Transferring funds over 10k

[Naes 12,205]

16 minutes ago, nativeson said:

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.

Thanks!!!

Now this helps me a lot!!

 

But in her case they won't let me send it as her savings cause the money is already out of her account and they want her to be here (you obviously know this crazy part...)

 

they only let me send it as borrowed money. Do you think it would be a problem to send it that way? I'm going to send 2.5m¥ (in japan it is so normal to have this amount...)

 

[Naes 12,205]

33 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?

 

19 minutes ago, barltok said:

I would also like to know the answer to this.

Guys I put the wrong link for the page instead of the main I sent my specific topic. Can one of you create this question in the main part of this "tax and finances" I'd like to know about that too. But this topic is more about sending money for a third person problem  so we may not get answers here.

[nativeson 47]

9 minutes ago, Naes said:

 

they only let me send it as borrowed money. Do you think it would be a problem to send it that way? I'm going to send 2.5m¥ (in japan it is so normal to have this amount...)

 

 

On this, I have no idea and have never heard of it before.  Maybe it's fraud-prevention? (Since you're not the account holder.) You might have better luck asking somewhere like here: reddit. VisaJourney won't have too many people with direct experience of your j-bank.

 

FYI, I just transferred a bunch of money to my BoA yesterday and the international transfer fee was only $15.

[Naes 12,205]

11 minutes ago, nativeson said:

 

On this, I have no idea and have never heard of it before.  Maybe it's fraud-prevention? (Since you're not the account holder.) You might have better luck asking somewhere like here: reddit. VisaJourney won't have too many people with direct experience of your j-bank.

 

FYI, I just transferred a bunch of money to my BoA yesterday and the international transfer fee was only $15.

Thank you 😊 

[NikLR 13,227]

1 hour ago, Naes said:

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!

American banks are the same.  I can't do ANYTHING with something that's only in my husband's name.  They won't even let me pay the registration on his truck without a notarized power of attorney from a joint account.  I can't transfer money into his savings from the joint.. (I can't even see the savings acct! I don't care about the balance but why can't I even see it?)  /facepalm

 

Compared to Canada the US banking system is outdated.  I can email people money without using paypal or another service in Canada.  The transfer is instantaneous.  Here, not so much. 

Edited December 15, 2017 by NikLR

[nativeson 47]

1 minute ago, NikLR said:

American banks are the same.  I can't do ANYTHING with something that's only in my husband's name.  They won't even let me pay the registration on his truck without a notarized power of attorney.  /facepalm

 

Compared to Canada the US banking system is outdated.  I can email people money without using paypal or another service in Canada.  The transfer is instantaneous.  Here, not so much. 

 

If you have a joint account you have full access, if it's not a joint account then only the account holder or someone with power of attorney has access. The bank is doing the right thing, what's the issue? Just checked and BoA offers online fund transfers by email, phone number or routing number. It sounds like maybe you need to find a new bank...

 

My Japanese bank is one of the few that allows online transfers at all but I still had to go fill out paperwork at the local branch to register myself in advance. It was checked and stamped by multiple people so that alone took over an hour. Their circa 1997 website doesn't work between 3pm-6:30pm each day and doesn't allow you to queue or schedule transfers for later. Japan has a reputation for technology but this country is like the Flintstones sometimes, if Fred had a huge love for paperwork and Fax machines.

[Naes 12,205]

7 minutes ago, nativeson said:

 

If you have a joint account you have full access, if it's not a joint account then only the account holder or someone with power of attorney has access. The bank is doing the right thing, what's the issue? Just checked and BoA offers online fund transfers by email, phone number or routing number. It sounds like maybe you need to find a new bank...

 

My Japanese bank is one of the few that allows online transfers at all but I still had to go fill out paperwork at the local branch to register myself in advance. It was checked and stamped by multiple people so that alone took over an hour. Their circa 1997 website doesn't work between 3pm-6:30pm each day and doesn't allow you to queue or schedule transfers for later. Japan has a reputation for technology but this country is like the Flintstones sometimes, if Fred had a huge love for paperwork and Fax machines.

15 years of total in Japan.. I am from Turkey where they always love to put me down in every chance but boy we are advanced there 😂😂😂

 

today they just asked me if I wanted to use faximile (exactly with this word) for the correspondence.....

[CaliRose 19]

15 hours ago, Suss&Camm said:

My bank also had an incoming wire transfer fee.. it's common. Mine was lower though. I used TorFX to transfer my funds, which is a currency broker, that made sure I got the best rate.

Hi dear how did you use TorFX ?is my first  time I hear that  I also need to transfer all our money when we move to US and always worried about how to transfer without charging too much .

[NikLR 13,227]

3 hours ago, nativeson said:

 

If you have a joint account you have full access, if it's not a joint account then only the account holder or someone with power of attorney has access. The bank is doing the right thing, what's the issue? Just checked and BoA offers online fund transfers by email, phone number or routing number. It sounds like maybe you need to find a new bank...

 

My Japanese bank is one of the few that allows online transfers at all but I still had to go fill out paperwork at the local branch to register myself in advance. It was checked and stamped by multiple people so that alone took over an hour. Their circa 1997 website doesn't work between 3pm-6:30pm each day and doesn't allow you to queue or schedule transfers for later. Japan has a reputation for technology but this country is like the Flintstones sometimes, if Fred had a huge love for paperwork and Fax machines.

Okay with one bank I can transfer money INTO his account, but with our main bank, I cannot.   THAT is my issue.  I do not need a new bank, I have USAA, Navy Federal, and RBC in Canada and the USA.  I'm fine and hubs can transfer his own money  

Edited December 15, 2017 by NikLR

[Suss&Camm 2,213]

10 hours ago, CaliRose said:

Hi dear how did you use TorFX ?is my first  time I hear that  I also need to transfer all our money when we move to US and always worried about how to transfer without charging too much .

You transfer your funds via them and it sits with them until you tell them to transfer. My contact emailed/called me continuously with rate changes and asking when i wanted to buy US $. They are not allowed to collect any interest on your money while it sits with them and they are fee free. They can offer good rates since they are a currency broker and are able to buy currency at bulk rates. My contact there was Hazel Tompkins (hazel.tompkins@torfx.com) - She explained everything in a very easy to understand language, and answered any questions I had.