Expat Community > Japan

Turtleman
Joined 2017
Posts: 2

Getting Money Home in 2017

7 years ago

Hi everyone,

let's give this discussion a 2017 update.

After working in Japan for a while with resulting JPY savings in a local bank account, I think there are 3 options to handle the JPY savings when it comes to returning to the home country:

a) Transfer the JPY from the local bank account in Japan to a bank account in the home country (e.g. via TransferWise). This requires willingness to transfer the money at current exchange rates.

b) Empty the JPY bank account and take everything home in cash. Note that tax declaration is required at immigration control if a certain threshold is exceeded, e.g. the equivalent of 10 K-EUR in case of entering the EU.

c) Find a way to keep the JPY on a bank account in Japan (ideally one which can also be used for pay-outs in ATMs in the home country)

I am leaving Japan in a couple of weeks and ask for your advice on option c). It seems that CITIBANK was previously the best option for keeping JPY on a bank account that does not need to be closed when permanently leaving the country. However after the acquisition of CITIBANK Japan by SMBC I think this is no longer possible.
Shinsei Bank also requires customers to close their bank account when they leave the country. So in case you have your JPY funds at Shinsei, you need to find a solution.

...I want to make this thread a guide but also ask for your help.

What bank is there in Japan that allows foreign citizens working in Japan to keep their bank account even if they permanently leave the country? Or is there another smart solution to the problem (besides investing)?

Cheers,
Turtleman

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

Living in Japan Guide

Did you know that washers and dryers are often placed on the balcony or in the kitchen in Japan? Did you know that trains are the best way to travel in Japan? Expats in Japan share their tips for living in Japan.

Japan Forum
Join our Japan forum to meet other expats and talk about living in Japan.

Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Japan.

Best Places to Live in Japan

If you're considering a move to Japan, here are the 15 Best Places to Live in Japan in 2023.

39 Expats Talk about Healthcare & Health Insurance in Japan

Expats living in Japan talk about their own experiences with healthcare, hospital visits, emergencies, finding a doctor, buying health insurance in Japan and more.

Cost of Living in Japan

Expats offer insight into the cost of living in Japan.

Moving to Japan Guide

If you're moving to Japan this is a must-read article highlighting tips from expats in Japan. Topics covered include driver's licenses, healthcare in Japan, international schools and more.

Real Estate in Japan

Real estate listings in popular cities and towns in Japan.

Pros & Cons of Living in Japan

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Japan.

Retiring in Japan

Advice for people retiring in Japan.

10 Tips for Living in Japan

If you've recently arrived in Japan, here are 10 tips for digital nomads living in Japan.

Additional Information:

Visit our Japan Index for a Full List

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

Contribute
Help others in Japan by answering questions about the challenges and adventures of living in Japan.

Login

Or, Send Login Link

Expat Community > Japan

Getting Money Home in 2017

Login