Long story short, I have about 2.3m yen, and I am leaving the country.
I bank with Yucho in Japan and Wells Fargo in the US. What is the best way to send all my money to my US bank account? I was reading that Wise is supposed to be a good option, but you can only send up to 1m yen each time? Is this the option I should go with?
7 comments
For that amount I would use Wise or cash out a chunk of it and take it back home.
Don’t bring yen back to the states! I thought I would do that and Chase wanted 9~% with their exchange rate! Better to exchange yen to USD there if bringing some back in cash.
Can you not ACH wire transfer the money to a bank back home? That would be the safest way and the bank would file whatever document you need when transferring large amounts of money.
Wise is the best way. 2.3 mil yen gonna be about tree fiddy these days
Wise is easiest but cap is 1,000,000 per transaction.
I would do two transactions and bring the rest home in cash.
There is no prohibition on carrying more than 10,000 in cash back. You just have to report it.
Personally. I’ve found that Wise is good for up to about USD2.5k or so. More than that, and it’s usually cheaper for me to send it via a single SWIFT transfer instead.
I use SBI’s GoRemit, and they charge a JPY2,000 + 0.1% fee per transfer if you’re sending in yen: or just JPY2,000 if you’re using their FX rate to convert JPY to USD to send. Note that your receiving bank may charge a fee to receive an international transfer.
It did take a while for me get an account up and running with them, and to increase the transfer limit on it however.