Mother (mother-in-law to me) is giving my wife me about $10,000 in yen annually as "early inheritance" money to avoid a large inheritance tax bill at the end, whenever that comes.
My wife has a bank account in Japan, keeping that below the amount that has reporting consequences beyond the annual FBAR filing.
We can each bring back our ~$10,000 equivalent of yen, but we know that exchanging that to dollars once in the U.S. will be at a poor exchange rate.
What would the wise folks in this forum suggest as the best way for us to do exchanges? Quick research revealed a few possibilities, but I haven't looked into any in depth yet. For example, seems Wise might be an option, but not yet sure the requirements of maintaining an open account. We'd prefer not to have money sit idle in an account intended simply for exchange purposes, but we also anticipate doing this annually. (Hopefully for many more years to come!)
Looking forward to ideas/feedback. Thanks.
My wife has a bank account in Japan, keeping that below the amount that has reporting consequences beyond the annual FBAR filing.
We can each bring back our ~$10,000 equivalent of yen, but we know that exchanging that to dollars once in the U.S. will be at a poor exchange rate.
What would the wise folks in this forum suggest as the best way for us to do exchanges? Quick research revealed a few possibilities, but I haven't looked into any in depth yet. For example, seems Wise might be an option, but not yet sure the requirements of maintaining an open account. We'd prefer not to have money sit idle in an account intended simply for exchange purposes, but we also anticipate doing this annually. (Hopefully for many more years to come!)
Looking forward to ideas/feedback. Thanks.
Statistics: Posted by OkanePlease — Mon Aug 26, 2024 9:31 am — Replies 1 — Views 83