Bills and other financial obligations while in Japan....

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Hi Page, was that $12 when you first did it? Just went to my branch and they told me it'd be $18. So with the GoRemit fees, that would be about $40 per transfer, right?

Sorry, I always confuse the monthly maintenance fee and wire fee. I pay $15 per transfer according to my online transactions!

I called once before I came but tbh I haven't used my card (in Japan) since my 1st year so I don't know if there's a window or anything (I just told them for a year when I initially called). The only times I've used my card have been when I'm home or on US websites.

[greyjoy]

It seems like everyone sends money to their US bank account with at least some regularity. Is there any particular reason to do this if I have no bills or debt to pay off? I'm planning on selling my car, so the only real issue would be my credit cards, which I pay off month to month, so that won't linger for long. I guess if I continue to use my credit card, I would have to transfer money to my US account, and pay from there, would that be right? But if I just paid for everything in cash, then I could just keep all my funds in my Japanese account until the end of my contract, or until the Yen jumps to parity with USD, whichever happens first.

[webstaa]

I had heard this too, from gaijinpot, but when I called the international line the other day, the woman had no idea what I was talking about. Do you happen to have a source?

Its the last box in the .pdf I linked earlier. I don't have any actual experience with Citi, other than using one of their ATMs at Chubu in 2011.

Is there any particular reason to do this if I have no bills or debt to pay off?

At least for the US, there are extra loops to jump through if you are wiring more than 300,000 yen/month. Also, going in or out of the US with $10,000 or more means paperwork and dealing with customs.

[7912]

Sorry, I always confuse the monthly maintenance fee and wire fee. I pay $15 per transfer according to my online transactions!

I called once before I came but tbh I haven't used my card (in Japan) since my 1st year so I don't know if there's a window or anything (I just told them for a year when I initially called). The only times I've used my card have been when I'm home or on US websites.

Thanks!

It seems like everyone sends money to their US bank account with at least some regularity. Is there any particular reason to do this if I have no bills or debt to pay off? I'm planning on selling my car, so the only real issue would be my credit cards, which I pay off month to month, so that won't linger for long. I guess if I continue to use my credit card, I would have to transfer money to my US account, and pay from there, would that be right? But if I just paid for everything in cash, then I could just keep all my funds in my Japanese account until the end of my contract, or until the Yen jumps to parity with USD, whichever happens first.

Yeah, I actually don't expect to need to send money home at all...I might end up wiring everything at the end (or in chunks up to the limit, if necessary).

[Gizmotech]

Thanks!


Yeah, I actually don't expect to need to send money home at all...I might end up wiring everything at the end (or in chunks up to the limit, if necessary).

Keep in mind Japan has some strange rules for bringing money into and out of the country. It is far easier to remit progressively than it is to do it in chunks. For instance, GoRemit allows a monthly total of 300,000 (3k usd approx), and to go over requires a lot of calling, paper signing, and random stupidity. Also your home country will have wire transfer rules as well which can cause problems.

[Wasabi]

If I recall correctly, 3k (or 5k?) is the 'red flag' limit at US institutions. When you do any transaction at or over that amount, it's subject to increased scrutiny. They check your name & anyone involved against the OFAC list (basically a list of terrorists and other bad guys). Little known fact, this is all thanks to the Patriot act which stipulates that we can't fund/support terrorism activities. It's all on the bank's end in the US though, I don't believe you should have to do too much on that side of things.

[greyjoy]

There's a basic flag for most monetary transactions, outside of regular purchases, at $3,000, and another one at $10,000. Even regular domestic transfers will hit some level of scrutiny at these marks. I don't know that it's all the result of the Patriot Act, as money laundering was certainly a problem before that. There are other issues with moving that much money around that causes the government no end of grief as well, though certainly they've been awfully focused on terrorism since 2001. But aside from some possible delays and extra paperwork, there shouldn't be any real drawback to transferring in one lump sum. So long as no JETs have been supplementing their income with drug money.

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It'll depend on he service you go through, basically. I've never sent transfers with the post office, but if you go with GoRemit you'll have to submit special paperwork to be able to transfer more than 300000 in a month (even if they're separate transactions).