I found one American bank that they offer a foreign currency account. I called the bank and asked several questions. The operator was a man and he listened carefully to me and answered all my questions. So I opened their foreign currency account. The information he shared with me was like this.
In order to open a foreign currency account, a customer has 2 options. To transfer the fund of $2,500 USD immediately or to receive a fund through the international wire transfer. I chose the latter option. They don’t charge the wiring incoming fee. They charge the monthly maintenance fee that is 0.25% monthly, which accumulates 3% annually. The monthly fee is automatically deducted by the bank at the beginning of each month. When a customer receive JPY to the foreign currency account, it stays as the foreign currency. The monthly fee is deducted as the foreign currency. When a customer transfer the foreign currency to USD, the exchange rate is less than 1% and the wire transfer fee is $25. I thought they are good conditions.
In the evening I talked with my dad. I explained about my new foreign currency account and the benefits. But my dad was reluctant with using a brand new bank. He asked me to use the previous bank because the money was sent without any issues. I do understand what he means. He doesn’t want to deal with any possible trouble with a new bank. So I agreed with him to use the previous bank. All in all I appreciate my dad to still think of me and his kindness.
three wisdom 