Canadian companies and individuals can now get better rates than the banks when sending money to their Japanese counterparts.
Whether you’re a company or an individual, there are many reasons why you may need to send Japanese Yen money transfers from Canada to Tokyo, Kyoto, Osaka, Takayama, or any other place in Japan.
You may want to purchase overseas property, pay for Japanese tuition fees, send money to friends or family in Japan, secure your business interests, or something in between. Whatever the reason, you need to watch out for those currency conversion costs each time your money travels to Japan.
While there’s not much you can do to prevent currency exchange rate fluctuations, you can still get great value when transferring money to a Japanese bank account.
Why the JPY/CAD exchange rate matters
The JPY/CAD is an essential factor to consider when sending money to Japan. If the exchange rate isn’t optimal, you’ll get less for your Canadian dollars. For instance, if the exchange rate is lower by 3 cents, you forfeit 1-3% when you pay a supplier invoices or vendor payments
Suppose you choose a provider with an exchange rate that’s 5 cents lower, your losses balloon to 5%. That’s a small fortune that deserves to remain in your pocket. So, if you have been putting up with high exchange rates, it’s time to go into money-saving mode with MTFX.
Need to keep your fingers on the pulse of the JPY/CAD trend? View the live rate and get the opportunity to lock in a favorable rate before you transfer money to Japan.
What is the current Canadian Dollar to Japanese Yen rate?
What is the best way to send money to Japan?
The best way to send money to Japan should be secure, fast, and cheap, so the award goes to foreign exchange specialists like MTFX. The other option of sending money via high-end banks isn’t viable because banks charge hefty fees and take too long to transfer money.
With MFTX, you get a more competitive exchange rate that trumps the banks by 3-5%. There’s greater protection from currency fluctuations because MFTX passes down savings obtained from high-volume currency exchanges.
You can conveniently move your money to Japan anytime, anywhere through the secure, 24/7 online platform. Also, your beneficiaries receive the money on the same day or within 48 hours, saving you time and money in one fell swoop.
What bank details are needed to transfer money to Japan?
When sending money to Japan from Canada, you will need:
Beneficiary account number
Bank Swift code
Reason for transfer
Can I send money to a Japanese bank account online?
Yes, you can – once you register for an MTFX business account. This gives you access to the online dealing platform where you can send 100+ currencies to 140+ countries worldwide.
MTFX payment portal enables you to simplify and streamline your payments on your smart device from any location around the clock in Canada.
Who uses MTFX to send money to Japan?
MTFX online accounts are available to individuals and companies that need to send money to Japan. Here are the top reasons why people send money to Japan.
Sending money for general use to family, friends, or yourself in Japan
Purchasing a home or property
Transferring money to Japan for investment purposes
Sending money to Japan if you’re relocating there
Paying invoices from suppliers in Japan
Making investments or payments in Japan
Purchasing goods and services in Japan
Paying royalties or wages
Send money to Japan today
As an industry-leading provider of currency exchange solutions and FX global payments, MFTX makes your life easier with:
Sign up to receive the latest market news from our experts.
Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
Please read the following update before logging in to your MTFX online account
We have updated our online dealing system to provide you with better functionality, more unique tools and an overall enhanced client experience. MTFX Online 2.0 is now available for your dealing needs. You can begin using our enhanced online portal today.
Please note that the traditional portal will be available for use until MAY 30th 2021 at which point it will be decommissioned.