Moving in a month, how to deal with €/¥ transfer
こんにちは all!
I’ll soon be moving to Japan from Italy for an extended period, following my Japanese wife. Currently, I’m still an Italian resident.
We’re currently waiting for the Spouse Visa to be approved. In the meantime, I’m trying to figure out the best way to manage our finances. My wife has separate accounts in Japan, which is fine, but I’m concerned about my current savings.
I have Wise, REVOLUT and one Italian Bank.
I understand that once I relocate to Japan, I’ll need to close my Italian Revolut account and open a new one there.
On the other hand, Wise offers a different option. I can retain my existing account but will need to provide proper documentation to prove my new residency.
I would like to use Wise to move some funds around €150k of savings from my Italian bank to Wise. And here comes the question:
Does it make sense to convert most of these funds now from € to ¥ taking advantage of the current exchange rate, and then transfer them to a Japanese Bank? Or better to wait and move the € to a € account in a Japanese Bank (like Sony)?
I’d like to exchange euros for yen now. However, I’m concerned that this might cause issues later if I become a Japanese resident. Alternatively, I could wait until my visa is approved and then make the exchange and transfer the yen to a Japanese bank.
Sorry if I wasn’t clear happy to give more details in the comment section.
Ciao!