RetireJapan

Hey peeps,

Got this in my mail this morning and already signed up!

https://transferwise.com/jp/multi-currency-account/

It costs 1,200 yen and no yearly renewal fees.

Basically my main motivation is to use it for overseas transfer without having the Japanese bank investigating how much my mom pays for bread and from which bakery.

Would you get it? If yes, what are you going to use it for?

OkLah! wrote: ↑Wed Jan 27, 2021 6:04 am So if you are not yet tax resident and don’t transfer money to Japan you can still transfer money to TransferWise and use the card in Japan?

Is it that simple to avoid the tax?

Isn't it the same as using an overseas CC to pay for things here except with better exchange rates? As to whether doing this constitutes bringing income to Japan for non permanent tax residents, I have no idea (I am a PR so it is a moot point for me).

I think I might sign up for the Transferwise card for the 2 free foreign cash withdrawals per month. I like my Sony card, but they charge for withdrawing cash. It's also good to have a backup card.

Thank you! Just applied.

This is great to have for travelling.

For those of us that often make trips to our home countries, it might be useful for timing dips in currency.

Does having the debit card give any additional benefit while transferring Yen to home country? Like having less charges when or better conversion rate? I usually use their service to transfer yen to home country.

dangocurry wrote: ↑Wed Jan 27, 2021 8:44 am Does having the debit card give any additional benefit while transferring Yen to home country? Like having less charges when or better conversion rate? I usually use their service to transfer yen to home country.

You are simply skipping the bank on the receiving end and whatever fees they charge.

You basically have an online bank account with multiple currency accounts.

Kanto wrote: ↑Wed Jan 27, 2021 8:59 am

dangocurry wrote: ↑Wed Jan 27, 2021 8:44 am Does having the debit card give any additional benefit while transferring Yen to home country? Like having less charges when or better conversion rate? I usually use their service to transfer yen to home country.

You are simply skipping the bank on the receiving end and whatever fees they charge.

You basically have an online bank account with multiple currency accounts.

I see! Currently I just pay the transfer fees for JP bank and transferwise conversion rate as fees. For banks in my home country, there are no fees when transferwise transfers the money to my local account. So, no benefit as such I think! Correct me if I'm wrong.

I'm fairly excited about this card. Ever since Shinsei inexplicably stopped allowing withdrawals from overseas ATMs, I've been looking for an alternative for when I travel. This sounds like it is it.

mighty58 wrote: ↑Thu Jan 28, 2021 6:19 am for when I travel

I used to travel

Very interesting!

Does anyone know if you could use this card for sending money back to parents in your home country? And would it meet the tax deduction requirement for Japan?

My initial thought was to get the card, send it to my parents and let them withdraw twice a month for support and then claim the support deduction on my taxes ... but I believe the tax law requires the money going to an account my parents control, not just using a debit card.

Unless you can get a transferwise card in my parents name but linked to my account? Any thought.