to_number, to_char inconsistency.

I load and dump text files with currency values in it. The decimal in these
input and output formats in implied. The V format character works great for
outputing numeric data:

# select to_char(123.45, '999V99');
to_char
---------
12345
(1 row)

However, when importing data, the V doesn't do the same thing:

# select to_number('12345', '999V99');
ERROR: numeric field overflow
DETAIL: A field with precision 3, scale 0 must round to an absolute value
less than 10^3.

So I have to do this:
# select to_number('12345', '99999')/100;

Is there an easier way to insert this into a NUMERIC(5, 2) field?