Transferring funds over 10k

[NikLR 13,227]

Since this is a big transfer of money, physically going into the bank and transferring the money to another bank in the USA seems like the best option.  While Japanese banks may not offer some things, I'm sure that actually talking to someone would solve some of these issues. 

 

I have 3 bank accounts in the USA and two in Canada.   One US account and one Canadian account are "joined" so that I can easily transfer money across and it's where my credit card is tied to.  One account in Canada I don't use at all but can't close because it was a joint account with my mom.  The bank may have closed it by now without any money or activity in YEARS.   I have a joint account with my husband as well.   The reason for the 3rd account here, was because I didn't have a physical bank so if I received some cash, I couldn't do anything with it!  While 99% of my banking is online, it is helpful to walk into a bank to talk to someone sometimes or to deposit cash.  I can then move it around as needed but I wasn't about to send cash in the mail! 

 

Even if she can walk into the bank in the USA and explain what she wants, they can do the dirty work of contacting her bank in Japan and the wire transfer.  That's generally why there is a fee associated.  A flat fee for this large of transfer would be better for her vs a % based, but whatever is easier for her to get her money.  Sometimes we all like the convenience of online, but there's something to be said for personal interaction. 

[Boiler 45,360]

I have been doing this online for 15 years, plenty of service providers.

[NoProblem 69]

If this is $ bank account from Japan to $ US bank account then wire transfer is the best route as you only pay the send and the receive wire transfer fee.  I have transferred more than 10 K this way to overseas $ bank account of my brother from my Chase US $ account.

 

If this will be from Japanese Yen to USD then transferwise may be one of the good options. 

[Snorlux 58]

4 hours ago, Naes said:

Thank you so much for your replies. 

 

I will have one one additional question;

 

we were thinking of using transferwise and they do not let more than 10.000$ (more like 1m yen) per transfer, because they send it to a bank account. This would mean at least 3 transfers.

 

the only other way for us to transfer from Japan with the total amount would be goremit however in this case we want it as collecting as a cash and depositing to the bank because they charge an extra of 3% for international incoming transfers 

 

which one is the better or advisable option

Just an FYI, there are a bunch of banks that offer free incoming wire transfers but these are mostly online banks. I know Schwab bank, Ally Bank, Discover bank just to name a few that have free incoming wire transfers.

 

Even for traditional banks you can go with Chase, TD Bank, Bank of America or Citibank. All of them charge a flat $15-18 for incoming wire transfers which is better than a 3% charge on $10000.

[bakphx1 789]

Ask the bank here.  Take fees and conversion rates into account. 

 

Another option may be to use a credit card and paying the card off from the Japanese bank.  

[TNJ17 1,329]

You can use western union. I’m pretty sure their fees are the lowest out there and the transfer is available almost immediately. Less than 10 minutes. And all the country to country mumble jumble paperwork is taken care of. You can also put the money on an international travel card such as a MasterCard or visa like cash passport. You can also buy American Express travelers checks which are so easy to do. There are several options. 

[Boiler 45,360]

Western Union is usually the most expensive option.

[Naes 12,205]

9 hours ago, NikLR said:

Since this is a big transfer of money, physically going into the bank and transferring the money to another bank in the USA seems like the best option.  While Japanese banks may not offer some things, I'm sure that actually talking to someone would solve some of these issues. 

 

I have 3 bank accounts in the USA and two in Canada.   One US account and one Canadian account are "joined" so that I can easily transfer money across and it's where my credit card is tied to.  One account in Canada I don't use at all but can't close because it was a joint account with my mom.  The bank may have closed it by now without any money or activity in YEARS.   I have a joint account with my husband as well.   The reason for the 3rd account here, was because I didn't have a physical bank so if I received some cash, I couldn't do anything with it!  While 99% of my banking is online, it is helpful to walk into a bank to talk to someone sometimes or to deposit cash.  I can then move it around as needed but I wasn't about to send cash in the mail! 

