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How to avoid losing money on foreign exchange now that the yen is weak and when to bring yen from Japan.

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#1
  • Romio
  • mail
  • 2022/04/10 15:42

Hello.

A consultation. What do you US residents do to avoid losing money on foreign exchange now that the yen is weak enough to return to Japan temporarily

？ It is a good time to bring dollars from the US to make purchases in Japan.

If you bring more than 1,000,000 yen from Japan back to US, I think you need to declare it at customs.

If you have ever filed a customs declaration, did you have any inconvenience in the US afterwards ？

It would be very helpful if you could share your good ideas and experiences with us.

Please do.

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

#2
  • Wise
  • 2022/04/13 (Wed) 14:15
  • Report

I think it is best to send money from my Japanese account to my Hawaii account with Wise ！
The procedure is easy and it does not take long to send money.
I think it is the most economical when comparing exchange rates and fees.

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

#3
  • Romio
  • 2022/04/13 (Wed) 21:55
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#2 Wise

Good evening. Thank you very much for your reply.
To take advantage of the weak yen against the strong dollar, would it be possible to transfer US dollars from my US account to my
Japanese yen account ？
If you have experienced this, it would be very helpful if you could let me know.
Please let me know.

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

#4
  • SJDummy
  • 2022/04/15 (Fri) 15:26
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I understand that you have your own account in Japan, which means that you are transferring dollars from your US account to Japan. If your Japanese account is a Yen account （ and this is normal ）, then the first step is to buy Yen at a US bank and send the Yen to Japan. However, if you have a dollar account in Japan, you can send the money in dollars, so you are not affected by the exchange rate, just the Wire Transfer fee. My US bank is Citibank, but the dollar-Yen exchange rate is very bad ＞ （ plus a few % commission ）, so I open a dollar account with a Japanese bank （ Mitsubishi UFJ ） and send the money in dollars. That way, Citibank charges only $ 35 and there is no fee on the Japanese side. When I withdraw in Yen from my dollar deposit account, I only have to pay a 0.25 yen fee, based on the TTB rate of that day. I find this method to be the most advantageous in terms of exchange fees. I have not used Wise, but from checking their site, it appears that you can exchange at a rate similar to my method. However, as you probably know, any transfer of more than $10,000 between Japan and the U.S. will be reported to the tax authorities (IRS and IRS ）) in both countries, so you will need to have documentary evidence （ showing that the transfer is necessary and not illegal ） in both countries in case of an investigation at a later date. In case of an investigation at a later date, both Japan and the U.S. must prepare the necessary documents to prove that the money transfer is necessary and not illegal. In particular, if the recipient in Japan is not the person himself/herself, documents （ showing that the money is not subject to Gift Tax ）, such as the purchase price of goods or services, are also required.

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

#5
  • Romio
  • 2022/04/16 (Sat) 11:19
  • Report

#4 SJDummy

Thanks for the reply.
It will be less than $9000. The bank I used when I lived in Japan does not handle dollars
I checked the website of Mitsubishi UFJ Direct. Were you able to open an account from US ？ or did you do it when you lived in Japan ？
I thought it would be safer to use online banking than to bring several thousand dollars in cash to Japan.
I would appreciate it if you could tell me. Please do.

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

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