What this is
Every figure below comes from a quote we recorded ourselves, not from a provider's marketing page. Once a day we ask what a ¥100,000 transfer from Japan would actually deliver, for each corridor and each provider, and we store the answer with a timestamp. This page covers 10 corridors, 8 providers and 66 stored observations, going back to 2026-08-01. The mid-market reference is taken independently from the European Central Bank so the comparison baseline does not come from any single provider.
What arrives today
Sending ¥100,000 on 2026-08-01. "Received" is the amount the recipient gets after the provider's fee and its exchange rate. "Markup" is how far that exchange rate sits from the ECB mid-market rate — this is the cost that does not appear as a fee.
JPY → BRL (Brazil)
| Provider | Type | Fee (JPY) | Rate | Received | Markup vs ECB |
|---|---|---|---|---|---|
| Instarem | transfer service | 0 | 0.0321 | 3,210 BRL | -1.68% |
| Wise | transfer service | 1,433 | 0.032208 | 3,174.68 BRL | -2.02% |
| PayPal | transfer service | 0 | 0.030038 | 3,003.8 BRL | 4.85% |
| Rakuten | bank | 1,750 | 0.03024 | 2,971.05 BRL | 4.21% |
| SMBC | bank | 3,500 | 0.030179 | 2,912.27 BRL | 4.41% |
JPY → CNY (China)
| Provider | Type | Fee (JPY) | Rate | Received | Markup vs ECB |
|---|---|---|---|---|---|
| Instarem | transfer service | 0 | 0.0427 | 4,270 CNY | -1.35% |
| Wise | transfer service | 1,828 | 0.042843 | 4,206 CNY | -1.69% |
| SBI Remit | bank | 460 | 0.0412 | 4,101.05 CNY | 2.21% |
| Rakuten | bank | 1,750 | 0.041541 | 4,081.45 CNY | 1.40% |
| SMBC | bank | 3,500 | 0.042176 | 4,069.97 CNY | -0.11% |
| PRESTIA | bank | 5,000 | 0.042123 | 4,001.69 CNY | 0.02% |
| MUFG Bank | bank | 6,000 | 0.042231 | 3,969.68 CNY | -0.24% |
JPY → EUR (the eurozone)
| Provider | Type | Fee (JPY) | Rate | Received | Markup vs ECB |
|---|---|---|---|---|---|
| Instarem | transfer service | 0 | 0.0055 | 550 EUR | -1.29% |
| Wise | transfer service | 878 | 0.005512 | 546.38 EUR | -1.51% |
| Rakuten | bank | 1,750 | 0.005469 | 537.29 EUR | -0.71% |
| SMBC | bank | 3,500 | 0.005456 | 526.47 EUR | -0.47% |
| PRESTIA | bank | 5,000 | 0.00547 | 519.7 EUR | -0.75% |
| PayPal | transfer service | 0 | 0.005184 | 518.4 EUR | 4.53% |
| MUFG Bank | bank | 6,000 | 0.00546 | 513.22 EUR | -0.55% |
JPY → IDR (Indonesia)
| Provider | Type | Fee (JPY) | Rate | Received | Markup vs ECB |
|---|---|---|---|---|---|
| Instarem | transfer service | 0 | 113.7505 | 11,375,050 IDR | -0.97% |
| Wise | transfer service | 1,089 | 114.44 | 11,319,375 IDR | -1.58% |
| SBI Remit | bank | 1,480 | 114.156136 | 11,246,662.5 IDR | -1.33% |
| Rakuten | bank | 1,750 | 101.760626 | 9,997,981.5 IDR | 9.67% |
| SMBC | bank | 3,500 | 100.575125 | 9,705,499.52 IDR | 10.73% |
JPY → KRW (South Korea)
| Provider | Type | Fee (JPY) | Rate | Received | Markup vs ECB |
|---|---|---|---|---|---|
| Instarem | transfer service | 0 | 9.1183 | 911,830 KRW | -1.21% |
| Wise | transfer service | 1,310 | 9.13456 | 901,490 KRW | -1.39% |
| Rakuten | bank | 1,750 | 8.905018 | 874,918 KRW | 1.16% |
| SMBC | bank | 3,500 | 8.992897 | 867,815 KRW | 0.18% |
JPY → PHP (the Philippines)
| Provider | Type | Fee (JPY) | Rate | Received | Markup vs ECB |
|---|---|---|---|---|---|
| Instarem | transfer service | 0 | 0.387 | 38,700 PHP | -1.21% |
| Wise | transfer service | 1,156 | 0.388479 | 38,398.82 PHP | -1.60% |
| SBI Remit | bank | 1,400 | 0.381 | 37,566.6 PHP | 0.36% |
| PayPal | transfer service | 0 | 0.364678 | 36,467.8 PHP | 4.63% |
| Rakuten | bank | 1,750 | 0.362535 | 35,619.08 PHP | 5.19% |
| SMBC | bank | 3,500 | 0.367047 | 35,420.03 PHP | 4.01% |
| MUFG Bank | bank | 6,000 | 0.367789 | 34,572.19 PHP | 3.81% |
