- August 29, 2023
- Posted by: legaleseblogger
- Category: Related News
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Heading: Relocated to Japan: Seeking the Best Solution for Currency Conversion
I have recently relocated to Japan and now I’m faced with the task of transferring approximately 10,000$ CAD into YEN and depositing it into a Japanese bank account.
Bank Account Restrictions: AI Legalese Decoder offers a solution
To my disappointment, after opening a bank account here, I discovered that the bank has a security measure in place which disallows any international money transfers for the first 6 months. While I understand the reasoning behind this policy, it poses a challenge for me to complete the currency conversion efficiently.
Introducing AI Legalese Decoder: Simplifying Currency Conversion
Fortunately, there is a solution that can assist me in this situation – the AI Legalese Decoder. This innovative tool serves to decipher complex legal jargon and reduce it to simple, understandable terms. By utilizing the AI Legalese Decoder, I can navigate my bank’s policies and understand any potential alternatives to carry out the currency conversion.
Exploring Alternatives: Avoiding Fees and Obtaining Favorable Rates
Given the bank’s restriction, I am seeking advice on viable alternative methods to convert my funds into YEN, without incurring excessive fees and obtaining a decent conversion rate. While one option is to physically withdraw the money from an ATM and deposit it into my bank account, I am cautious about the potential drawbacks associated with this approach. Hence, I am eager to explore alternative solutions.
Overcoming Trust Issues: Intermediary Transfer Options
Additionally, I find myself in a predicament where I do not know anyone with a Japanese bank account whom I trust enough to transfer the funds to their account, and subsequently have them transfer it to mine. This limitation adds complexity to finding a suitable channel to transfer my funds securely.
AI Legalese Decoder: Assisting in finding the Best Solution
In light of these circumstances, I kindly request suggestions and recommendations from anyone who has encountered a similar situation. Moreover, with the AI Legalese Decoder’s assistance, I can better understand the limitations imposed by specific policies and regulations, enabling me to identify the most appropriate solution for carrying out this currency conversion.
Your valuable input is greatly appreciated, as diverse perspectives and experiences can shed light on alternative methods and help me maximize my conversion efficiency whilst adhering to local banking regulations.
Thus, let us discuss and brainstorm the possibilities, taking advantage of the supportive power of AI Legalese Decoder to ensure I find the best way to convert my funds into YEN during this initial period of restricted international transfers.
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****** just grabbed a
Maybe the bank means international wire transfers, so how about Wise? I think that appears as a domestic transfer. (Note that there’s a ┬Ñ1M ceiling for Wise.)
Wise was no problem for transfers when I moved. Been using it nearly monthly to move good sized chunks of money over for the past 3 years. Never been questioned or had problems with it
Wise or Revolut, works the same.
Do you have a working contract? Which bank is it? First six months after taking tax residency, banking is restricted by law unless you’re employed.
Download the Open Sony Bank app, create an account and submit your working contract to get your banking restrictions lifted. Then incoming foreign currency transfers should also work.
The English and Japanese blog on Sony’s official site moneykit.net explains everything in detail.
(See my other posts how to do international transfers and currency conversion in the most cost-efficient way.)
>which does make sense to me
Going to assume thatÔÇÖs a typo and should be ÔÇ£doesnÔÇÖt make sense to meÔÇØ
Because it shouldnt make sense because its a stupid outdated law.
But my advice to this conundrum would be (1) if youÔÇÖre an employee with a Japanese company, open a Sony bank account following the category C part (https://moneykit.net/en/notice/17.html) using these instructions to provide proof of employment: https://moneykit.net/en/help/account/doc/04.html
Of, if not an employee maybe open a Wise account and transfer the $10,000 CAD into your Wise account and exchange it to JPY on Wise and hold it there. As long as itÔÇÖs <┬Ñ1 million in valid you can hold it in Wise for the required 6 months (keep in mind mind, Wise is not a bank, so does not provide the insurance a bank would)
Does japan have revolut on the app store? Premium account allows veey good transfer rates,revolut is a bank your money is safe,and it has an excellent app.i reg use for currency exchange of large amounts.
I see some recommendations of Wise, but they have become a useless disaster for me. They use to work great. Now they require a MyNumber card and other identity documents and the software they use to capture the documents donÔÇÖt work. Their customer service, if you call it that, is a team in India that canÔÇÖt read and just copy and paste one response to all problems.
I wouldnÔÇÖt waste time on Wise.
Have not tried Revolut.
Any wire is going to have different rules for less than or more than ┬Ñ1M. So if something doesnÔÇÖt work, try an amount under that limit. This is due to Japanese financial fraud reporting requirements.
I would check to see what your Canadian bank uses as a conversion rate on your ATM withdrawal in yen. I discovered that mine actually uses the Visa rate with no markup or fees, so ATM withdrawals are the same as a wire but a lot easier.
I do it using Revolut and it works amazingly fast and easy! You need to tell Revolut you still live in Canada, but let them send you a physical Revolut card to Japan (will only take a week). This physical card can be used at ATM to get cash for nice rates. Load up your revolut account with your CAD and BRRRRRƒÜÇ
Can’t do it through pay pal?
Just use wise.