Hey, thanks for reading. I unexpectedly need to leave Japan next week. However I have some money in my JP POST BANK account (cashcard, no passbook). I though an international remittance would be easy but i don't have a MyNumber card. I am considering Wise but I am not sure if it will work. Any advice? Can I just withdraw the money and convert it back to my own country's currency when I reach my home country? I won't be returning to Japan.
by Background_Aerie6760
5 comments
If your address is in Japan Wise has a 1M JPY holding limit for 30 days, but yes you can use it to move the money faster and cheaper than JP post.
You can open an account at Wise Japan and then move the address to your new country once you move (you will have to prove your new address), which will remove the holding limit (you can hold as much JPY as you want).
You can also wait till you have moved, open the Wise account abroad, and pay in from your JP post account. Although in theory you’re supposed to tell JP post your moving out date, this will work too.
The easiest way is to just close the account at the front desk. They’ll give you the balance as cash. Then, yeah, take the cash and convert it back home. The last thing you want is to try and do some electronic transfer that gets held up because you don’t have a MyNa card or address any longer before you leave the country.
take cash on the plane. up to 10$k
Wise will work best and get you the best rate on your cash and allow you to transfer the most, what questions do you have about it?
I’ve used it to directly deposit from my US bank account into international bank accounts across currencies. All you have to do is link your bank account to your Wise balance and then ACH transfer to your Wise account and then convert the currency. You can then ACH deposit into your own country’s bank account. It’s going to be cheaper than withdrawing your cash, bringing it on the plane, and then exchanging it.
Wise has the best currency exchange rate in the world and no local bank can beat it. The ACH transfer fees are like .4% and it’s instant so you don’t have to sit around wondering if it’s going to go through.
The big downside is that you can only ACH $15,000 per day in this fashion.
That’s my 2 cents, hehe.
How much money are you talking about? Why can’t you just convert it in Japan to your home currency? Is the rate cheaper at home? Either way, there is no “limit” on how much you can carry. You will just need to fill out a form and declare it if it is over 1M or something like that. Failure to do that risks complications including confiscation. Just be honest. even if it is 10M or or more it is not a big deal to carry it out.