That is of course an alternative to Wise. Or the OP's wife could open her own Multimoney account in Japan, have the MIL furikomi JPY to that Multimoney account, and then the decision of when/if to convert JPY to USD and wire to US could be under the direct control of the OP and wife. I would argue that having that flexibility (which also spares the MIL from having to setup and do wires, pay wire fees, understand forex, worry about if they bought USD at the right time etc.) might outweigh the burden (which isn't really a big burden) of filing FBAR - which OP says they are already doing anyway for the wife's existing Japanese account, if I read the above correctly. Since this will be a repeated operation, making it as easy as possible for the MIL would seem to be in everyone's interest.I think your wife's mother should open a Multimoney Prestia account at SMBC Trust bank. She should register your wife's US financial institution's USD wiring instructions. After this, it should be easy for her mother to convert the Yen to USD at SMBC and then wire the USD to her daughter's US based account.
Statistics: Posted by rk6 — Mon Aug 26, 2024 7:16 pm — Replies 5 — Views 393