Job Discussion Forums

drdo · Joined: 26 Feb 2005 Posts: 53

My husband & I have sent funds via bank wire transfer to our savings in the US. We have done that now&again to pay off cc bills or other misc issues, and have never been questioned. Now we are sending a bit more (we're trying to save, to buy a home when we return in a year or so.) When we wire money, we must put on the form what the money is sent for. I've always written Living Expenses and sometimes added CC BILLS (when that was significant.)

This last time, the banker told us that the next time we wire money, we must bring copies of our credit card bills to justify the wire. I don't get it? Why does the Mistubishi-Bank of Tokyo care if/when we send our money, that we earn in Japan, pay taxes on, to our savings account in the US?

I understand red flags go off if $10,000 or more is wired at one time, but we're not sending close to that amount, (although we have sent over that amount in a year.) Is there a new law? Can a bank require personal documentation (like cc bills, medical bills, housing costs)?

And how does the general foreign public (you) send money to your native country in order to save, or pay school loans or any number of reasons?

We tried going through the Post Office once...a fiasco and 1.5 hour process with even more questions. In the end, to send those funds via the PO, it cost us 2500yen here and $80 in the US. The bank transfers cost us 4000yen and a $10 charge from my US bank. Thus, we returned to our bank...and were requested this odd request. ??

Any help appreciated.

Inflames · Joined: 02 Apr 2006 Posts: 486

Banks can require documentation. Heck, they could just say "no" and not have to justify it (and there's nothing you can do about it).

Have you looked into Lloyds? I've used it and have been quite pleased with it. In the US it is sent as a domestic transfer (IIRC it comes from Wells Fargo) so the charge is less (my credit union doesn't charge anything).

There's also Shinsei and Citibank and they generally don't ask questions about things (although Citibank does have their account fees). They may require you to have an account with them though.

Apsara · Joined: 20 Sep 2005 Posts: 2142 Location: Tokyo, Japan

I believe there is a requirement, for any amount of money sent overseas, that you declare the exact purpose of sending the money overseas, i.e. what it will be used for- I don't know if this is what is happening in your situation. Apparently they have recently become stricter about this.

Have a look through the old threads here for in-depth discussions of the different ways to send money overseas- I use the GoLloyds overseas remittance service.

GambateBingBangBOOM · Joined: 04 Nov 2003 Posts: 2021 Location: Japan

Just a guess: the bank teller / manager has decided that sending money out of the country means that there is less money in the country and that means that the economy will take longer to recover. Your sending money back to the US is contributing to a slower recovery of this economy while putting MORE money in the US economy. You are therefore destroying Japan in order to build up your own country's economy. (I base this guess from actually having been told this by Japanese people in the past).

My advice: use Go Lloyds. Otherwise you always run the risk of ridiculousness from upper middle (aged, usually male) management in this country.

Caliroll · Joined: 02 Mar 2008 Posts: 23

You can simply write 'savings' in the box asking what the money will be used for. I seriously doubt the bank person believes the money you send home is hurting the Japanese economy.

If it goes bad next time try Go Lloyds. Easy to set up and you can use ATM's to send cash to your home account.

drdo · Joined: 26 Feb 2005 Posts: 53

Thanks for the comments, explanations & ideas!

I am still surprised though that they can request/require personal information like that.

I will write 'savings' next time as that is what 70% of it goes to, at this point; before it really was for bills and other expenses. I wonder what they will say to that? As you have advised, if we have any troubles, then I will go to Lloyds--as I have heard of that in the past, but completely forgot about it.

Thank you.

cornishmuppet · Joined: 27 Mar 2004 Posts: 642 Location: Nagano, Japan

No complaints with Golloyds. MUCH better than the Post Office, for time if nothing else. When I used to use the P.O. I used to write 'pay off student loans' in the box, and the (usually middle-aged male!) would ask what it meant. I would wave it off with a 'don't worry about it' which used to put them off. With Golloyds this questioning doesn't even exist because you do it yourself from an ATM.

www.golloyds.com

I've heard good things on here about xe.com as well, but I don't know about that other than for checking exchange rates.

G Cthulhu · Posted: Sat Aug 22, 2009 6:14 pm Post subject:

Declare it as whatever you want, and ignore whatever the Japanese bank is asking. There's no laws requiring to prove anything under US$10,000. MOD EDIT

Check if your bank can do a Giro or SWIFT transfer. Most 1st & 2nd level Japanese banks are members of the SWIFT system, even if they won't admit it half the time. Cheaper than a wire transfer (which is all lloyd's is) and instantaneous. Failing that, use xe.com - again, 100% electronic, cheap as it gets, and best exchange rate you'll find - especially into the US.