Bringing Back Money from Japan

urzu on 21/10/2014 - 13:48

Hello OzBargainers,

I have been living and working in Japan for the past 6 months, and my time here will soon be over.
I have accumulated some money (about 300.000Yen, roughly $3000), that I would like to somehow bring home to Australia.

I am after a method that would be simple, and not too expensive. I have heard people talk about telegraphic transfers, but this seems quite confusing to me, and I don't understand the way the fees will work (I'm with Suncorp and Citibank). Could you please give me advise?

My other ideas:
- Buying the local equivalent to a prepaid currency card. I just don't know if such a thing exists. I don't seem to be able to reload my current card using Japanese Yen, I can only use AUD.
- Buying a bunch of used PS4s (~33000 each), and selling them in Australia for roughly the same.
- Changing cash and taking it all home. The problem with this is that I am going to drop by France on the way home, to see family, and would rather avoid getting $3000 pick-pocketed in Paris…

Suggestions?

Travel

Comments

  • CecilTheChair on 21/10/2014 - 14:00

    try a forex site. i use www.hifx.com.au but theres plenty of others. cheaper than a bank transfer

  • Cluster on 21/10/2014 - 14:34

    Buying goods and transporting them here to sell isn't a good idea. You would be liable for GST and Customs duty, plus have a whole bunch of forms to fill out.

    • urzu on 21/10/2014 - 15:33

      Hm, indeed, not quite a good investment after all it seems

  • HAL on 21/10/2014 - 14:50

    Is there a Japanese 28 degree/ CitiBank card? where there is no international transaction fee..

    Load all your money on that and withdrawal in Aus… though you might get charged for ATM fees… (but you get Mastercard/Visa rates)

  • nismo on 21/10/2014 - 15:10

    Last time I went to Japan (I realise you are coming back) I used these guys to change money:
    http://www.travelmoneyoz.com/

    They also have a Cash Passport, which is available to buy in Japanese 円 (and 9 other currencies).
    http://www.travelmoneyoz.com/cash-passport

    Just realised that won't work, I think you need to buy in AUD, sorry.

  • nismo on 21/10/2014 - 15:13

    Do the 7 Eleven (or Banks) ATM's allow deposits?

    Edit: it seems they do an Int'l Money Transfer: http://www.sevenbank.co.jp/soukin/en/

  • nismo on 21/10/2014 - 15:18

    You can do a calculation here: http://www.sevenbank.co.jp/soukin/en/fx/

    Eg:

    Amount to transfer 300,000 YEN
    Send charge 5,000 YEN
    Total 305,000 YEN
    Exchange rate 0.0102603
    Estimated amount to receive 3,078.09 AUD

    • urzu on 21/10/2014 - 15:34

      Thank you! I will definitely have a look at this, never heard of it but seems okay

  • majimaji on 21/10/2014 - 15:18

    You could try selling some of the currency to someone who might be visiting Japan (for a fair exchange rate)? Someone might be happy to buy it off you, effectively cutting out a middle man who takes a cut. (Not really sure on the legality of selling currency though).

  • magnacartic on 21/10/2014 - 15:28

    If you have existing Citibank accounts in both countries, Citibank Global Transfer is free, quite hassle-free and instant. There are no fees if you are remitting AUD-AUD, possibly a 1-2% spread on top of mid-market rates if you're converting JPY to AUD. Telegraphic transfers usually cost money to send and to receive; it takes a few days too.

    • urzu on 21/10/2014 - 15:36

      I do not have a Japanese Citibank account, and with the bureaucracy involved here, I think I should avoid opening heaps of accounts everywhere. I am using Mitsubishi-UFJ at the moment.

      I will check the difficulty of opening a Citibank Japan account though!

      • plmko on 21/10/2014 - 17:39

        You don't want a Japanese Citibank account, it requires a minimum of ~$2000USD of monthly deposits otherwise they deduct 2000 yen. Also the Japanese Citibank isn't a participating branch of the Citibank network so they will charge money wire fees.

        However the whole thing may end up cheaper, but it's up to you do the calculations.

  • whooah1979 on 21/10/2014 - 16:06
    +1

    just carry them on you. 30x au$100 notes folded in two is about 1mm thicker than an iphone 5s. i carry large amount of notes all the time when i'm travelling overseas. not all countries have an atm at every corner. however, i do wear cheap (local bought) clothing so that i don't stand out and may be targeted crims.

  • Richardc on 21/10/2014 - 17:26

    I think do a bank transfer is easier.

    • whooah1979 on 21/10/2014 - 18:49

      op, if you want do an imt make sure you know how the fees work. some receiving banks charge a fee.

  • Jared17 on 22/10/2014 - 09:16
    +1

    I would carry them if I were you $3000 is not a lot. Get them in big notes and that should be fine.

  • altomic on 03/11/2014 - 21:45

    when I came back from Japan 10 years ago I bought 5 barely used snowboards with me. flogged them on ebay for a small fortune. they cost me about a 1000yen each.

    look for what sells.

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