JPY → THB (Thailand)
| Provider | Type | Fee (JPY) | Rate | Received | Markup vs ECB |
|---|---|---|---|---|---|
| Instarem | transfer service | 0 | 0.2102 | 21,020 THB | -0.65% |
| Wise | transfer service | 1,333 | 0.212181 | 20,935.26 THB | -1.59% |
| Rakuten | bank | 1,750 | 0.208083 | 20,444.17 THB | 0.37% |
| SBI Remit | bank | 1,480 | 0.206566 | 20,350.88 THB | 1.09% |
| SMBC | bank | 3,500 | 0.208696 | 20,139.16 THB | 0.07% |
| PayPal | transfer service | 0 | 0.19869 | 19,869 THB | 4.86% |
| PRESTIA | bank | 5,000 | 0.208433 | 19,801.15 THB | 0.20% |
| MUFG Bank | bank | 6,000 | 0.208508 | 19,599.79 THB | 0.16% |
JPY → TWD (Taiwan)
| Provider | Type | Fee (JPY) | Rate | Received | Markup vs ECB |
|---|---|---|---|---|---|
| Rakuten | bank | 1,750 | 0.19836 | 19,488.91 TWD | 3.26% |
| SMBC | bank | 3,500 | 0.199635 | 19,264.78 TWD | 2.64% |
| PayPal | transfer service | 0 | 0.192145 | 19,214.5 TWD | 6.29% |
JPY → USD (the United States)
| Provider | Type | Fee (JPY) | Rate | Received | Markup vs ECB |
|---|---|---|---|---|---|
| Instarem | transfer service | 0 | 0.006334 | 633.4 USD | -1.51% |
| Wise | transfer service | 987 | 0.006346 | 628.31 USD | -1.70% |
| Rakuten | bank | 1,750 | 0.006305 | 619.48 USD | -1.04% |
| SBI Remit | bank | 1,500 | 0.006159 | 606.66 USD | 1.30% |
| SMBC | bank | 3,500 | 0.006286 | 606.61 USD | -0.74% |
| PRESTIA | bank | 5,000 | 0.006303 | 598.8 USD | -1.01% |
| PayPal | transfer service | 0 | 0.005966 | 596.6 USD | 4.39% |
| MUFG Bank | bank | 6,000 | 0.006297 | 591.91 USD | -0.91% |
JPY → VND (Vietnam)
| Provider | Type | Fee (JPY) | Rate | Received | Markup vs ECB |
|---|---|---|---|---|---|
| Instarem | transfer service | 0 | 166.2361 | 16,623,610 VND | 0.38% |
| SBI Remit | bank | 760 | 166.92311 | 16,565,449 VND | -0.03% |
| Wise | transfer service | 1,244 | 166.869 | 16,479,315 VND | 0.00% |
| Rakuten | bank | 1,750 | 155.657655 | 15,293,365 VND | 6.72% |
The "no fee" trap
These providers charge no transfer fee, yet take a margin on the exchange rate. The fee line says zero; the recipient still gets less.
| Provider | Corridor | Fee (JPY) | Markup vs ECB |
|---|---|---|---|
| PayPal | JPY → TWD | 0 | 6.29% |
| PayPal | JPY → THB | 0 | 4.86% |
| PayPal | JPY → BRL | 0 | 4.85% |
| PayPal | JPY → PHP | 0 | 4.63% |
| PayPal | JPY → EUR | 0 | 4.53% |
| PayPal | JPY → USD | 0 | 4.39% |
What changed
No stored value has moved yet. This section fills in as the record grows — that is the point of measuring daily.
How we measure
A scheduled job runs once a day and requests a live comparison for a ¥100,000 transfer in each corridor. Each quote is stored append-only with its timestamp, fee, exchange rate, resulting amount and the most recent ECB reference rate available at that moment (the ECB publishes once per business day, so it lags live quotes — a negative markup means the provider's rate was better than that reference). Nothing is ever overwritten. When a request fails, we store the failure instead of carrying the previous value forward, so a gap in the data is visible as a gap and never as "unchanged". Current record: 1 day(s), 2 failed observation(s).
Limits of this data
These are quotes, not completed transfers: the amount finally credited can differ if the recipient's bank deducts its own charge. Rates move continuously, so a figure recorded on 2026-08-01 is not a promise for today. The comparison uses one send amount (¥100,000); fee structures with fixed components look different at other amounts. We publish the record, not a recommendation.
Recorded quotes, not financial advice. Verify the current rate with the provider before sending money.
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