Gradually the rules seem to be getting stricter, last time they sent me a bunch of forms where I had to tell them I wasn’t funding N. Korea atomic weapons development (no, I am not kidding, this was really one of the questions on the form) and provide proof of the university enrolment, school fees, etc. that the money was going to be used for.
I’m going to have to make another transfer, this time as a result of some complex family matters the long and short of it is that my parents are giving me some money now rather than as an inheritance later.
I have a couple of questions: (best not to test Reddit’s patience, I’ll keep this short)
1. Is there a better way to do the transfer than through Japan Post Bank?
2. Any idea about the tax implications?
3. How to prove my parents and I don’t work for an international crime syndicate? (I wish I was joking, but this is what the problem boils down to…)
FYI: basic info at JapanPost here: [https://www.jp-bank.japanpost.jp/en/djp/en\_djp\_index.html](https://www.jp-bank.japanpost.jp/en/djp/en_djp_index.html)
1 comment
First, /r/JapanFinance is the best place to ask money (or tech…) questions.
Japan Post Bank is about the worst bank you could use to send or receive international transfers. If you must use them, use WISE or Revolut as a middleman. You will get FAR better rates and you will almost certainly avoid all the BS that JP Bank makes you deal with.
If you are moving more than JPY 1mil you should open an account with Sony, SBI Net, or Shinsei banks. As long as they support the currency of the incoming transfer you will get FAR better exchange rates with them than you will with any other bank.