Have 1.3 mil JPY in my CommBank foreign acc, how to transfer to AUD?
Whats the best way, thanks
Have 1.3 Mil JPY in My CommBank Foreign Acc, How to Transfer to AUD?
Rifulreinhardt on 26/02/2023 - 02:13
Last edited 26/02/2023 - 03:32
Last edited 26/02/2023 - 03:32
Comments
Use Wise or just buy some gold
Assuming this is a Commbank Foreign Currency Account, just wait until the rate is favourable and transfer the JPY back to AUD in the Commbank app.
https://www.commbank.com.au/international/foreign-exchange-c… currently shows converting $1300000 JPY to AUD gives you a total of $13402.07 AUD.
I think those kinds of accounts (HSBC, Commbank, Westpac, NAB etc) are locked down so you can only make payments to merchants in JPY or withdraw at an ATM, and you can't actually transfer the foreign currency to overseas accounts. The rates aren't good either, but it means you can easily convert back excess currency to AUD. Kind of the whole point I think.
Only workaround I can think of is if you have an extremely trusted friend/family member in Japan who wants to buy something online for 1.3mil JPY. They use your card to make the purchase, then set up a Wise account and wait for the best rates to send money over. Might save around $500 AUD because Wise has less fees, but I doubt it's worth the hassle.