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showmenshow
Joined: 18 Aug 2013
Posts: 22
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 Posted: Fri Jun 24, 2016 9:32 am Post subject: The yen soared , highest in 2½ years |
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with yen soured this high lately, I'm thinking of moving some of my yen from Shinseibank Jap saving account to another currency. In this account, it also have other foreign saving accounts linked to it (US,CAN,etc) but the fees seem bit high and if I do leave Japan, dont I need to transfer it back to yen to close it or pay some addition fee just to withdrawn ?
Does anyone have any suggestions on how I should transfer these yen with the less amount of fees? or any better investment idea to take advantage of the souring yen lately? |
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Black_Beer_Man
Joined: 26 Mar 2013
Posts: 453
Location: Yokohama
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| Posted: Sat Jun 25, 2016 2:21 am Post subject: |
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Shinsei Bank has a wire transfer service called Go Remit. It's the cheapest one in Japan (as far as I know).
2000 yen per transfer with no limit on the amount you send. If it's more than 300,000 yen, you have to just call them at the time of transfer and tell them that the funds are not going to enemies of Japan (North Korea).
Saving money in Japan in another currency in a bank account is a bad idea.
I once went to a Citi Bank in Tokyo with U.S. dollars in hand and they tried to charge me a "foreign currency handling fee".
I wasn't exchanging the dollars to yen. I merely wanted to open a U.S. dollars savings account and deposit it. Yet, they had concocted this bogus scheme to fleece me of my money. |
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Black_Beer_Man
Joined: 26 Mar 2013
Posts: 453
Location: Yokohama
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| Posted: Sat Jun 25, 2016 2:23 am Post subject: |
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BTW, I think it's not the yen that has increased in value. It's the other currencies that have gone down.
Almost the same thing in the end I guess. |
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Shakey
Joined: 29 Aug 2014
Posts: 199
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| Posted: Sat Jun 25, 2016 5:58 pm Post subject: |
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My world developed markets stock index ETF dropped 6% yesterday. What a great time to buy!.
I'll get my summer bonus next Thursday. I'll sink it all and half my salary in to buying up more shares on sale. I love it. |
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rxk22
Joined: 19 May 2010
Posts: 1629
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| Posted: Sun Jun 26, 2016 1:47 am Post subject: |
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| Shakey wrote: |
My world developed markets stock index ETF dropped 6% yesterday. What a great time to buy!.
I'll get my summer bonus next Thursday. I'll sink it all and half my salary in to buying up more shares on sale. I love it. |
Yep, I am short on funds now, as I bought when prices crashed earlier this year. I can only make one half position at this point. Oh well, dollar cost average in and DRIP
For the TS, buy US equities with low beta, such as MO, PG, KMB, or CHD. The prices shouldn't change much, and when the yen gets cheap, you can sell at a decent profit. That or buy some 2 year treasury notes. |
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showmenshow
Joined: 18 Aug 2013
Posts: 22
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| Posted: Sun Jun 26, 2016 10:57 am Post subject: |
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| Black_Beer_Man wrote: |
Shinsei Bank has a wire transfer service called Go Remit. It's the cheapest one in Japan (as far as I know).
2000 yen per transfer with no limit on the amount you send. If it's more than 300,000 yen, you have to just call them at the time of transfer and tell them that the funds are not going to enemies of Japan (North Korea).
Saving money in Japan in another currency in a bank account is a bad idea.
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Thank for the reply, can you tell me more about how is it bad idea to be Saving money in Japan in another currency?
The problem with wire transfer for me is that I have no Canadian /US account to transfer to=( |
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kzjohn
Joined: 30 Apr 2014
Posts: 277
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| Posted: Sun Jun 26, 2016 11:54 am Post subject: |
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I was thinking US stocks, but small (and maybe mid) cap--something not multinational and that exposure.
China's growth has been weak, and even before this their exports and imports were off. Given that UK/euroland are going to be unsteady and then with currency hits, China's export picture just got a little dimmer. I think it will lead to fewer US car sales there, along with lower US exports overall.
Also, China depends on its trade surplus for the fx reserves that it uses to defend/support the yuan. With less surplus, that's less reserves, and maybe a chance of another devaluation. (and the capital flight that would follow)
Neither europe nor china are going to be driving global growth, and there is no way Japan, with only 120M people, is coming to the rescue. Oz is a commodity producer, and will be no help. |
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kzjohn
Joined: 30 Apr 2014
Posts: 277
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| Posted: Sun Jun 26, 2016 11:57 am Post subject: |
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| Black_Beer_Man wrote: |
...
Saving money in Japan in another currency in a bank account is a bad idea.
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I'd like to hear the answer to this, too! |
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Shakey
Joined: 29 Aug 2014
Posts: 199
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| Posted: Sun Jun 26, 2016 8:47 pm Post subject: |
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| The key is to keep it simple, folks. I plan on sinking about $20,000 into the market this week when I receive my salary and summer bonus. Read Andrew Hallam's books, a Canadian English teacher in Singapore, and learn. He really does outline a good investment plan for people like us. Buy ETFs. You don't even need to know much about the stock markets or investing to be a successful investor. |
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kzjohn
Joined: 30 Apr 2014
Posts: 277
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| Posted: Mon Jun 27, 2016 11:12 am Post subject: |
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| Shakey wrote: |
| The key is to keep it simple, folks. I plan on sinking about $20,000 into the market this week when I receive my salary and summer bonus. Read Andrew Hallam's books, a Canadian English teacher in Singapore, and learn. He really does outline a good investment plan for people like us. Buy ETFs. You don't even need to know much about the stock markets or investing to be a successful investor. |
Okay, I'm retiring within a year, so we have different outlooks. But I might suggest a third of that now, another third in 3-4 months, and the last third next winter? I realize you'll be saving in the meantime, and will get a winter bonus, but still...
This could just be a bit of summer news, but it could also be a watershed time for europe, which of course you could take either side of. |
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rxk22
Joined: 19 May 2010
Posts: 1629
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| Posted: Mon Jun 27, 2016 10:43 pm Post subject: |
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| Shakey wrote: |
| The key is to keep it simple, folks. I plan on sinking about $20,000 into the market this week when I receive my salary and summer bonus. Read Andrew Hallam's books, a Canadian English teacher in Singapore, and learn. He really does outline a good investment plan for people like us. Buy ETFs. You don't even need to know much about the stock markets or investing to be a successful investor. |
Indeed Unless you spend a lot of time on stocks, ETFs are the way to go. I personally like stocks, as I get to exercise my voting rights, and even low fees can add up over the years. |
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