International money transfers between family members
December 9, 2006 7:58 PM Subscribe
What's the best way to transfer money from my father's (residing in Japan) account to my own in the US for banking/investing, and what complications may there be? Or, if he's not expecting extreme rates, are there better options he can pursue himself within Japan?
posted by Muu to work & money (6 answers total) 4 users marked this as a favorite
Bank rates in Japan has been sitting pretty darn close to 0% for a long while now. I flew back over there for the first time in several years for work, and people that I talked to were simply amazed at the rates some online banks offered (4~5%).
Due to some family reasons, I'm in the US now as a full US citizen, and my father's still working in Japan, citizen status Japan. There's probably at least 200~300k that my father wouldn't be spending right away that he's interested in investing. Would he be able to wire money to my account for me to invest over in the US, and if so, what sorts of taxes & other costs might be involved?
Changing the question around a bit, if my father's only looking for a 3~5% return, do money market funds or other similar entities exist in Japan that can offer such a rate?