Hi everyone,
I’m not sure if this is the right place to post this, but I figured I would try. I have a business where I am regularly purchasing very large quantities of items from Japan to be exported to the United States. We typically pay in USD to my business partner’s account in Japan. On average, we pay $100K-$200K USD / month to Japan. Normally we are paying directly from our Bank in the US to the Bank in Japan and the funds are automatically exchanged. We tried sending some money with wise and found the exchange rate wise is providing is about the same as the bank (after considering wise’s fees). With the volume we are doing, even a marginal improvement would make a difference.
Would anybody know the best way to exchange large volumes of money like this? At a rate that is preferencial to what wise pays?
Thank you!
2 comments
Wise ceiling isn’t 1million jpy per transfer ? How can you manage to move such amount through them ?
You will generally get better answers to Japan-related finance, tech, and tax questions over in /r/JapanFinance.
You should approach your bank in the US to see how low an FX rate you can negotiate with them. For that level of payment you should be able to get close to the FX mid-market rate.
Your business partner in Japan should do the same thing with his bank.
Depending on your banks, you both also may want to approach larger banks to see if better rates are possible.