Wise granted Type 1 Funds Transfer Service Provider Licence in Japan, readies for next phase of growth

• Becomes one of the first international financial services company operating in Japan to be granted the licence

• Customers will soon be able to send up to 150 million JPY to more than 50 countries (including major currencies like USD, GBP, EUR, AUD) at the mid-market rate with no hidden fees

Tokyo, Japan, 12 March 2024 - Wise, the global technology company building the best way to move and manage money around the world, has become one of the first international financial services companies to be granted the Type 1 Funds Transfer Service Provider licence in Japan. 

By obtaining approval to operate as a Type 1 Funds Transfer Service Provider, Wise Payments Japan K.K. will soon be able to completely remove the one million JPY per transaction restriction on cross-border transfers imposed as a condition of the existing Type 2 Funds Transfer Service Provider licence it has held since 2016.

Wise’s licence approval will bring further competition in the market to Japanese customers and businesses looking to send and receive up to 150 million JPY per transaction in more than 40 currencies - including major currencies such as EUR, GBP, USD, KRW SGD - at the mid-market rate with no hidden fees. 

According to the World Bank¹, Japan is one of the most expensive G20 countries to send money from in the world. This is because sending money overseas without transaction limits has only been provided by Japanese banks who charge more than 7% compared to Wise’s average fee of 0.67% - up to 10 times cheaper in Japan. 

Since launching in Japan in 2016, Wise has been continuously growing and expanding its local team and product suite in the market:

• Wise launches in Japan in 2016 as TransferWise, offering an international remittance service for individuals

• TransferWise for Business comes to Japan in 2018 giving Japanese businesses the ability to send money internationally 

• In 2020, Wise pioneers eKYC in Japan to allow digital verification and onboarding in 2020 and lowers the price of transfers by up to 24% 

• The Wise Account and Wise Business multi-currency account comes to Japan in July 2020 allowing Japanese customers to open account details in Australia, UK, Eurozone, USA and more 

• The Wise Card for individuals and the Wise Business Card launches in January 2021 

• Wise further lowers the price of transfers in Japan by 15% in September 2021

• In December 2021, Wise Business feature set expands with the launch of employee expense cards
• Wise Platform comes to Japan in May 2023, launching with GMO Aozora Net Bank as the first partner in the country

Mika Sei, Country Manager, Wise Japan said: “Japanese customers and businesses are more international than ever today, and the need to send money abroad in a fast, low-cost and transparent manner without a restrictive 1 million JPY limit is increasingly important. 

Since launching in Japan, our aim has always been to give our customers - both individuals and businesses - the same experience as the millions of other Wise customers around the world when sending money internationally in another currency. This new licence allows us to do just that. We’ll soon be able to launch a very competitive offering in the market which will drive competition and help lower the cost of sending money abroad in line with the UN SDG goal. 

We’re excited to double down on our commitment to Japan as we continue forward in our mission to build money without borders.”

^[1] World Bank Remittance Prices WorldWide Quarterly Report. September 2023.