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Are you ready to exchange Canadian dollars for Yen? Using a specialist FX service is a smart choice for people who want easy international transfers and the best CAD - JPY exchange rates.
Japan is a good trading partner¹ for Canada, with imports from Japan totaling $15.5 billion in 2021 alone. Canada's largest imports from Japan include autos, auto parts, scientific and precision instruments, and industrial/electrical machinery and equipment.
That means changing loonies into yen is a regular necessity for Canadian businesses. Individuals may also need to transfer large sums of money to cover international study fees, foreign investments, etc.
While there may be various reasons for paying yen into a Japanese account, senders have the same question in mind. What is the best way to send money to Japan?
If you're looking for the easiest, cheapest, and fastest way to transfer Canadian dollars to Japanese Yen, here's what you need to know.
The Canadian dollar has always been stronger than the Japanese yen. However, the yen ranks higher as the most traded currency² next to the USD and the Euro. The yen is mainly driven by the Bank of Japan's interest rates and policy.
The trend shows a decrease in value for the yen if the US increases interest rates. That's because higher interest rates are more attractive to investors, so demand for the yen falls. Observe the JPY/USD trends.
Similarly, the Canadian dollar is influenced by the forces of supply and demand, which include commodity prices, inflation rates, and foreign investment, in addition to interest rates.
Therefore, when exchanging Canadian dollars to Japanese yen, it's essential to find a provider that keeps a pulse on market movements and works hard to find you the best available rate.
One main factor behind the cost of overseas transfers is your choice of provider. If you're planning to use your bank, you should budget for high exchange rate markups and expensive transfer fees.
Some banks advertise low transfer fees, but that's usually because there's an even higher hidden markup on the rates, so it still ends up being expensive for you. On the other hand, you'll enjoy more competitive rates and low transfer fees when using an online international money transfer service.
For example, MTFX offers exchange rates that are 3-5% lower. That means you can save $1,500 for every $30,000 you send. In addition, at MTFX, we provide the best FX rate transparency before you send, making it easier to see the value for your money you're getting.
The best place to convert currencies is with a specialist provider based on cost alone. Banks charge the highest prices because they have more fixed costs and need to maximize profits from low-volume transactions.
In contrast, an online foreign exchange service only has one core service – international money transfers. As a result, they deal in high transfer volumes, which allows profit sharing with customers.
In addition, a specialist provider like MTFX is the best option for overseas transfers because of the following value-added services:
First, make sure you have the following bank details: The beneficiary's name, account number, and address. Also, the bank name, address, Swift code, and reason for the transfer.
Opening an account with MTFX is quick and simple. It takes less than 5 minutes.
Fund your account via bank transfer or bill payment. Then, input your amount and choose your currencies to see the current bank-beating rate.
Once you initiate your transfer, we'll do the rest.
When it's time to send money overseas, it's time. That's why MTFX's international transfers are fast and easy. We also believe that if you need to move money across borders, you should be able to do it there and then.
Our 24/7 online platform is accessible anytime, anywhere. Once you initiate your transfer, delivery of funds takes 24-48 hours for standard transfers. MTFX also offers same-day, almost instant transfers.
With MTFX, you can enjoy faster, cheaper, and more secure money transfer services.
Transfer Canadian dollars to Japanese Yen with MTFX today. Open an account now to start making secure online transfers.
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