LionheartMG
May 15th, 2012, 04:24 AM
HI! :cheesygri
I need to take a large sum of money ($30,000) to Japan from my Canadian bank account. I'll be staying in Japan for a year on a working holiday visa. I wanted the best method, with the lowest fees and most importantly a good exchange rate. Using a credit card/traveler's cheques/interac PLUS on such a large amount would kill me in fees/exchange.
After a few days research, I think I may have found the best method to bring my money over. Keep in mind that it's unconfirmed, I haven't done any of this, it's just a plan I'm looking into.
- I first open an account with Shinsei bank (lots of digging around revealed them to be English friendly and their accounts have free ATM withdrawals). As far as I know you can't open an account until you're in Japan and obtain a Gaijin card (Gaijin card requires you be staying in Japan over 90 days, so a regular tourist visa will not work). So I'll withdraw a small amount of initial money from the post office ATM with my PLUS card, Just for the first day or so until I visit the bank.
- Sign up with Shinsei - Powerflex account, and now it's time to transfer the 30,000 from my bank located in Canada to my Shinsei account in one go (Or 10,000 every 4 months, we'll see). I'll have my laptop with me wherever I'm staying, so I can do this online - I'm not sure if you can do it over the phone or not.
- To do this first I will use an independent foreign exchange broker (in my case http://www.canadianforex.ca/). Xetrade no longer offers services in Japan.
- I will transfer the Forex dealer the $30,000 via EFT (no fee from either my bank or the forex dealer for this transfer).
- The forex dealer exchanges it to Yen at a great rate - nearly the same as the rate listed at xe.com
- The forex dealer then transfers the Yen to Shinsei bank with "an international wire transfer through the Swift network". I emailed the forex dealer, that was their reply, confirming it was possible.
- As far as I can tell, Shinsei charges no fees for receiving the funds (I'm emailing them to confirm): http://www.shinseibank.com/english/e_speakers/faq_ic_a4.html
- So now I have a Shinsei bank account with Yen in it.. I lost next to nothing on the exchange and there were no transfer fees*. Plus Shinsei has free ATM withdrawls.
* "As it will be sent as an international payment there may a be an intermediary fee charge which is usually approx JPY2500" - No big deal on $30,000.
So how does that sound? Am I missing anything? Please let me know if I am. :) Or if you know of a better way that I could do this.
Thanks!
EDIT: Possible hitches to the plan, which I'm looking into:
- Not sure how long it takes to get issued a Gaijin card. Might need to use alternate source of money in the meantime.
- Not sure how long all of the transfers take.
I need to take a large sum of money ($30,000) to Japan from my Canadian bank account. I'll be staying in Japan for a year on a working holiday visa. I wanted the best method, with the lowest fees and most importantly a good exchange rate. Using a credit card/traveler's cheques/interac PLUS on such a large amount would kill me in fees/exchange.
After a few days research, I think I may have found the best method to bring my money over. Keep in mind that it's unconfirmed, I haven't done any of this, it's just a plan I'm looking into.
- I first open an account with Shinsei bank (lots of digging around revealed them to be English friendly and their accounts have free ATM withdrawals). As far as I know you can't open an account until you're in Japan and obtain a Gaijin card (Gaijin card requires you be staying in Japan over 90 days, so a regular tourist visa will not work). So I'll withdraw a small amount of initial money from the post office ATM with my PLUS card, Just for the first day or so until I visit the bank.
- Sign up with Shinsei - Powerflex account, and now it's time to transfer the 30,000 from my bank located in Canada to my Shinsei account in one go (Or 10,000 every 4 months, we'll see). I'll have my laptop with me wherever I'm staying, so I can do this online - I'm not sure if you can do it over the phone or not.
- To do this first I will use an independent foreign exchange broker (in my case http://www.canadianforex.ca/). Xetrade no longer offers services in Japan.
- I will transfer the Forex dealer the $30,000 via EFT (no fee from either my bank or the forex dealer for this transfer).
- The forex dealer exchanges it to Yen at a great rate - nearly the same as the rate listed at xe.com
- The forex dealer then transfers the Yen to Shinsei bank with "an international wire transfer through the Swift network". I emailed the forex dealer, that was their reply, confirming it was possible.
- As far as I can tell, Shinsei charges no fees for receiving the funds (I'm emailing them to confirm): http://www.shinseibank.com/english/e_speakers/faq_ic_a4.html
- So now I have a Shinsei bank account with Yen in it.. I lost next to nothing on the exchange and there were no transfer fees*. Plus Shinsei has free ATM withdrawls.
* "As it will be sent as an international payment there may a be an intermediary fee charge which is usually approx JPY2500" - No big deal on $30,000.
So how does that sound? Am I missing anything? Please let me know if I am. :) Or if you know of a better way that I could do this.
Thanks!
EDIT: Possible hitches to the plan, which I'm looking into:
- Not sure how long it takes to get issued a Gaijin card. Might need to use alternate source of money in the meantime.
- Not sure how long all of the transfers take.