TransferWise launches money transfer service to Japan

UK-based TransferWise has rolled out its peer to peer (P2P) international money transfer service in Japan.

TransferWise launches money transfer service to Japan

The company said that transferring money to Japan will cost 0.5% and sending money from Japan will cost 1%. Currently, transfers are available on transferwise.com. In the coming months, it will be available on the TransferWise iOS and Android apps.

TransferWise CEO Taavet said: “We’re excited to launch in Japan. Transferring money in and out of Japan is slow and expensive. We’re changing that. With TransferWise transferring money is faster, cheaper and easier.

“We have a local team on the ground in Tokyo – we believe it’s very important to be close to our customers.”

Founded in 2011 by Kristo Käärmann and Taavet Hinrikus, the firm uses the real exchange rate to send money abroad.