how does one setup a banking acct for overseas transactions?for dep.and transfers?

Question

i have a friend in japan who has asked me re: setting up a bank account so that they can transfer funds in and out, im not sure how to do that.

Answer 1

DON'T DO THIS! It is a scam!

Think about it - why wouldn't they be able to do this through a bank in Japan if this was legitimate? That's what international banks do all the time for people and businesses!

YOU could end up in jail for "money laundering" or get tricked into "refunding" an "overpayment" that bounces (after you've sent the "refund" to them).

Unless you REALLY know this "friend" well (for years!), don't bite on this one. You'll be very sorry if you do.

Answer 2

your friend in Japan will have to open a bank account at a local bank, send you the bank name, routing number, and account number. You will have to go to your local bank and give them the information from your friends bank, the bank rep will transfer the money from you account to the Japan bank. Be advised there will be a fee for the transfer and possibly a low conversion rate from dollars to yen. set the account up as a dollar account instead. Your friend can withdraw at a good conversion and transfer to another account. Don't forget to pay taxes on any interest if the account will also be in your name. if you mean how do you open an account for them in the US,then go to your bank and tell the customer rep what you would like to do. This ia very common transaction in most banks and procedures are already in place to satisfy your needs.

Answer 3

Before you get too far into learning how to do that, visit the Federal Reserve Bank and the FBI and find out how to get out of jail for laundering foreign money. I don't know if it's legal or not, but it sure smells.....

Answer 4

The site on the Internet to find