Tldr where do I keep money after closing bank
I’m aware this is a common question but after searching the only thing I could find is a thread two years old.
So: I have to close my bank my workplace opened for me and pull out sub 1mil yen. That’s still a lot of money and I don’t feel comfortable carrying it around for the two weeks I’m still here.
The other threads suggested Wise or carrying it over. I’m not super interested in investments but I don’t wanna complicate things. My goal is to keep my money until I’m out of Japan, then hopefully cash it all out when the exchange is convenient.
My resident card expires in 2026.
I have a wise account and a capital one account back home in the USA.
Any quick tips? I’d be really thankful.
by Gileotine
2 comments
Wise isn’t an investment account, it’s just a regular online bank which works with many different currencies.
Put it on Wise before closing your bank. I would suggest not transferring that money to a different currency until the Yen gets stronger, but that’s an entirely different discussion.
Wise does offer to invest some money, but it’s not compulsory .
Keeping the cash on wise without changing its currency doesn’t look like a bad idea, but Wise are hence obligated to keep your status up to date, which means that they will likely ask your new resident card once yours will be over. I never had to confirm it in between so you probably won’t either.
Also forget investments unless you have an account at a broker since you gotta register legal info there and you will likely be sent a physical mail to confirm your adress etc…