Background: I want to remit 7 million yen to my US bank account. I recently opened an account with Sony Bank given their low rates and will be converting the JPY to USD within the account and transferring thereafter to my US bank account (Chase or Schwab).
Questions:
After converting the JPY to USD within the Sony Bank account, instead of making an international transfer from Sony directly, should I first transfer it to Wise and send via SWIFT to my US Bank for the lowest fees? (There was a previous thread where someone was advised to do this to minimize transfer costs, except they were going from US to Japan–wondering if the same logic applies in my situation.)
When Sony asks for the reason for the transfer, I plan to say that it's because I plan to move back to the US at some point. I wonder if there is a better response though–I don't want this process to be dragged out or have to submit ridiculous amounts of documentation. If I say it is for family living expenses or for investing, could this trigger tax issues? Wondering what the best answer to this question is.
I am transferring my money to my own account in the US. However, I am a dual citizen and the last name I use for my US bank account is different. Could they interpret this as a remittance to family and cause issues, for example, with Japan's gift tax?
If I transfer the money to a US brokerage account, will Japan have any issues with that from a tax perspective?
Thanks in advance for your advice!
by Queasy-Comedian6092