Article by Mozo
Imagine being able to convert Australian dollars to yen then transfer it to any bank account in Japan, any time of day or night? Well thanks to online international money transfer agents, you can do just that.
If you are travelling to Japan for a holiday, this section isn’t for you. Head on over to our travel money section to find great deals on travel money cards and read up on tips for money-savvy overseas travel.
You can compare a wide range of international money transfer providers that transfer Aussie dollars (and other currencies) to Japanese Yen right here on Mozo. Rates are updated hourly.
Very safe. Providing you have already downloaded the right protective software for when inputting sensitive information for any transaction you make online, then you can go full steam ahead and transfer as little or as much as you like!
Prying eyes find it extremely difficult when your online transaction is encrypted with the latest online technologies and software, so make sure your computer is up to speed with the latest protection before making any transactions or transfers.
You’ll be surprised at how straightforward it actually is. Think of your own personal bank account. When you want to pay a bill via BPAY or pay someone’s personal account, you need integral information to help identify the third party. Much like an IMT.
Important information and numbers you need before making an IMT include:
It’s a good idea to have this information handy before making your transfer in order for it to be a smooth transaction. Keep in mind, an IMT or an International Money Transfer is when you transfer money from one account to another, and does not include cheque, cash or travellers cheques into an account.
Do you genuinely know the person you’re sending money to? You should always know the person or third party before wiring yen to them, hopefully saving you from online scams.
If they're in the money game, chances are they’ve got their green hands safely in the IMT pot. You can use one of the following finance providers or money transfer agents to convert Australian dollars to yen and transfer them to whoever you like in the Japan:
Have you noticed that banks want to offer the world in one convenient place? They do very well to offer every product and service available in the land of money, but can they pull through with the goods? As banks often offer more than they can chew, their end delivery may be limited. You’re better off going to a transfer money agent that specialises in IMT a little more, saving you money on fees in the long run too.
Pros: Trusting and familiar names with generally good reputations.
Cons: Sometimes limited time and knowledge to do what you want them to. If they have a dedicated IMT service team available, then you’re in luck! But the conversion charges and fees still may be higher than competitive alternatives.
Foreign Exchange Specialist
Also known as Specialist FX are international money transfer experts that you can almost always rely on. They’re likely to be cheaper than banks and faster with their delivery. IMT and foreign exchange providers like TorFX, and OFX offer a safe and fast online method of converting dollars to yen, while allowing you to transfer in the simplest way. Compare providers here.
Pros: Safe and fast, competitive international money transfer.
Cons: Always double check there are no hidden fees before making an IMT transfer.
Whether you make regular or one-off IMT you’ll want to get the best exchange rate with the lowest fees. Most IMT providers don’t charge account keeping fees. You set up an account, transfer money in and out to/from your regular banking account.
Yes and no. Yes your money will be transferred eventually, but not with the same service and fees attached. Theses are just some of the things you need to look out for. Let’s explore these further:
Firstly, you need to decide which direction you will take - online, in person or over the phone?
Working this out first, will determine your best next steps.
Whichever way you choose to transfer money to the Japan, some crucial bits of information you’ll need for a successful transfer include:
BIC - Bank Identification Code
SWIFT - Society for Worldwide Interbank Financial Telecommunication
IBAN - International bank account number
Recipient - The person or party who receives the money being transferred
IMT - International money transfer
IMO - International money order.Country guides for transferring money internationally