How to Transfer Money between Japanese Banks for Free

Bank transfers in Japan, also known as furikomi 振り込み aren't really known for being cheap. A typical transfer to a different bank costs around 100yen to 300yen, and in certain cases even transfers to a bank account within the same bank but different branch are not free.

Personally, I own a few bank accounts and I make a few transfers between my accounts each month. Not willing to pay every time I make transfers, I've managed to find a couple of ways to transfer money at no extra cost.

Bank Accounts with Free Transfers

If you fulfill certain conditions, some Japanese banks offer a certain number of free transfers each month. Check with your bank to see whether they offer free transfers. MUFG Bank offers 3 free transfers a month if you have a Main Bank+ メインバンクプラス account and receive your salary in that account.

If your banks don't offer free transfers you can try signing up for an online-only bank account. Most online-only banks offer a certain amount of free transfers every month. For example, Sumishin SBI Bank offers 5 free transfers a month just by registering for their app-based 2-factor authorization.

Pros

• Transfers are instant
• Recipient's name can be different from yours

Cons

• Only a limited amount of free transfers available

pring

pring is a QR payment app and allows for send and receiving money between users. pring offers 1 free withdrawal a month, which can be used as a intermediary to transfer funds between bank accounts.

Pros

• Easily transfer money between two bank accounts

Cons

• Transfers take 1-2 business days
• Transfers between bank accounts under your name only
• Only 1 free transfer

Brokerage Accounts

Brokerage accounts are the last place you would think that will offer free transfers, but hear me out. Major brokerages (Monex, Rakuten Securities, SBI Securities) offer free deposits and withdrawals. If you set different bank accounts for deposits and withdrawals you can effectively transfer money between the two accounts.

Pros

• No limit on the number of transfers that can be made

Cons

• Transfers take 1-2 business days
• Transfers between bank accounts under your name only

Each methods have their own pros and cons, so try them out and see which ones work best for you. 🥞