To Japan and back

Niftynags

I am moving to Japan with a new job for 3 to 5 years.
I was wondering if anyone has an idea if I can send my salary back monthly or is it best to keep in Japan and bring a lump sum back to uk when I return.
Thanks in advance

dunstonh

It depends on your objectives.

El_Torro

It depends on what happens with the exchange rate. It may work in your favour to bring it all back in one big lump sum or it may be better to drip feed it back. The problem Is we don’t know what the relationship will be between the pound and the yen in the next 3 to 5 years.

There are apps you can use to reduce the commission you pay on the exchange, which will help. At least you’ll get a better exchange rate than using a traditional high street bank.

Sebo027

What are the terms of your employment? Are you on a fixed contract or is it a staff position? Will you be paid locally or through an international tax efficient mechanism? Many, many British folk living and working abroad - particularly those in the Middle East and Africa - are actually employed through Singapore or UAE and can be paid into a British bank account as standard. I haven't paid attention to the Yen but you should examine currency fluctuations and enquire whether you have the option to be paid all, or part, in USD, GBP, EUR.

Niftynags

Getting paid Yen into Japanese bank but will check i have to be paid that way. Hoping to buy a house when I get back.
Thanks for the help

Sebo027

You should look into an international account with HSBC. For investing, if you’re interested in that, you can open an account with SAXO bank. If HSBC charges you a lot for transferring money, maybe look at Wise (formerly transfer wise) or Revolut. And there’s always Bitcoin which allows money transfers at next to nothing. 

Millyonare

Predicting forex rates is almost impossible. Best just to switch the JPY cash to GBP on the day one gets paid, and then forget about it.