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Topic

About my bank account in Japan

Question
#1
  • Bank
  • mail
  • 2022/08/01 16:38

I have been wondering about something that I have not been able to clarify, so I would be glad if anyone here can help me.
I know that you cannot open a Japanese account when you live abroad, but ① it is not illegal to keep the account you opened when you lived in Japan after moving abroad, right?
However, ② if you leave it for about 5 years, it will be frozen, although the period varies depending on the bank. Is that considered as being used if there is a wire transfer and not frozen ？?

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)

#10
  • bba808
  • 2022/08/02 (Tue) 16:14
  • Report

I have lived abroad for a long time, but I also maintain a Japanese account and credit card.
I am able to do this because my permanent address is my parents' address, but before Corona, I used to return to Japan once or twice a year, so I deposited money into my account each time ＆ I did passbook entries, etc.

Since a few years ago, I have registered a Japanese credit card for automatic debit since e-books cannot be purchased with credit cards issued abroad. Since I was unable to return to Japan until last month due to the Corona disaster, I had to inquire about my balance online several times a year.
Since my balance was getting low and I did not know when I would be able to return to Japan, I started to send money to my Japanese account in WISE, but I still make sure that the balance is less than 1 million yen to avoid taxes.

Many people who live overseas but have parents or siblings in Japan maintain a Japanese bank account.

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)

#11

bba808
Thank you for your experience.
I think you mean the balance inquiry on the internet, right? ？ Japanese banks don't allow you to check your balance on the internet ？ I don't really know what's going on with Japanese banks these days.

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)

#13

Hi
I see 😳
I didn't know you could do that ！ I'll look into it.
Thank you for your ministry.

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)

#15

Hi
Thank you ！
First of all, I don't know the balance, so I will check it out.

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)

#17

#10 I was slightly concerned about the expression "to avoid taxation". Basically, there is no taxation on the transfer itself between the individual's accounts in Japan and the US.
However, when there is a remittance ／ of 1 million yen or more at a Japanese bank, a copy of the transaction is automatically sent to the tax office. Also, when a U.S. bank receives a remittance of $10,000 or more ／, a report is automatically sent to the IRS. Especially in Japan, remittances to non-permanent residents are required to be reported on the individual's tax return, so that the IRS can check the information with the tax office. If the frequency of remittance is too frequent, the tax office may conduct an investigation under the title of "Inquiry concerning foreign assets.
In addition, if you have financial assets （ or accounts ） outside the U.S. of $10,000 or more, you are required to report them on Form 1040, and you are also required to report the account information on FinCen114.
The above is to prevent Money Laundering, as explained by tax man, and as long as the information required by the IRS is reported correctly, it does not matter if the account balance is over $10,000.

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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