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Re: Bringing back savings from abroad
Posted: Fri Jun 01, 2018 2:48 pm
by robster
goodandbadjapan wrote: ↑Mon May 07, 2018 11:03 pm
Did you have to do it in a few goes? I have never sent to Japan, but from Japan with Transferwise you can (or could) only send up to a million yen at a time.
Actually Transferwise is very flexible.
They can handle the payment (36K euro) in one go, which is how I set it up, but since my European bank account had a limit on how much I can transfer per day, i had to break it down into 4 payments. This worked out fine - Transferwise send you notification about how much more you need to pay in to complete the transfer, and they wait patiently, holding the best exchange rate for you, and updating it when it improves. The four payments I made (which went from ireland to Germany) had zero fees, Transferwise took their share, which was reasonable, then transferred the amount in one go to my bank in Japan, who took 4000yen for processing the payment. If I understand correctly, payments under 1million yen would not have the 4000yen charge when using Transferwise.
Re: Bringing back savings from abroad
Posted: Fri Jun 01, 2018 10:56 pm
by goodandbadjapan
robster wrote: ↑Fri Jun 01, 2018 2:48 pm
Actually Transferwise is very flexible.
They can handle the payment (36K euro) in one go, which is how I set it up, but since my European bank account had a limit on how much I can transfer per day, i had to break it down into 4 payments. This worked out fine - Transferwise send you notification about how much more you need to pay in to complete the transfer, and they wait patiently, holding the best exchange rate for you, and updating it when it improves. The four payments I made (which went from ireland to Germany) had zero fees, Transferwise took their share, which was reasonable, then transferred the amount in one go to my bank in Japan, who took 4000yen for processing the payment. If I understand correctly, payments under 1million yen would not have the 4000yen charge when using Transferwise.
This sounds good. I used Transferwise to send about 5 million yen to the UK last year but there was a 1,000,000 yen limit for individual Transferwise transfers from Japan so had to do it in several goes. I wonder if the system has changed? Or have I somehow set up a limit without releasing it!
Re: Bringing back savings from abroad
Posted: Tue Jul 24, 2018 1:42 am
by Roger101
interesting thread.
I got called by the J tax dept a few months ago. I am a perm residence here and have some money back home
To cut a long story short, I had to pay some tax on the interest (even though I did pay 10% tax back home)
I honestly never thought about it but in hind sight, I suppose I should have
I think we had to go back 3 years
Re: Bringing back savings from abroad
Posted: Tue Jul 24, 2018 3:35 pm
by Jansen
I've transferred 10m yen via wire when buying my home and have not yet any problems. I did make sure to give my bank a call before hand to let them know of the incoming wind fall. They were actually surprised that I called at all and said it wasn't necessary. No tax questions asked.
Re: Bringing back savings from abroad
Posted: Fri Nov 01, 2019 3:49 am
by Zara
I receive monthly wire transfer payments from an American company that I work for. I receive a call from the bank every month, even if the amount is only 100,000 yen. The bank is Mizuho.