Efficient International money transfer
I have been living and working in Japan for a few years and have accumulated a sizable amount of money(about 100k$ worth) in a Japanese bank account(Yen currency).
I am now about to go back to live in Canada and would like to transfer this money to my Canadian bank account.
I have made a few researches to find the safest/cheapest way to do so.
If a wire transfer is possible between the 2 banks(not confirmed yet).
It is my understanding that there would be something like a flat fee of about 20$ on both ends + I would lose about 4-5% from ridiculous bank currency conversion rates.
If I use some P2P website, I would lose about 0% from conversion rates but lose about 0.5% flat rate + probably the 2x20$ bank transfer fees. This option seems pretty good thought I am not sure how reliable and safe it is.
I am still searching and learning to make sure I do this right. I am not too knowledgeable about finance so this is a little bit complicated for me. It is hard earned money and would be quite sad to lose 5k of it due to bad transfer choice...
I would be quite appreciative for information about what would be a good way to transfer my money safely without losing too much in the process due to exchange rates and flat rates.
Time is not a problem for me and I am willing to wait a long time if not just for the most favorable transfer rates.
(2)2 Comments
Sorted by latest first Latest Oldest Best
Wiring is the best way to move large amounts of money from one country to another. I am sure Japanese banks will allow you to exchange your Japanese Yen into USD and wire it to Canada.
I am not sure if they will be able to convert directly from JPY to CND and wire funds in CND. If you can open a USD bank account in Canada, that might make things easier.
Typical wire transfers are not with 4-5%; but it all depends on the bank that does the transfer.
You can chose to send ('wire') the money in source currency or in US $; the former, the target bank in the US does the conversion (so pick one that adds no or little spread); the latter, the sending bank does the conversion (so ask about their fees/spreads).
I have multiple times transferred money across the ocean (though not from Japan), and never paid more than 0.3% + ~40 $ flat. It should be possible to get te same range.
Note that if you look around for current offers, you might be easily able to even make some money on it - some US banks are eager for new money, and offer 200+$ bonus if you open an account and bring (significant =15k$+) new money to them.
Terms of Use Privacy policy Contact About Cancellation policy © freshhoot.com2026 All Rights reserved.