Thank you for taking the time to read this post.
My mother and brother will be coming to visit me later this month for a few weeks. They are going to be bringing a bout $8,000 USD each that hey have already exchanged to JPY (approx 1,150,064 JPY each – total around 2,300,000+ JPY). My plan right now is to put their money into my Japan Post Bank account so that they don’t have to carry the cash with them/leave it in the hotel room. I have a few questions that I can’t seem to find any information about online.
1) Is there a maximum amount of money I can deposit into an account (ATM/over the counter)?
2) Should I worry that depositing this much money might cause a red flag or for my account to be investigated/reported/frozen?
3) Do you have any advice or further information you think I should know regarding my plan?
Thank you again for your time and help. I really appreciate any information you can share with me on this topic. Have a great day.
5 comments
I looked around JP Post site and I don’t see any limits on *deposit*.
However the internet says,
“一般的な機種では［紙幣200枚・硬貨100枚・合計200万円まで］が多いようです。”
So looks like up to 200 bills (which would be 2M yen in 10k) should be safe. You could prolly do it in 2 passes of 100 each.
This is a fairly insignificant amount all things considered, so I wouldn’t worry about “red flagging” on your account.
1. If you have a regular bank account you can deposit your money up to 1300万円 or around $90k USD
2. Based on my experience it’s fine, as long as your mom and your brother fill the custom declaration.
3. Suggest you to deposit it partly.
I’m not sure where OP is from but for anyone who file taxes in the US, if anyone had over $10,000 USD in their foreign bank account(s) at any point during the calendar year – not at the end of the year, not averaged, but on any singular day, they will need to file FinCEN Form 114 – Report of Foreign Bank and Financial Accounts (FBAR).
I regularly move fairly large amounts of money (less than $10,000 usd) between my Japan Post account and various international accounts without issue.
Also, if they for any reason need to get this money back to their home bank accounts, using a service like Wise or Remitly will be much cheaper and quicker
That seems like a lot to bring for a few weeks. If we assume 21 days then they’ll each have almost 55,000 yen a day to spend. Even with train tickets or domestic flight tickets that seems like too much. Do they really want to bring so much that they might have to change a lot of it back when they leave?