If you are selling in Japan (whether this be through Amazon, another online marketplace or directly) then you might be surprised to hear you can open a JPY account from the comfort of your own home in the UK. Allowing you to collect revenues in JPY and pay Japanese suppliers in JPY. What’s more there are zero requirements to register as a business in Japan.
The best JPY account in the UK is actually held in Japan – meaning local JPY transfers are possible. These online JPY business bank accounts can be opened in a matter of hours and are available in a wide number of currencies, including JPY. Considering Amazon currency conversion costs can be up to 4.5% of the lump sum converted, there are huge sums to be saved by finding an alternative solution.
Our JPY currency account comparison for UK businesses will help exporters uncover the best options to save money on currency exchange. This focus on digital JPY accounts is a subset of our selection for the best multi-currency account overall.
Best JPY Business Account / Ecommerce Collection Account UK
View the top rated JPY collection accounts in UK below – Updated for: December 2023
Business JPY Account FAQs
Can you open JPY accounts with UK banks?
Yes, Barclays and HSBC can also provide customers with JPY accounts. However, in order to qualify, you will have to hold a sterling business account with either of these banks first. The JPY account will be held in the UK meaning transfers to and from Japan are deemed as international payments. The JPY account with WorldFirst is held in Japan, meaning transfers with Japan deemed local.
What are the benefits of opening a JPY account?
If you are regularly receiving money from Japan and it’s being converted each time to GBP or another currency, you could be paying a lot in currency conversion costs. You are also susceptible to the FX rate on the given day. By being able to hold balances in JPY you can choose when you want to make the currency conversion, giving you more flexibility and potentially avoiding exchange rate loss.
Do these providers offer free JPY business accounts?
Yes, it’s free to open a JPY business account with any of the neobanks/fintechs listed on this page. You will be charged a payment fee for same currency transfers and a spread/currency conversion fees when converting your JPY balance into another currency. Though the currency conversion costs are significantly less with a specialist FX provider than they are with UK banks.
Can I register to a JPY account with WorldFirst as an individual?
WorldFirst’s JPY account (and other services) are strictly for business customers, including sole traders and online sellers (Amazon, ebay, etc).
The ground facts
- If you are selling on Amazon in Japan and using the default Amazon setup, you will lose up to 4% of your sales in foreign exchange fees when using their Amazon Global Seller Program if you supply a GBP denominated bank account in the UK for your Japanese sales.
- If you are using eBay, your items will appear more expensive than their listed price for international buyers (due to Paypal’s high currency exchange fees, even if you transfer money from Paypal account to your Transferwise account).
- If you use a UK bank to exchange overseas funds to domestic currency, it may cost you up to 4% of the lump sum (unless you have a multi foreign currency account set up).
Selling internationally comes with enhanced complications of operations and tax but nevertheless it presents a huge growth opportunity for online sellers and international businesses alike. Fortunately there are many FinTech’s committed to championing small to medium sized businesses with an aim to make it easy to do business anywhere in the world. Using the right FX service, offering you multi-currency accounts, a JPY business bank account in the UK and cheaper FX spreads will beat Amazon’s currency exchange program (offered via the Amazon Global Sellers Online centre), eBay’s currency exchange fees, or other high-cost “default” solutions.
Best JPY Account UK & Your Savings – Online Marketplace Sellers
|Annual Turnover||Amazon Currency Exchange||Specialist Provider||Saving|
|£10,000||£400 in currency fees||£50-£100 in currency fees||£300-£350|
|£50,000||£2,000 in currency fees||£250-£500 in currency fees||£1,500-£1,750|
|£100,000||£4,000 in currency fees||£500-£1,000 in currency fees||£3,000-£3,500|
|£1,000,000||£40,000 in currency fees||£5,000-£10,000 in currency fees||£30,000-£35,000|
Notes: The table above is not marketplace specific. The currency exchange services for online sellers can be applicable to your business regardless of whether you sell on Amazon, Ali Baba, TMall, Overstock, eBay, Ubid, Bonanza, or any other online marketplace. The figures used in this table are only meant to demonstrate what you could potentially save; They use 4% as the base figure for currency exchange fees, and 0.5%-1% in foreign currency fees when choosing a specialist provider – this is not necessarily what you’re paying at the moment, or what you’ll be paying with a currency provider, but rather a rough figure based on Amazon’s FX fees and information supplied by currency providers.
The Best JPY Account in UK?>
Multi-Currency Accounts Keep You Covered!
The below are the type of foreign currency accounts you can open globally using two of our most recommended multi-currency accounts:
|With World First You can…||With TransferWise You Can…|
|✓ Open JPY accounts from UK||Open JPY accounts from UK|
|✓ Open JPY accounts from Australia||Open JPY accounts from America|
|✓ Open JPY accounts from Europe||Open JPY accounts from Europe|
Note there are only a small number of money transfer companies offering JPY accounts that you can open from the UK. There are a greater number of providers offering GBP, EUR and USD accounts but only a few can handle JPY balances for now.
How to open a JPY account in the UK.
If you want to open a JPY business account then you should know the process is surprisingly simple when using an international money transfer firm or FinTech listed on this page. The process will look a little like this:
- Choose who you deem to be the best JPY business account in the UK from our three providers listed above.
- Apply for your business account online (it shouldn’t take longer than 10 minutes to make your application to open a JPY business account through any of the providers listed here).
- Finish your registration by uploading documents to verify your account for security purposes. FinTech’s operating a JPY account for business face the same compliance protocols as UK banks*. (FinTech’s just speed the whole process up by automating a lot of the process online).
- Activate your JPY account in the UK and any other currency accounts you require. Once you get your JPY bank account details you can include these on any future invoices.
- Upload funds, receive incoming payments and, in some cases, even order your debit card to link to your multi-currency accounts.
*Note it is possible to open JPY accounts with UK banks but the account opening process is likely to be cumbersome, FX spreads will be higher and it’s unlikely that banks will provide a free JPY business bank account.
Added Values When Using our JPY Business Bank Account in UK?
World First provides business customers with a lot more than simply overseas collection accounts. It’s not only about improving the poor currency exchange rate offered by Banks and Amazon’s Global Sellers Program – WorldFirst will provide you with a dedicated account manager who can become an integral part of your business.
An FX specialist account manager can assist customers with the right time to exchange currencies, suggest hedging solutions based on individual needs, and even help on topics relating to selling internationally online. WorldFirst has extensive experience in assisting online sellers who generate revenue streams across the world, in a number of different currencies. For example, we’ve heard of cases where representatives have helped online sellers reduce their Amazon Seller fees above and beyond currency conversion costs. They may even be able to recommend new international marketplaces to sell on, and provide you with unique introductory offers.
Additionally, the power of opening JPY bank accounts in the UK (or any other multi-currency account locally) and accepting foreign currency payments is simply unrivalled in the money transfer industry. Very few companies have the same capabilities when it comes to a JPY business bank account in UK for businesses and online sellers as the companies listed here.
Bottom Line – Compare JPY Accounts UK
As a region, Japan accounts for the fourth highest share of Amazon sales globally – coming in just behind the US, UK and Europe. As a result, an increasing number of businesses are seeking a free JPY business account where they can manage yen transactions easily and efficiently. If you are an online seller that works with marketplaces in Japan, or indeed an international business trading with Japan directly, then you should consider a specialised and bespoke service to open a JPY account in the UK. We deem the three providers listed on this page to offer the best JPY account for business available in the UK today.
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