Sending USD straight to Rakuten Securities from overseas

[blos]

I think this subforum fits the best.

So, to secure some funds and well, make tax reporting easier amongst other things, I'm seriously considering selling my position of my employer's stock in a US broker and then buying the same stock with NISA and specific account (and keeping some cash to pay this years extra taxes...). I was looking at the Rakuten's page for USD transfers, and it looks like I can send USD directly from US entity to securities without a pit-stop at a local Japanese bank (and skip some FX fees)

Has somebody done this before and how was the experience? I'm a bit leery because the page doesn't even show the SWIFT code for the Rakuten Securities intermediate bank...

https://www.rakuten-sec.co.jp/web/servi ... x_pay.html

[adamu]

https://www.rakuten-sec.co.jp/web/servi ... x_pay.html

It says in red on that page that you can only send USD from domestic (Japanese) bank accounts using that method. So no, it looks like you'd at least need to transfer to a JP Bank first.

[blos]

Well, it's a little bit funny in a way that if I go to the customer's help page (only accessible if you have a securities account), then that warning isn't there.



But since the swift stuff isn't there either, I'm leaning into that it has to be on a bank account of those 2 banks. The mind boggles why their own bank isn't a possibility...

[adamu]

But since the swift stuff isn't there either, I'm leaning into that it has to be on a bank account of those 2 banks. The mind boggles why their own bank isn't a possibility...

No, Rakuten Securities' USD account is at those two banks.

You can send USD from any bank in Japan, to the Rakuten Securities account at those two banks, and it will show up in your account. As long as you register beforehand.

But you still need to get the USD into a bank in Japan first.

Yeah, no idea why they don't support direct deposits from Rakuten Bank. SBI Securities do support transferring USD to/from a linked SBI Net Bank account, FWIW.

[blos]

Yeah sounds a bit convoluted arrangement. Time to check if I can transfer USD out of Shinsei account then.