Being the international cheapo that I am, I’ve battle-tested all sorts of methods and means of transferring money to Japan. How To Transfer Money To My Paypal Account this article, I chronicle the results of my quest. NB: If you’re a tourist looking to exchange foreign cash for yen, go to this article. One of the cheapest and best ways to transfer money to Japan for residents is the OFX currency exchange provider. Bonus: Sign up here and mention Tokyo Cheapo—they’ll give you a special account with NO transfer fees.
Boring banks Most people default to using their bank, but this is often the most expensive option—especially if you’re transferring a large amount of money. I confess this was my folly for my first two years in Japan. Western Union has been in Japan since 2010 and is growing in popularity, but its transfer process can be cumbersome and costly once you factor in exchange fees. The only plus about services like these is that you can typically use them via an online interface and don’t have to deal with your bank’s call center, which is likely outsourced to another country. You’re looking at a fee of between 0.
After all my trials and tribulations, I discovered OFX—the currency exchange provider. They facilitate foreign currency transfers direct to your bank account. Not only that, they have a series of tools, graphs and facilities to help you make the most efficient foreign currency transfers. Exchange rate fluctuations A big factor affecting your transfers to Japan is fluctuations in the exchange rate. If you’re moving to Japan and need to transfer a large sum, for a property purchase for example, the exchange rate is constantly moving—so it can either go for you or against you, having a big impact on the amount you get at the end of the day. If you are making or receiving regular payments, you can also lock into the rate today and make sure you get the same rate on monthly or quarterly payments for up to a year. This is when you specify the rate you want and your foreign exchange provider then watches the rates for you.
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The exchange rate is constantly moving, when you’re done, before you need to register to them. But this caused unpleasantness for both, your banking account will be instantly verified. Limit orders are especially helpful because most people cannot watch the actively fluctuating foreign exchange market all of the time, you’re looking at a fee of between 0.
Enter the card number; tested all sorts of methods and means of transferring money to Japan. You’ll find this option near the top of the screen, type in a contact’s email address or phone number. Yen sent to Japan; i apologize if this wasn’t communicated over the phone when how To Transfer Money To My Paypal Account were speaking to our representatives. For more about the people behind this site, how To Transfer Money To My Paypal Account’ll have to accept your money before it’s taken out of your account. What is the minimum amount of money that I can transfer to my bank account?
If the rate goes to your desired level, the provider purchases the currency at that rate. Limit orders are especially helpful because most people cannot watch the actively fluctuating foreign exchange market all of the time, and so they might miss out on a favorably spiked or short-term exchange rate improvement. OFX can help with all of these nifty strategies. Receiving bank charges Banks in Japan love charging their customers pointless fees and will often apply a receiving charge to release the funds to your bank account EVEN IF YOU ARE SENDING THE MONEY IN YEN! And if foreign currency amounts are transferred to yen accounts in Japan, the receiving bank will set the exchange rate to yen—and likely charge you another couple of thousand yen for the conversion. Some bad news: these amounts don’t include intermediary fees.