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Reporting threshold of banks on incoming transfers


#1

What is the threshold for banks in Japan to report to the government an incoming transfer? In other words what is the amount (or below) of incoming transfers that the Japanese government is not interested in keeping track of. This would be sending the transfer via PayPal or Transferwise.


#2

I’m pretty sure all cross border transactions are available for the government to inspect (on both sides). There’s perhaps thresholds where banks are required to perform additional checks.

From anecdotal experience, MUFG, SMBC and I think Mizuho all take ask for transaction details from their business banking customers when receiving international transfers of any size. For personal customers I gather this isn’t the same, probably a higher value threshold.


#3

Apparently according to transferwise you need to use an ID on your first transfer and subsequently for any transfers above 100.000 JPY
Is that maybe the threshold?


#4

I agree they have access to all the transfers. But at below what point do they not pay attention to it? And at what point does it raise a red flag?


#5

The US threshold seems to be $10,000. Below that they seem to be not that interested. If Japan were the same then it would be below 1,000,000 Yen which is how much you can carry into the country in cash and not be bothered. Below 100,000 Yen may be correct. I think perhaps no one really knows. Another person brought up a good point that they may take a look at the cumulative total at the end of one year and make a decision on that.