I live in Japan. Later this year I plan on leaving Japan and returning to my home country to take care of ageing parents, but may stay on at my Japanese company working online. Yes, I’ll take a hit financially, but what I can I say, I like the work, get to keep improving my Japanese, and intend to return to Japan to live when I can, in a few years. My company are surprisingly willing to support this arrangement. I am not a permanent resident of Japan.
My question is about the best way to be paid my salary in yen while outside of Japan.
My company has said they can transfer my monthly salary into my overseas account and cover the transfer fee themselves. Over the long run, this part is attractive. But the transfer won’t be at a competitive exchange rate because of the bank my company chooses to make the transfer. This part is not attractive and will cost me in the long run.
I will have to give up my two Japanese bank accounts when I leave Japan, since my accounts don’t support non-residents. I recently learned that a few banks (MUFG, Prestia SMBC, etc) seem to offer an account you could potentially keep as a non-resident of Japan. I’m still looking at the websites and am not sure if I am eligible. If I can get one of these accounts, my yen salary could be paid into this account, and I could transfer the money at a potentially better exchange rate. However, I would be covering the transfer fee each time, for several years.
I asked Wise, they said: ‘Your employer won’t be able to pay your salary in JPY to your balance, as we do not support account details for JPY – this means you are only able to add money to Wise, but not receive from other people.’
Any advice? What should I do? (I am keeping my pension in Japan rather than taking the lump sum)
by Super-Maize-9934