Why This Matters

When many foreigners in their 40s, 50s, or 60s start planning to move to Japan, one of the biggest concerns isn’t visas or even learning Japanese—it’s money. Specifically: how to transfer pension money to Japan with Wise in a safe, affordable way.

If you’ve worked for decades, you deserve to keep as much of your pension as possible. But international transfers can be tricky, and traditional banks often charge high fees with poor exchange rates.

That’s why in this guide, I’ll show you how to use Wise to transfer your pension safely, what to do if you don’t yet have a Japanese bank account, and how to grow your retirement savings once you’re here

Traditional Banks vs. Modern Options

Most retirees assume their home bank is the easiest way to transfer money. But there are big downsides:

• High fees – $20–$50 per transfer is common.
• Hidden exchange rates – Banks often give you a worse rate than the real one.
• Slow transfers – Sometimes 3–7 days.

For retirees living on a fixed income, those hidden costs add up quickly.

That’s why many expats now use Wise.

Why Wise Is Different

Wise is one of the most trusted services for retirees who need to transfer pension money to Japan with Wise safely and affordably.

• Real exchange rate – The same rate you see on Google, not a “bank rate.”
• Transparent fees – Always shown upfront, usually much lower than banks.
• Fast transfers – Often same day or next day.
• Safe & regulated – Licensed in multiple countries, including Japan.

👉 Start with Wise here and save on your first transfer.

Step-by-Step: How to Transfer Your Pension to Japan with Wise

This is the simplest way to transfer pension money to Japan with Wise—without paying hidden fees or waiting weeks for your funds.

1. Open a Wise account – Verify your ID online.
2. Link your pension source – Usually your home-country bank account.
3. Set up the transfer – Enter your Japanese bank details.
4. Review fees and exchange rate – Wise shows you exactly what you’ll get in yen.
5. Confirm & send – Money usually arrives within 1–2 days.

Should You Keep Pension Money in Wise or Transfer It Immediately?

Many retirees wonder: “Should I just keep money in my Wise balance?”

👉 Best Practice: Keep a short-term buffer in Wise (e.g., $2,000–$5,000), but transfer the rest to Japan for stability.

Whether you transfer pension money to Japan with Wise monthly or quarterly, remember that Wise is best for flexibility, not long-term storage.

What If You Don’t Have a Japanese Bank Account Yet?

Without a local bank account, life in Japan is harder:

• You can’t receive money directly in yen.
• ATM withdrawals with foreign cards are costly.
• Rent, utilities, and insurance often require automatic withdrawals.

👉 Bottom line: To actually spend your money after you transfer pension money to Japan with Wise, you’ll need a local account for bills and rent.

How to Open a Bank Account in Japan (Step by Step)

1. Residency Requirement

You need a residence card (在留カード). Tourists cannot open accounts.

2. Documents You Need

• Residence Card
• My Number Card or slip
• Passport
• Japanese phone number
• Hanko (personal seal) – sometimes required

3. Best Banks for Foreigners

• 住信SBIネット銀行 (SBI Sumishin Net Bank) – Online-only, no hanko needed, great for linking with SBI Securities.
• Shinsei Bank – English support, easy application.
• Rakuten Bank – Online banking, no hanko.
• Sony Bank – Online-friendly, no hanko.
• Japan Post Bank (Yūcho) – Widely accepted, but paperwork-heavy and may require a hanko.

4. The Hanko Question

• Online banks (SBI, Rakuten, Sony, Shinsei) → ❌ No hanko needed.
• Traditional banks (Japan Post, MUFG, SMBC) → ✅ Usually require a hanko.
• Foreigners typically make one in katakana, costing ¥1,500–¥3,000, available in 1–3 days.

Which Japanese Banks Offer the Highest Interest Rates?

Japan’s deposit interest rates are famously low:

• Ordinary savings: ~0.02%
• Fixed-term deposits: ~0.07% (e.g., SBI Shinsei Power Yokin)
• Prestia (SMBC Trust Bank): ~0.20%
• Promotional campaigns: up to 0.6–1.35%

Even at the high end, rates are much lower than in the U.S. or Europe.

Should Retirees Consider NISA Instead of Bank Savings?

Because bank interest is so low, many retirees explore NISA (Nippon Individual Savings Account).

What Is NISA?

• A tax-advantaged investment account.
• Similar to an IRA or ISA abroad.
• Allows tax-free growth for a set period.

Types of NISA

1. Tsumitate NISA – Up to ¥400,000 per year, 20 years tax-free, index funds.
2. General NISA (新NISA) – Over ¥1.2 million per year, flexible investments, tax-free.

Why It’s Better Than Savings

• Higher growth potential (3–7% vs. 0.02%)
• Tax-free gains and dividends
• Long-term wealth building

Why Short-Term NISA Isn’t Recommended for Retirees Over 40

• Stock markets fluctuate in the short run.
• If you withdraw within 1–2 years, you could lose money.
• Retirees should focus on long-term stability and growth, not speculation.
• Best to use NISA for 5–20 years of growth while keeping daily expenses in a bank.

👉 Bottom line: Bank = stability, NISA = growth. Use both together.

Conclusion: Your Roadmap to Safe Pension Transfers in Japan

Moving to Japan in your 40s, 50s, or 60s means making smart financial choices. Here’s the roadmap:

1. Use Wise for Transfers – Low fees, fair rates, quick delivery.
2. Open a Japanese Bank Account – Start with a foreigner-friendly one like 住信SBIネット銀行, Shinsei, or Rakuten.
3. Decide Where to Keep Money – Bank for daily life, Wise for short-term flexibility.
4. Grow with NISA – Tax-free investing for long-term wealth.

👉 Get started with Wise here and protect your pension today.

By combining Wise for transfers, a Japanese bank for stability, and NISA for growth, you’ll have the best system to transfer pension money to Japan with Wise and protect your retirement savings.