UK-based TransferWise has rolled out its peer to peer (P2P) international money transfer service in Japan.
The company said that transferring money to Japan will cost 0.5% and sending money from Japan will cost 1%. Currently, transfers are available on transferwise.com. In the coming months, it will be available on the TransferWise iOS and Android apps.
TransferWise CEO Taavet said: “We're excited to launch in Japan. Transferring money in and out of Japan is slow and expensive. We're changing that. With TransferWise transferring money is faster, cheaper and easier.
“We have a local team on the ground in Tokyo – we believe it's very important to be close to our customers.”
Founded in 2011 by Kristo Käärmann and Taavet Hinrikus, the firm uses the real exchange rate to send money abroad.