Job Discussion Forums

[Eleckid]

This has been a headache for me ever since I arrived to Japan. Please help me out.

When I finish my contract next Sept, I want to go back to Canada for my post grad degree, but I might also go to school in another country. I'm not sure what the best method is for carrying my savings from Japan. Money order? Traveler's cheques? Bank draft from the bank (I'm with UFJ)? I sort of don't want to wire & send money directly to my bank account in Canada, & carrying loads of cash is just ridiculous & dangerous. I would never ever wanna do that. So in your opinion, what is the best way to bring money back home in person?

Thanks in advance.

[canuck]

Why wouldn't you want to wire your money home? It's simple. If you don't want to go that route, why not do a postal money order?

I think there are limits on how much money you can carry. I think it's $10,000, but I'm not 100% sure. Anything over the limit you're supposed to declare.

If you're on a direct flight, why not just carry the money in a money belt or something?

Again, if you're looking for the most painless and easiest way, just send it to your bank account.

[Eleckid]

canuk, you're right, there is a limit to carry cash through the border. But as far as non-cash money (ex. money order), I'm not sure what the limitation is (is there a limit?). Thanks for your help~

[canuck]

I don't know. If someone wrote you a cheque for $175,000, you wouldn't have to say anything. I'd assume it's the same for a money order. But, when you go to the post office, they make out a money order and then they send it, you don't keep it. That's been my experience. I don't use the post office. I use the Lloyds service.

How much money is it? If you're set up with Lloyds, pretty simple. What's 2000 yen when it's your last paycheque from Japan. Piece of mind, and it's in your bank account waiting for you when you get back home.

[Eleckid]

Really?? The post office sends it? Wow, I didn't know that. hm...but let's say for example that I might be going to another country to study, then I shouldn't do the wiring in that case, right? In that case, should I make a bank draft or traveler cheques from the bank? Thank you for your kind help, esp telling me about the post office! ahh

[Willy_In_Japan]

In my experience, the best way to send money to Canada is through the Japan post. They give the best exchange rates ive seen, and charge 1000 yen for 100,000 Yen......they have different rates for different amounts.

Anyhow, I like that method. It takes about 3 weeks, and whoever you send the money to, gets a cheque delivered to them by Canada post. I send the money to my Dad, who deposits it in my bank account and pays my credit cards etc.

The only problem with it, is that there is a place to put 'reason' for sending money. I put "To pay bills" in this box, and had the post office calling me on the phone a few days later asking me what I bought on my credit card.

Willy

[Gordon]

Willy,
I used to send postal money orders too and I would write "gift". Never had a problem that way. What can I say, I love to send my Dad $8,000.

About exchange rates, I think Lloyds is slightly better than the post office. I have compared them a number of times and Lloyds was always better even after you factor in the 2,000 yen charge and $10 on the other end in Canada. They also get the money by the next day. If you were only sending $1-2,000, it probably wouldn't make any difference how you send it.

[Mike L.]

Since you might be studying abroad you probably want to avoid changing currencies from yen to Canadian to >>>>>>>and getting dinged for fees and also the less than favorable rates given to small customers.

You could send home enough cash to cover you while you're there making up your mind and carry the rest in cash!

Or open some type of yen denominated account which can be accessed internationally! Maybe City Bank.

You could go offshore too! Though I really don't know anyhting about that option!

[canuck]

How much money are we talking about? Just carry it. Mike is right. You'll end up saving money and it's not that big a risk, especially being used to carry quite a bit of money in Japan.

[Eleckid]

Thanks everyone for your kind help, but maybe I've wrote something wrong...(did I?) I wanted to ask the best way to carry a large amount of money in person, I'm not trying to send money home.

I'm talking about a little less than CAD$30,000 (is that a lot? well I've never carried this much CAD in cash with me b4).

Mike was saying something about a yen denominated account which I can access internationally, wow, thanks so much for that info!

In Canada, I have an account with TD bank & Scotia bank. Would you guys know which one can do a yen denominated account? I'll also check out their websites to see if I can find any info about this.

Also, some of the schools that I'm applying want me to attach a money order with my application (they won't let me pay by credit card). I've heard from canuk that money order from the bank will send it & won't give it to me, what should I do then??

Oh and one more thing, which website has the most updated & correct currency exchange rate? I've done a search & I've got a few but the rate was way higher than it's supposed to...so I don't know which one to trust.

Again, Mike, thanks for your suggestion on sending home some $ & then carry the rest in cash, that's a really good idea!

Thanks, all, for helping me open to a lot more options which I've never heard of! I will also check the Lloyd's website. I'm really grateful for all your help!

God bless~

[canuck]

I think $30,000 is a lot of cash. You would have to declare that kind of money. Whether or not you do is your situation. I don't think you're going to get around the losing money on the exchange rate. Look on the Lloyds site. I would also hold on to my yen right now if you could, as I think the rates right now are garbage and think they will improve.

If it's not too much trouble, I would ask your parents or someone to send the money orders for you from Canada or write a cheque. If you don't have cheques, that's something you could look into.

For example, I paid my student loans with a cheque. I have a Royal Bank account and use the internet banking. I send money home through Lloyds and it goes into my account. I wrote cheques, with my Japanese address, to pay my loans. That was my system. I don't think there are any ways of getting around losing money on the transfer or the exchange into Canadian dollars.

[Gordon]

Here are some exchange rates.

http://www.lloydstsb.co.jp/en/today/index.php

Talk about a lousy time to change money into Cdn.