Sending large sum of money to myself

[joshnii 2]

I am planning on sending a large amount of money from my bank account in the US, in my name, to my own bank in Japan.

 

These funds are 100% mine, savings from over the years, and so I have already paid income tax on them. They are not a gift or inheritance and not income.

 

Can I safely assume that I won't be slapped with any kind of tax on that?

 

The idea sounds pretty outrageous to me and it didn't even occur to me until someone (who usually talks rubbish a fair amount of the time!) mentioned something like that but got me worried.

[DumbStick 13]

I have just done that and was told that I would be ok.

 

Depending on the number of course it might automatically get 'reported' by the bank, but as long as it's from you to you I am led to believe it should be ok.

 

If the person who advised me that is wrong, they'll be due a smack in the face!

[JA2340 16]

Not an expert on international banking stuff, for sure, but the notion that you cannot transfer money between accounts that you have in your own name is more than a little outrageous.

 

I do it all the time here, admittedly, between accounts with the same institution, but there's little difficulty.

 

IF there's a tax implication in the international transfer, then I'd suspect (without any knowledge whatsoever, it must be said) that the tax paid in ine country should be sufficient. Hope I'm right!

[snowdude 44]

I often transfer money from one of my banks to another totally different bank, all my own funds and my own accounts, and I have never had problems. I have of course already paid tax on the money.

 

If it is your own money and your own accounts and you have already paid tax on it then no reason why it should be a problem. I am no expert of course, this is just from personal experience!

[joshnii 2]

Like I said I found the idea ridiculous as well, it was just that seed of doubt that was planted.

Glad other people seem to be aging the same.

thanks

[frannyo 2]

I suppose definitions of "large sum" will vary depending on how filthy rich someone is

 

but just in case, I sent about 5 million (yen!!) the other year and had no issues.

 

Surely if it's coming from yourself to yourself then you'll be just fine.

[muikabochi 208]

If would seriously suck if someone wanted to take tax off you for that!!

 

[7-11 2]

I sent myself 10 million yen once and had no issues.

It was from me (oveseas) to me (Japan bank).

[MooMoo 0]

As long as you make sure to them it is clear it's from you to you and it comes from your named account, I cannot see a problem.

I have in the past sent fairly large amounts (those were the days) and never been asked after the event.