Foreign Funds in Canadian Bank Account

[eblend]

My wife has a sum of JPY that she would like to transfer over to Canada. Normally we could do a wire transfer and that money gets converted by the current exchange rate to CAD. Is it possible to transfer JPY to a Canadian bank and sold that money as JPY until we decide to do the conversion?

Anyone has any idea? Also, which rate would the bank use, since the exchange rate fluctuates during the day up and down?

[autosm]

I think you can transfer it to a canadian bank in JPY funds then convert it within a reasonable amount of time.

[TYMSMNY]

no, Canadian banks don't have Yen denominated accounts nor can you hold Yens inside a Canadian bank account. You'll have to hold it as cash if you don't want it converted.

edit: You'll need a find a bank that has branches in Japan... but even then, someone like HSBC will have a minimum amount required. Minimum is $10million yen or $150,000 CAD$

[eblend]

Originally posted by TYMSMNY
no, Canadian banks don't have Yen denominated accounts nor can you hold Yens inside a Canadian bank account. You'll have to hold it as cash if you don't want it converted.

edit: You'll need a find a bank that has branches in Japan... but even then, someone like HSBC will have a minimum amount required. Minimum is $10million yen or $150,000 CAD$

My wife did some digging online and apparently TD bank offers foreign funds accounts (no interests no web access ect) but they offer it. I don't know the details but I will tonight after I drop by TD after work. I will post the info I find on here for informational purposes

[TYMSMNY]

Originally posted by eblend


My wife did some digging online and apparently TD bank offers foreign funds accounts (no interests no web access ect) but they offer it. I don't know the details but I will tonight after I drop by TD after work. I will post the info I find on here for informational purposes

That be great, be easier to load up on some HK$

[dezmarez]

Originally posted by eblend


My wife did some digging online and apparently TD bank offers foreign funds accounts (no interests no web access ect) but they offer it. I don't know the details but I will tonight after I drop by TD after work. I will post the info I find on here for informational purposes



this is true...there are accounts for
Euro, British Pounds, Australian Dollars, Swiss Francs, New Zealand Dollars, Hong Kong Dollars and Japanese Yen

they are just basically a place to hold your money, when you do wish to transfer money out you will be subject to exchange rates, but for the most part it works for the purpose you are requesting.

the accounts aren't a chequing or a savings, and there are no service charges for it....to my knowledge