I'm looking to travel to Japan at the end of the year and noticed the exchange rate has been pretty stellar lately.
To capitalise I wanted to look into my options but it seems like many of the options I had a few years ago don't actually exist anymore e.g. AusPost, NAB Travel etc.
What's my best option for buying Yen (or any foreign currency) now without waiting for a card to be delivered in a week or 2?
Cheers,
I think you can actually keep other currencies in your Wise account, don't need another account to transfer to now.
Transferwise (now just wise) is probably worth still considering… my card arrived via auspost express post within a couple of days of ordering.
Alternatively, from memory, CommBank travel money cards were available in branches. It may be worth checking.
Wise account is what you want.
Funny that - the AUS/JPY for 1yr, 2yr and 5 yr would seem to indicate your comment in nonsense.
Your "free fall down into the toilet" comment would seem to be based on the FX movement for the past 3 weeks? - Hardly panic material in the world of FX
Ediit
If you’re travelling at the end of the year, why does it matter if you need to wait “a week or two for a card?”
OP wants to take advantage of a good exchange rate now
Correct. Thankyou
HSBC multi currency account is another option but Wise is probably the best in terms of exchange rates.
Check out CurrencyFair(.com)
They have great conversion rates, very close to actual futures unlike other banks that have their margin in the rate.
They don't do cards to my knowledge however they are quick in transferring money across the globe and charge around $4 for it.
The rate is a different story and the Yen will likely to keep falling because BOJ is doing YCC and printing an few tons of money extra.
I'd say it will be a buy when BOJ finally buckles up and stops YCC but until then every fund manager will sell it on rallies.
Also, I would consider holding a part of transfer until RBA goes out with their cash rate in May (in a week's time). It might be that AUD pops up a bit - if it goes to .74-75 range, I would sell it with both hands.
Revolut is a good option. You have the option to setup stop order and limit orders to exchange AUD against the currency of your choice. You will also get a card issues straight away to use in Apple wallet.
Topping up the account is really easy by simply linking a debit card to the account.
Check out Ozb for referral code.
JPY -14.52% 5Y and -15.70% 1Y.
The JPY is on a one-way ticket to rektcity. It's just another 💩coin that nobody wants to hodl.
@Ocker
You do realise the OP is not buying it as an investment right?
What do you propose the OP uses for currency in Japan if not the JPY?
This is correct. But I appreciate the passion
I'm looking to travel to Japan at the end of the year and noticed the exchange rate has been pretty stellar lately.
OP want to buy now to use in 7M. The JPY looks oversold on the monthly chart but there isn't anything to stop it from damp -5.00% from here to the end of the year.
What do you propose the OP uses for currency in Japan if not the JPY?
PAYG
Are you serious, and do your have any understanding of the global FX markets, and as they apply in individual circumstances?
Good luck in your ventures, and as professional currency trader for some 25 years I cannot agree with your views
AFAIK, Wise offers the best rate and having a JPY account within Wise is the best way to keep the JPY provided people are aware:
1. Up to ¥1,840,000 holdings can be had fee free. Above that, there is a holding fee of 0.00437% per day. Charged monthly
2. You can withdraw money in Japan BUT, limited to AUD equivalent of $350 in one month (above which attracts 1.75% fee) and you can only withdraw up to 2x (above which $1.75 is charged). This is the single disincentive of having Wise JPY account despite cheaper rate. You also need a Wise debit card which costs I think AUD$5 or 10? Not sure.
3. However, if you do have this JPY balance, using the Wise card using the card will be free and there is no limit.
HSBC is the next best thing despite the rate is worse than Wise but not too bad.
Furthermore, you cannot buy JPY in Australia using Wise and then transfer it to your for example, HSBC Global Account - Yen holdings. Pretty sure Wise used to be able to do that but not anymore. HSBC however, can receive inward YEN. At least that was the case a few years ago. Have never tried it.
Thanks! The $350 limit is a pretty big consideration as I'm pretty sure Japan is mostly cash-based still. HSBC is looking like the winner
Currently in Japan and we used wise, my wife has a Japanese bank account so we didn’t order the debit card.
It was really easy to use and the exchange rate is amazing atm.
I would suggest withdrawing $350 and then just use card whenever you can.
People say Japan is cash based but most/nearly every shop here accepts card.
The exception might be the little restaurant down the tiny alley way.
This is the thing. You have someone who has a Japanese bank account.
Unless there is a way for us mortals to open a Japanese bank account when
1. You don't live in Japan;
2. You don't work in Japan;
3. You don't study in Japan
I'd say HSBC is the next best thing.
Incidentally, yesterday I spoke to HSBC in branch who told me if this is Singapore, Premier customers can open Singapore HSBC Bank Account and then you can do this thing to SGD.
Looks like withdrawing money after the 2 free withdrawals costs 70yen if it’s below ¥30,000
Not too bad when you get such a good exchange rate.
How much hsbc charge to withdraw money from atm in japan? Is it unlimited withdrawal?
Citi Global Currency Account lets you have a yen-denominated acct that you can withdraw in local currency in Japan.
The FX seems to be a bit worse compared to Wise but better from a withdrawal point of view (no fee)
FX rates at the moment are -
* Citibank 89.9138
* Wise 91.6052
AUD will get even stronger towards the year end. If I were you, I wouldn't purchase Yen now. In fact AUD just fell from 95.7 yen/$ to 91.2 since Wednesday last week, so it's definitely not a good time. Right now it's at 92, but it will resume rallying and reach 100 soon.
Having said that, unless you are planning on spending a lot, the difference in FX rate is fairly insignificant. For example, if you spent $10k in Japan over last 5 days, the loss would've been only 45000 yen, or $489 at today's FX rate = 10000*(95.7-91.2)
If you have a point earning reward credit card, I would use it instead of buying Yen using Wise or Citi Global Currency Account.
Gm frens,
Breaking news
$103B in stimulus >>
Japan's relief package will deal with rising raw material costs
Second extra stimulus possible before July upper house election
https://reut.rs/38oaWElhttps://twitter.com/chigrl/status/1518892423023415297?s=20&t…
The JPY will get rekt in 2022.
Enjoy.
Gn frens,
More great news for the $JPY.
https://twitter.com/zerohedge/status/1536912762927996930
Giant Hedge Fund Goes "Soros" On Bank Of Japan: Bets Billions That Japan, And MMT, Will Break
https://t.co/ywTUNw7lAY
May be BoE 2.0.
Enjoy.
Gm frens,
Things are looking good if you're not hodl $JPY.
https://twitter.com/PrestonPysh/status/1539071526871367680
Bank of Japan Spends A Record $81 Billion To Avert Collapse, But $10 Trillion JGB Market Is Now Completely Broken
https://t.co/84BL3qAzEY
Enjoy.
I have a Wise card I charge with Yen. Lots of 7-11 banks that use it to withdraw cash.
https://twitter.com/zerohedge/status/1541535738831028232
"The Rubicon Has Been Crossed": The BOJ Now Owns More Than 50% Of All Japanese Bonds https://t.co/FdxJwAZuzQ
Wen will the $JPY implode?
what you said have come to fruitation, well done mate.
what do you think of JPY from here onwards?
Is there any bank that can hold Yen but with similar rate as wise/revolut?
Hsbc seems to be around 2% lower than revolut rate
Transferwise is great but requires you to have a bank account to transfer to in Japan.
I say try using Binance which is a crypto exchange, but you can buy most currencies on there within minutes