward from the SGD deposit. Here's how:

• Get a quote from your chosen provider showing the exact JPY amount you'll send, the exchange rate applied, and the final SGD delivered.
• Compare this final SGD figure across 3–4 providers—not just the advertised rate.
• Account for flat fees (typically ¥500–¥2,000 from Japan) and percentage fees (0.5–2%) that providers may charge.
• Check whether the recipient's bank in Singapore charges a receiving fee (usually SGD 10–20); most digital providers absorb this, but banks often don't.

Step 3: Choose Between Banks and Digital Providers

Your bank in Japan (such as Mitsubishi UFJ, SMBC, or Mizuho) can send the money, but expect a 2–4% markup on the exchange rate plus a transfer fee of ¥3,000–¥4,500. Digital providers cost 60–70% less in total fees and offer mid-market or near-mid-market rates. If you're sending more than ¥500,000 regularly, the cumulative savings are substantial. Wise is the most transparent for JPY-SGD transfers and shows you the exact rate before you commit. Remitly offers fast delivery (within hours) if your recipient is registered with PayNow, Singapore's real-time bank transfer system that links to mobile numbers or NRIC/FIN numbers. Many digital providers can deliver directly to PayNow-linked accounts, bypassing traditional bank transfer delays.

Step 4: Decide on Transfer Speed

Digital providers typically offer two speeds: standard (1–3 business days, lower fee) and express/instant (same-day or within hours, higher fee). For amounts under ¥300,000, the standard option saves you ¥1,500–¥3,000 with minimal time penalty. For urgent transfers or business payments, express delivery is worth the extra cost. Singapore's largest receiving banks—DBS Bank and OCBC Bank—both process incoming transfers quickly once the payment arrives in the Singapore banking system, so your recipient will see the money within 1–2 business days even on a standard transfer.

Step 5: Know the Tax and Regulatory Requirements

Standard banking regulations apply to money transfers from Japan to Singapore. You must provide your own bank details and the recipient's full name and bank account information (or NRIC/FIN for PayNow transfers). Japan's financial institutions report large transfers, but there is no special withholding tax on remittances to Singapore. Your recipient should keep a record of the transfer for their own records, especially if receiving regularly.

Step 6: Apply These Money-Saving Tips

• Time your transfer: Avoid sending on weekends or Japanese holidays when mid-market rates may be stale. Tuesday through Thursday mid-morning in Japan typically has tighter spreads.
• Use amount thresholds: Transfers over ¥300,000 often qualify for lower percentage fees; check your provider's fee schedule.
• Set rate alerts: Apps like Wise and Remitly let you set alerts when the JPY-SGD rate hits your target. You can then lock in a rate within minutes.
• Batch transfers: If sending monthly, grouping two months into one transfer cuts fees in half.

By following these steps, most senders can cut their transfer costs by 4–6% compared to using a traditional bank. Start with a small test transfer to confirm your recipient's details, then scale up once you're confident in the speed and rate.