I’ve been withdrawing money from my Wise account that I created at my home country before coming to Japan and I’ve been using this method to buy food, go shopping, pay bills, etc here in Japan for like 3 months.
It’s my own savings money that I have earned in my home country before coming to Japan.
Should I worry about any tax-related stuff in Japan regarding doing this? It’s kinda like some kind of indirect remitance, I guess? lol
I’m not transfering the money to my JP bank account, I’m just withdrawing the money from ATM using the Wise card and spending the cash.
Thanks for your help.
by Prismriver8
3 comments
You’re fine. Savings aren’t taxed, but if you make any income it does mean you’re remitting money and will expose you to taxes on any foreign income.
Yes. Your foreign exchange gain/loss is taxable. Also while these remittances aren’t taxable in and of themselves, they mean any other foreign earnings you have while in Japan in the same year become taxable.
I did the math recently on a transfer and it turns out Wise was a bit more expensive than just doing an international wire