If you live in Malaysia, you will regularly need to send money to Japan or Malaysia. Paying rent, transferring school fees, sending money to parents in Japan — but the reality is that traditional international bank transfers have high fees, poor rates, and take 2-5 days.
In this article, we will thoroughly compare the overseas remittance services actually used by Malaysian residents and introduce the most economical and fastest method.
The author has made over 200 international remittances over the past three years and has actually used and compared all services.
Comparison table of international remittance services
| Service | Fee (when remitting 100,000 yen) | Exchange rate | Reception speed | Maximum remittance amount | Japanese support |
|---|---|---|---|---|---|
| Wise | Approx. 660 yen | Mid-market rate | 1 to 2 hours | 1 million yen/time | ◎ |
| Revolut | Free ~ 740 yen | Preferential rate | 1 to 3 hours | Limited | ○ |
| PayPay Bank | From 1,500 yen | Bank rate (+1 to 2%) | 2 to 3 days | No limit | ◎ |
| Mitsubishi UFJ Bank | 3,000 to 7,500 yen | Bank rate (+2 to 3%) | 3 to 5 days | No limit | ◎ |
| Japan Post Bank | From 2,500 yen | Bank rate (+2%) | 4-7 days | No limit | ◎ |
1st place: Wise — Revolutionary child of overseas remittance
Overall rating: 4.9 / 5.0 — overwhelmingly No.1 among Malaysian residents
5 reasons to choose Wise
- ●Mid Market Rate—Same exchange rate as displayed on Google. No surcharges like banks
- ●Overwhelmingly low fees—A remittance of 100,000 yen only costs around 660 yen
- ●Very fast deposit speed—In most cases, you can receive your funds within 1-2 hours. Fastest 15 minutes
- ●Highly transparent—You will see the exact fees and amount received before sending money
- ●Used by over 16 million people—A service trusted around the world
Actual cost comparison: Sending 100,000 yen to Malaysia
| Item | Wise | Mitsubishi UFJ Bank |
|---|---|---|
| Remittance fee | Approx. 660 yen | Approx. 4,500 yen |
| Exchange rate addition | 0 yen (mid market rate) | Equivalent to approximately 2,000 to 3,000 yen |
| Intermediary bank fee | 0 yen | Approximately 1,500 to 3,000 yen |
| Actual cost total | Approx. 660 yen | Approx. 8,000 to 10,500 yen |
| Amount received | Approx. RM 2,480 | Approx. RM 2,250 |
| Time to receive money | 1-2 hours | 3-5 business days |
Just by using Wise, you can save around 7,000 to 10,000 yen per remittance. If you remit money once a month, you will save 80,000 to 120,000 yen per year.
How to get started with Wise
- 1Create an account on Wise official website (email address only)
- 2Upload your identification document (passport or driver's license)
- 3Register the bank account to send money to
- 4Enter the amount to send → Fees and amount received will be displayed instantly
- 5Transfer money → Funds arrive in 1-2 hours in most cases
Wise also offers a "multi-currency account," which allows you to manage balances in multiple currencies such as MYR, JPY, USD, and GBP with one account. Get the best rates when shopping abroad with your Wise debit card.
2nd Place: Revolut — Comprehensive financial app
Overall rating: 4.5 / 5.0 — Full of functions other than remittance
Features of Revolut
- ●Free remittance up to RM 5,000 per month (Standard Plan)
- ●Virtual currency and stock trading can also be completed within the app
- ●Revolut Card—Debit card that can be used worldwide
- ●Bill splitting function—Easy to split amounts by group
Points to note about Revolut
- ●Fees will be charged if you exceed the free remittance limit
- ●Exchange rate is different on weekdays and weekends (0.5% surcharge on weekends)
- ●Japanese support may be insufficient
Bank transfer vs Wise: cost comparison simulation
Case 1: Send 100,000 yen to Malaysia every month
| Duration | Total cost when using Wise | Total cost when using banking | Difference (amount saved) |
|---|---|---|---|
| 1 month | 660 yen | 8,500 yen | 7,840 yen |
| Half a year | 3,960 yen | 51,000 yen | 47,040 yen |
| 1 year | 7,920 yen | 102,000 yen | 94,080 yen |
| 3 years | 23,760 yen | 306,000 yen | 282,240 yen |
Approximately 280,000 yen difference over 3 years. This amount is equivalent to about 2 months' rent in Malaysia.
Case 2: Transfer 300,000 yen all at once (tuition fee payment, etc.)
| Service | Fee | Foreign exchange loss | Total cost | Amount received (MYR) |
|---|---|---|---|---|
| Wise | 1,640 Yen | 0 Yen | 1,640 Yen | RM 7,440 |
| Mitsubishi UFJ | 7,500 yen | Approx. 9,000 yen | 16,500 yen | RM 7,070 |
Recommended by usage
💰 Regular remittance (rent/living expenses)
- 1Wise—Automatic remittance function allows you to automatically remit a fixed amount every month
🏫 Payment of tuition fees
- 1Wise—Low cost for large remittances. The best rate is Japanese Yen → MYR
🛍 Daily shopping/payments
- 1Revolut—Pay in local currency with a debit card. Almost zero exchange fees
- 2Wise—The Wise debit card is just as good.
🏠 Sending money to Japan
- 1Wise—MYR → JPY remittance is also low cost and fast
Frequently asked questions
Q: Is Wise safe?
Yes, it is very safe. Wise is regulated by the UK FCA (Financial Conduct Authority) and is registered with the Financial Services Agency as a funds transfer operator in Japan. Customer funds are segregated and managed.
Q: Can I use Wise without a Malaysian bank account?
Yes, you can. It is also possible to send money directly from your Japanese bank account and have it arrive at someone's account in Malaysia.
Q: Is there a remittance limit?
In the case of Wise, the upper limit is 1 million yen per transaction (after identity verification is completed). For amounts larger than that, split remittance is required.
Q: Do I need to file a tax return?
Although overseas remittances themselves are not subject to tax, overseas remittances exceeding 1 million yen per year are reported to the tax office (overseas remittance record). Please check with your tax accountant for details.
Summary
| Ranking | Service | Recommended points | 100,000 yen remittance cost |
|---|---|---|---|
| 🥇 | Wise | Cheapest, fastest, most transparent | Approx. 660 yen |
| 🥈 | Revolut | Comprehensive financial app | Free ~ 740 yen |
| 🥉 | Bank transfer | For large amounts and corporations | 8,000 to 10,500 yen |
When in doubt, choose Wise. Registration is free, and the hurdles for making your first remittance are very low. It is one of the most effective tools to reduce the cost of living in Malaysia.
