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Thread: International Banking/Bringing $

  1. #101
    The Sun's Bird God..what? Zolrak 22's Avatar
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    Default Re: International Banking/Bringing $

    Quote Originally Posted by acpc2203 View Post
    Is there a max for tax purposes for the amount of money you can have in your Japanese bank account?
    On a JET salary?

  2. #102
    read half. react. BifCarbet's Avatar
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    Default Re: International Banking/Bringing $

    If you're American it's $10,000. It's not a max, but you have to report beyond that much.
    車庫 B1F

  3. #103

    Default Re: International Banking/Bringing $

    Quote Originally Posted by acpc2203 View Post
    Is there a max for tax purposes for the amount of money you can have in your Japanese bank account? I don't have any financial commitments back home so I don't really have a need to send money back.
    The 10K thing is known as an FBAR, this handy form.

  4. #104
    Looking for some chaw acpc2203's Avatar
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    Default Re: International Banking/Bringing $

    Ah ok thanks! I remember my friend who did JET mentioning something like that.

  5. #105

    Default Re: International Banking/Bringing $

    Quote Originally Posted by acpc2203 View Post
    Ah ok thanks! I remember my friend who did JET mentioning something like that.
    The FBAR isn't a limit. It's a 'security' reporting measure, (mostly for taxing people who earn more than total excludable foreign income.) It's separate, and easier to file than taxes. The only penalty is if the Treasury finds you didn't report. At which point there are penalties - something like $10,000 or 10%. It's really easy to hit that limit now due to the exchange rate if you aren't sending money back to the US.

    One more thing to mention is that if you keep a large sum in Japan, there is a limit on how much you can remit in a set period - so when you're heading back to the States etc you'll need to plan ahead to get your money remitted properly.

  6. #106
    Looking for some chaw acpc2203's Avatar
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    Default Re: International Banking/Bringing $

    Alright I was just planning on holding it until the yen to dollar exchange gets more favorable and then slowly transferring it over.
    Last edited by acpc2203; April 21st, 2015 at 16:31.

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