 

Even if she can walk into the bank in the USA and explain what she wants, they can do the dirty work of contacting her bank in Japan and the wire transfer.  That's generally why there is a fee associated.  A flat fee for this large of transfer would be better for her vs a % based, but whatever is easier for her to get her money.  Sometimes we all like the convenience of online, but there's something to be said for personal interaction. 

I am doing the same  

 

i have a joint account with my mom as I'm living in japan since i was 16.. it is extremely convenient and will do the same when I'm in US. 

 

In the case of asking a bank to do it, Japanese banks wants everything in paper and for the real person to be there (especially when money is going out) and because our last names are different they didn't let me do without her giving me the direct write to do that... it is ridiculous how technology is advanced yet Japans banking is still ridiculously slow.. and as she lost both her parents, there is no one I can ask for this  but thank you cause I myself may need this one day it's good to know!

[Naes 12,205]

8 hours ago, NoProblem said:

If this is $ bank account from Japan to $ US bank account then wire transfer is the best route as you only pay the send and the receive wire transfer fee.  I have transferred more than 10 K this way to overseas $ bank account of my brother from my Chase US $ account.

 

If this will be from Japanese Yen to USD then transferwise may be one of the good options. 

It is in yen, so transferwise was our best bet.

 

our problem was her international incoming fees but Bank of America seems to have only a 16$ fee so we are checking what that 3% was about  

4 hours ago, TNJ17 said:

You can use western union. I’m pretty sure their fees are the lowest out there and the transfer is available almost immediately. Less than 10 minutes. And all the country to country mumble jumble paperwork is taken care of. You can also put the money on an international travel card such as a MasterCard or visa like cash passport. You can also buy American Express travelers checks which are so easy to do. There are several options. 

As @Boiler said western union is one of the most expensive transfer services and again in japan the limit is even less than 10000$

[Naes 12,205]

Thank you all!

 

after researching as told we are using Bank of America and rechecking the international incoming fees. We need to understand why they told her/or she misunderstood that 3%, cause fee looks like just a 16$ for this.

 

i talked to goremit which is a bank direct transfer services also provided by a bank which works internationally and they have me a good rate of 60 dollars for this transaction and I can send it in one transaction. However because I am a third person I need to write down as returning the borrowed money.

 

Thank you all for your help!

 

it also helped me to plan how I'm going to do it for myself in the future! 

[Joselio 196]

hi everyone,

 

if my fiancee(beneficiary) wants to bring her money from her country once her K1 visa is approved. is the money considered income Tax? Do I have to declare and pay taxes for that money once we married and file tax return?

[barltok 37]

13 minutes ago, Joselio said:

hi everyone,

 

if my fiancee(beneficiary) wants to bring her money from her country once her K1 visa is approved. is the money considered income Tax? Do I have to declare and pay taxes for that money once we married and file tax return?

I would also like to know the answer to this.

[nativeson 47]

The IRS reporting requirement is for cash and the rules about structured deposits are only when you make cash deposits less than $10k in an effort to avoid the reporting. I regularly transfer >$10k from Japan to USA and there are no special requirements. Also you only get taxed on income so she wouldn't get taxed for transferring her own savings.

 

It's probably hard for others here to understand how crappy/old fashioned the Japanese banking system is... Just a few years ago ATMs weren't all on the same network and you could only use them during actual bank hours. I'm using SMBC Prestia but have a large balance so there's no fee for international transfers and the single-transfer limit is ¥3m. They get me on the exchange rate though.

 

If anything, moving the money to USA will save her a lot of hassle because she won't have to file FATCA paperwork, and not taking the foreign tax credit will allow her to do things like open an IRA which were off-limits before.

 

Hope that helps.

[NateAndJessica 200]

Just transfer as bitcoin for free. Make a coinbase account and use their professionals gdax platform to avoid fees.

[NateAndJessica 200]

coinbase/gdax is the American side solution. You should easily find the Japanese wallet solution as Japan is the biggest utilizer of bitcoin worldwide.