Personal Finance

Move Yen to Canada but yen is low

  • Last Updated:
  • Dec 5th, 2018 5:48 pm
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[OP]
Newbie
Apr 19, 2015
12 posts
1 upvote
Northern Ontario, ON

Move Yen to Canada but yen is low

I would like to bring large sum of yen to Canada but right now Yen is very low like 100 yen->1.1188 CAD according to Scotia.

1.Can I create yen account in Canada and wait till yen goes up? What is cost of doing it?

2.Do you know which institution has better exc. rate and less fee)?

3.Do I just move money now in CAD and invest to make up for the loss in exchange rate?

3.It is inheritance. Do I need to report to CRA? How?
5 replies
Deal Addict
User avatar
May 11, 2014
2399 posts
1432 upvotes
Iqaluit, NT
1. Some places like TD and HSBC used to offer them, but no longer do so. You would probably have better luck opening an account In Japan. Some places in Canada have business accounts with Japanese yen support, but probably not worth the cost as it is mostly transactional accounts.

2. Using a service such as Transferwise, Knightsbridge is better than the bank. Previously using Bitcoin even was faster and cheaper (usually no spread) (using Japanese Bank account->Bitflyer->Quandriga->Canadian Account) , but I dont recommend it anymore due to the crazy volatility.

3. It depends whether you have a way to hold the inheritance in Yen or not.

4. No. Just hold onto documentation should the government come knocking on your door. Worst outcome is that you get no credit for the taxes you paid in Japan. The problem is Japanese inheritance tax. have you already paid it? This can be quite a large expense so I would keep this in mind or talk to a tax accountant if so. I believe there is no way to claim it as a foreign tax credit, but I could be wrong.
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[OP]
Newbie
Apr 19, 2015
12 posts
1 upvote
Northern Ontario, ON
Thank you for your advice. I appreciate it!!

Yes, I paid tax in Japan already.

If you have experience in Transferwise, or Knightsbridge, I'd like to know more about it. What is con and pro?
Deal Addict
Dec 16, 2017
1342 posts
506 upvotes
Raincouver
so you wanna convert JPY to CAD?

1. Never convert at a bank
2. Transferwise works if you have a Japanese acct in Japan.
3. There are currency exchange place in major city like Vancouver and Toronto for better exchange rate.

For now, CAD is kinda weak so it's okay to convert but it's again your call
Deal Addict
Nov 13, 2013
1370 posts
529 upvotes
OTTAWA
Waiting for the Yen to go up doesn't make a lot of sense. It may go lower. It may take 20 years to be higher again or it might never be that high again. When the CAD dollar dropped below 90 cents in the late 70s people though better to hold on to CAD and wait for it to go back up. I don't think it was above 90 cents again until the early 2000s and then only briefly.

If you "know" where the currency is going better to buy futures and get really rich. Also interest rates are even worse in Japan than here so you won't earn anything on your money.
[OP]
Newbie
Apr 19, 2015
12 posts
1 upvote
Northern Ontario, ON
anybody has recommendation which exchange place is good??

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