Tl;dr : I have Yen that I legally earned that I need to park, and I cannot open a Japanese Bank account Alternatives?
I am working in Japan under a status of forces agreement (USA) and I have Yen I am holding onto as an investment. (All legally earned as a part of my salary)
Since I am not a Japanese citizen, or here on a visa, I am unable to open a bank account/PayPay/RakutenPay/ etc.
Can anyone recommend a safe place to park the ¥ that is not under my mattress? Perhaps treasury bonds (I’m unsure where I would purchase these in ¥)
Not excited about a Wise account because of their fees…
TIA
4 comments
I was going to recommend Wise. You can also try Revolut, which still has fees but many say they are lower.
If you have yen in cash, you would need to digitize it some way. But I think Wise is going to be your best optio
You can put your USD into yen ETFs or forex to hold them electronically. You can even buy 3x yen ETFs that will shift in value at close to 3x the movement of yen to usd.
It’s a good idea btw and a good way to “lock in your pay” before the yen rises again. I personally do it too.
I think you better ask at r/Japanfinance. As a US citizen there are limitations as to what you can do, unless you want a giant mess with the IRS.
You can open a bank account as a SOFA member but you will need to use your passport, acquire a name stamp, and because the US has banking agreements with Japan provide your SSN. Depending on how much yen you are talking about it might not be worth it.