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SunShan
Joined: 28 Mar 2013
Posts: 107
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 Posted: Sat Feb 22, 2014 10:18 am Post subject: Bringing cash into Japan |
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Does anyone know if there is a limit to how much cash I bring into Japan?
I'll have a year's working visa and thinking of bringing around ¥350,000. I can leave some in my bank, but trying to avoid fees and a worse exchange rate.
Thanks in advance. |
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kah5217
Joined: 29 Sep 2012
Posts: 270
Location: Ibaraki
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| Posted: Sat Feb 22, 2014 10:28 am Post subject: |
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| I brought ¥500,000. I think the limit is 1,000,000 before declaring. |
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akazoroe
Joined: 12 Jan 2014
Posts: 9
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| Posted: Fri Feb 28, 2014 2:05 pm Post subject: |
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If you declare I assume you have to fork over some of this money eh?
What if you dont declare and are able to get in the country with the money? Will a japanese bank turn you in if you deposit it in an account or do they not care? |
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rtm
Joined: 13 Apr 2007
Posts: 1003
Location: US
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| Posted: Fri Feb 28, 2014 3:19 pm Post subject: |
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| akazoroe wrote: |
| What if you dont declare and are able to get in the country with the money? |
If the amount is over 1,000,000 yen, then you will, technically, have committed a crime and gotten away with it.
| Quote: |
| Will a japanese bank turn you in if you deposit it in an account or do they not care? |
How will the bank know that you brought it into the country? They won't.
The only thing they will likely do is, if you are a US citizen and the amount in your bank account is over $10,000 equivalent, then they will probably report it to the IRS. |
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akazoroe
Joined: 12 Jan 2014
Posts: 9
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| Posted: Sat Mar 01, 2014 5:04 am Post subject: |
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| rtm wrote: |
| akazoroe wrote: |
| What if you dont declare and are able to get in the country with the money? |
If the amount is over 1,000,000 yen, then you will, technically, have committed a crime and gotten away with it.
| Quote: |
| Will a japanese bank turn you in if you deposit it in an account or do they not care? |
How will the bank know that you brought it into the country? They won't.
The only thing they will likely do is, if you are a US citizen and the amount in your bank account is over $10,000 equivalent, then they will probably report it to the IRS. |
A japanese bank will definitely not contact the U.S IRS. No worries there. |
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rtm
Joined: 13 Apr 2007
Posts: 1003
Location: US
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| Posted: Sat Mar 01, 2014 7:09 am Post subject: |
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| akazoroe wrote: |
| A japanese bank will definitely not contact the U.S IRS. No worries there. |
Are you familiar with FATCA (Foreign Account Tax Compliance Act)? It is a recent tax law in the US that requires foreign banks to report to the IRS about American citizens' bank accounts. Japan has entered into an agreement with the US saying that Japanese banks will comply with the law. Also, banks who do not comply will face penalties on their own investments in US capital markets.
I was just looking over the agreement between Japan and the US, and it appears that there is a clause for "deemed-compliant financial institutions" in Japan to not report to the IRS. However, according to the Japanese Bankers Association, almost no financial institution in Japan meets the requirements to be considered deemed-compliant. |
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