List of App Ratings for Remittance Providers in Japan

Introduction

　When choosing an remittance service provider, it is important not only to compare fees but also to compare the quality and content of the services offered by each provider. For example, some people may place importance on the user experience of being able to easily and stress-free send money overseas as a service feature.

　Many remittance service providers offer “Remittance Apps” as a way to achieve a better user experience. It is expected that Remittance Apps can reduce the time it takes to make a transfer request compared to other methods such as in-person transfers, postal mail and phone.

　The time it takes to prepare and request a remittance transaction is one of the “invisible costs“. For those who regularly make overseas money transfers, when selecting a service provider, it may be worthwhile to consider not only visible costs such as transfer fees and exchange rates but also factors such as the convenience of the transfer request method and the usability of the remittance app.

　In this blog, it will explorer which companies provide overseas remittance apps, and how their apps are evaluated.

Remittance App: Banks in Japan

  　Out of 13 Banks investigated (including Japan Post Bank, Mizuho Bank, SMBC, MUFG and etc.) , only SBI Shinsei Bank and Resona Group provided the Remittance App.

　Among them, the overall rating of the Resona Group’s app, which includes not only overseas remittance but also other online banking functions, was very high at 4.6/5, which was 3.2 points higher than the rating of Shinsei Bank’s overseas remittance app..

※Banks not providing remittance app: Japan Post Bank, Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, Bank of Yokohama, Bank of Kyoto, Hiroshima Bank, Shizuoka Bank, Iyo Bank, Rakuten Bank, Sony Bank.

　For the reference, 7 out of 13 banks provided remittance services online or on their website.

Remittance App: Fund Transfer Service Providers in Japan

　There are about 40 Fund Transfer Service Providers that provide remittance services from Japan to overseas. Among these 40 companies, 20 of them offer a remittance app.

　The user ratings (on a 5-point scale) for each app are shown in the table below.

※The data was collected between August 9th and August 14th, 2022.
※The following list shows the money transfer companies that provide remittance services (Japan to overseas) but do not offer a dedicated overseas remittance app: BDO Remit Japan Co., Ltd., CURFEX JAPAN Co., Ltd., FSR Holdings Co., Ltd., Solomon Capital Japan Co., Ltd., C&B Co., Ltd., JPY Co., Ltd., Y&W Co., Ltd., Asian Net Co., Ltd., Eco Remit Japan Co., Ltd., C-Square Co., Ltd., Digitar Inc., Densan System Co., Ltd., Travelex Japan Co., Ltd., Trans-Remittance Co., Ltd., Pioneer Japan Co., Ltd., and Metro Remittance Japan Co., Ltd., and IDA Japan Co., Ltd.

　Among the apps with over a thousand reviews, the app with the highest overall rating was the one provided by Queen Bee Capital (service name: PayForex), with a rating of 4.8.

　In addition, the service providers that were popular with over 100,000 reviews but with slightly lower overall ratings than PayForex were Paypal, Revolut, Wise, and World Remit. These four companies are well-known global overseas money transfer providers, and their apps are used not only by Japanese but also by people from other countries, which explains why they have received a large number of reviews. Furthermore, the overall ratings of the apps provided by these four companies were very high, ranging from 4.3 to 4.4, indicating that their convenience is excellent.

　On the other hand, the rating of the app provided by Western Union, the largest player in the overseas money transfer industry, was 3.5 out of 5, which was third from the bottom among the companies surveyed. Western Union seems to offer apps for each country, but the ratings for the Japanese app do not seem to be very high.

　In conclusion, among the overseas money transfer providers, the five companies with high ratings were Queen Bee Capital (service name: PayForex), Paypal, Revolut, Wise, and World Remit.

Recommended Overseas Money Transfer App in Japan

　Based on the ratings and number of reviews of the apps mentioned so far, we recommend the following international money transfer providers that offer a better user experience:

Recommended Remittance Providers by App Ratings

• PayPal
• Queen Bee Capital（PayForex)
• Resona Group
• Revolut
• Wise
• WorldRemit

※Alphabetical order

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