Job Discussion Forums

[mitsui]

I was at a post office. I wanted to send money to the US and had to write down My Number on it, otherwise I could not send any money. I asked why and was told it was for taxes. Huh?
Then of course had to write my name, first and last with my address, and then at the bottom as well, where I must write my name as it is on Japanese ID, which is last name, first and middle. And of course the postal worker couldn't understand what happened to my middle name when I wrote my address with with name so I had to write my middle name after my last name.

Anyway, as it costs 2000 yen to send money, is something like Western Union easier, or less of a hassle?

[timothypfox]

The US government is extremely strict about US citizens reporting their bank accounts overseas because it is terrified about people overseas not paying taxes, and the Japanese government is extremely strict about people sending money in and out of the country over a fear of money laundering.

The person working in the post office told me (with great relief after I finally paid off my student loan) that he had to call head office for permission and fill out many forms each and every time I sent money back to my country.

So, the My Number information sounds standard.

Can't answer your other questions, but I did try Paypal. My brother recently sent me money, and Japanese Paypal charged about 4% as a fee for incoming money. Don't know if you have Paypal set up in your country as it might work better the other way, and have Paypal connected to your home country's bank account.

[taikibansei]

Timothypfox is right about the reasons for the irksome paperwork and ID requirements. Here's a link in English to an exhaustive list of the various methods available for remitting money from Japan back to the US:

http://www.survivingnjapan.com/2012/06/how-to-transfer-money-to-and-from-japan.html

[kzjohn]

I've used Shinsei for maybe 10 years now, and am happy enough with them.

US$ coming in go into a US$ sub account. US$ going out can be switched on the day, or left in a US$ sub acct till you're ready to send. Their exchange rates are the best, IMO.

Outbound, their GoRemit is ¥2000, regular transfer is ¥4000. Inbound there is no fee. If you are a 'platinum' customer, regular transfers are free (once a month, if you're that rich!).

One thing I like about them is that they route it to my broker without any intermediary fees (this could be the connection between the two instead of something about shinsei--e.g., a regional bank might not connect so directly).