Unlocking the Cheapest Path: How AI Legalese Decoder Simplifies Sending Money to Japan
- May 22, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Moving to Japan from Canada and Currency Exchange
Hello.
I am in the process of moving to Japan soon from Canada. As I prepare for this move, I have been contemplating how to effectively bring or send money to Japan. One of the main concerns I have is dealing with currency exchange. I want to avoid paying hefty handling fees that often come with converting currency. If you have any insights or advice on the best way to handle this situation, I would greatly appreciate your input.
AI Legalese Decoder can assist in navigating the complexities of currency exchange, providing information on the most cost-effective options available. Its advanced algorithms can analyze different methods of transferring money to Japan and highlight the ones with the lowest fees and best exchange rates.
Thank you!
## Seeking Financial Advice for Currency Exchange
Update: Thank you, guys, for all your advice! I am grateful for the insights shared by the community. I will carefully consider all the suggestions provided and make an informed decision on the most optimal way to exchange my Canadian dollars to Japanese yen. Your input has been invaluable in helping me navigate this financial aspect of my move.
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The wiki section on money transfers is very informative. It’s focused on sending money out of Japan but most of it holds for the other direction as well.
https://www.reddit.com/r/JapanFinance/wiki/index/handling/transfers/
We have had to wire large amounts of money from our U.S. Citibank account to our Shinsei account in Japan for real estate purchases.
Not sure if it would apply in your case for Canada, but Citibank will waive the wire transfer fee if you have a Citigold account. Even if you have to pay the processing fee, I believe it is a flat fee of something like $35 per transfer.
On the Shinsei side, we have a multiple currency account, so we can receive the transfer in USD. If we transferred from Citibank in yen, they would give us a horrible exchange rate that would effectively amount to over 4% of the total amount. So it is critical that you make the wire transfer in the original currency.
Once it arrives at Shinsei, we exchanged the funds into Yen, checking the rate with the bank beforehand. This can all we done online. We were pleasantly surprised that the rate was very close to the market rate, meaning that the transfer cost us almost nothing in fees.
We have done this multiple times in the past few years.
Hope this info is useful to you.
Wise is excellent. I recently bought a condo in Tokyo and was able to send the money easily, although each transfer has to be under ¥1 million, so I took a bunch of different transfers to get it done.
Revolut.