Expat Forum For People Moving Overseas And Living Abroad banner

Status
Not open for further replies.
1 - 5 of 5 Posts

·
Registered
Joined
·
266 Posts
Discussion Starter · #1 ·
Hi guys,

My wife is moving over in the next few weeks after successfully being awarded her spouse visa. She has some savings that she is hoping to transfer over to the UK so we can use this as a deposit on a house.

What is the best way to do this from Japan?

Will her money be taxed if it is over a certain amount?

Thanks.
 

·
Registered
Joined
·
39,103 Posts
There is no tax as such, but her transaction will be reported to the Japanese financial authorities (anti-money laundering, ant-tax evasion etc). Japan has no restriction on moving funds into or out of the country.
What you want is a company who gives you competitive rate of exchange. Ask at her bank in Japan about the rate they will use. There are many financial institutions offering money transfer services that often beat rates given by banks. UK banks don't usually make a charge for receiving sterling-denominated transfer. I think HiFX offers such service.
 

·
Registered
Joined
·
266 Posts
Discussion Starter · #3 ·
There is no tax as such, but her transaction will be reported to the Japanese financial authorities (anti-money laundering, ant-tax evasion etc). Japan has no restriction on moving funds into or out of the country.
What you want is a company who gives you competitive rate of exchange. Ask at her bank in Japan about the rate they will use. There are many financial institutions offering money transfer services that often beat rates given by banks. UK banks don't usually make a charge for receiving sterling-denominated transfer. I think HiFX offers such service.
Brilliant - thanks Joppa. We are already looking into the rates of her bank - look pretty good.

Just to confirm - she will not be charged any money for sending the money to my bank account?

We are hoping to do it before she comes to the UK which means she won't have an account in her name (or joint in my name as well) as she won't be here to set it up.
 

·
Registered
Joined
·
39,103 Posts
There will be international transfer fee, often on a percentage basis. Ask her bank. She has to disclose what the money is for. Moving to UK to be with her husband should suffice. She may have to show marriage certificate.
Do find out what specialist money transfer companies offer. Often they beat banks hands down in terms of exchange rate and fees.
 
1 - 5 of 5 Posts
Status
Not open for further replies.
Top