Transfering money from Japan to Interactive Brokers LLC

[mule96]

I asked them about funding IBLLC and they said that I can't do 国内非居住者円だ送金 and that they only accept funds via international wire transfer.

They are definitely wrong on that, but it may be a terminology issue. Many others and me fund our IBLLC account with 国内非居住者円建送金. In terms of clearance, the banks here handle it like an international transfer, but techically its is a domestic transfer between two banks. The problem is more, how the local banks handle such a transfer (if they do at all), as the non-resident domestic accounts seems to be blocked on the online banking.

[LukeTek]

I finally was able to open the Remittance account, after I received my MyNumber Card. It took less than a week since I made the application. I am now able to transfer quite easily from HSBC to IBKR and the fee is still 800 JPY.

[Faxingberlin_]

Is there a limit to how much you can remit with the SMBC 三井住友銀行 online method for the 800 JPY to IB. As in if I wanted to remit 5,000,000 JPY in one go could I do this in one remittance for 800 JPY?

[Telebroker]

Thank you all for sharing your experience here in such a detail. I only found this tread after having made my way through the JPY to IBKR transfer jungle. I am now aware of the following 3 good ways, which work independently and have been repeatedly tested!

1. Prestia (SMTB) swift JPY->JPY transfer to IBKR's non-resident domestic account @ Citibank N.A., Tokyo branch.
+ free for Prestia Gold members, otherwise JPY 800 if I read the price list correctly.
+ processed in one go (like any other swift transfer), filing before 1100am and funds hit the IBKR account after lunch time.
- JPY->JPY transfer to non-resident domestic accounts is only available by paper transfer, either hand in the A4 form in person or mail it in.
- not possible online.

2. SMBC 三井住友銀行 swift JPY->JPY transfer to IBKR's non-resident domestic account @ Citibank N.A., Tokyo branch.
+ JPY 800 fee
+ once set up properly processed quickly, filing online at 0900 and funds hit the IBKR account ca 20 min later!;
+ transfers available online and thus convenient.
- two step initial setup of foreign transfers within SMBC website + additional registration of recipient - use the detailed kabu-yatai.com instruction linked in earlier threads.

3. Revolut swift JPY->USD transfer directly to IBKR's account in the US in USD
+ free up to JPY 750,000 per month (watch out in case you need to convert JPY into USD first as that counts to your free allowance as well, thus basically halfing the free allowance amount for this transaction to effectively 375,000;
- Revolut premium functionality removing such limit would otherwise be JPY 999/month;
+ can all be done within the Revolut App (from the sofa);
+ no conversion JPY-USD required on the IBKR side.
- I have been told that it takes 5-7 days until the funds are cleared on IBKR side, ready for investment.

[4. Rakuten swift JPY->JPY transfer is also possible but fees starting at JPY 3750 upwards make it unattractive.]

I have been using options #1 and #2 which are reliable, don't seem to have a [low] limit as I used it with JPY millions.

Bring patience and time (multiple days) to the table and don't give up, you are close to succeeding when you have read this!

[Faxingberlin_]

Thank you all for sharing your experience here in such a detail. I only found this tread after having made my way through the JPY to IBKR transfer jungle. I am now aware of the following 3 good ways, which work independently and have been repeatedly tested!

1. Prestia (SMTB) swift JPY->JPY transfer to IBKR's non-resident domestic account @ Citibank N.A., Tokyo branch.
+ free for Prestia Gold members, otherwise JPY 800 if I read the price list correctly.
+ processed in one go (like any other swift transfer), filing before 1100am and funds hit the IBKR account after lunch time.
- JPY->JPY transfer to non-resident domestic accounts is only available by paper transfer, either hand in the A4 form in person or mail it in.
- not possible online.

2. SMBC 三井住友銀行 swift JPY->JPY transfer to IBKR's non-resident domestic account @ Citibank N.A., Tokyo branch.
+ JPY 800 fee
+ once set up properly processed quickly, filing online at 0900 and funds hit the IBKR account ca 20 min later!;
+ transfers available online and thus convenient.
- two step initial setup of foreign transfers within SMBC website + additional registration of recipient - use the detailed kabu-yatai.com instruction linked in earlier threads.

3. Revolut swift JPY->USD transfer directly to IBKR's account in the US in USD
+ free up to JPY 750,000 per month (watch out in case you need to convert JPY into USD first as that counts to your free allowance as well, thus basically halfing the free allowance amount for this transaction to effectively 375,000;
- Revolut premium functionality removing such limit would otherwise be JPY 999/month;
+ can all be done within the Revolut App (from the sofa);
+ no conversion JPY-USD required on the IBKR side.
- I have been told that it takes 5-7 days until the funds are cleared on IBKR side, ready for investment.

[4. Rakuten swift JPY->JPY transfer is also possible but fees starting at JPY 3750 upwards make it unattractive.]

I have been using options #1 and #2 which are reliable, don't seem to have a [low] limit as I used it with JPY millions.

Bring patience and time (multiple days) to the table and don't give up, you are close to succeeding when you have read this!

According to IB you cannot transfer from REVOLUT. How did you do this successfully?

This is the message from IB:

"Can I fund my account through a digital bank?
IBKR does not support digital banks when the bank is based as a digital wallet or payment processor. IBKR does not recommend sending funds from a payment processor as funds are usually sent without the payment details or sufficient information. This can lead, in most cases, to the rejection of the payment. IBKR always recommends sending funds from a bank account in your name.

The following are not supported: Citibank Global Transfers, Instarem, MoneyGram, PayPal, Paysera, Revolut, Skrill, Western Union, WorldPay and Online Peer to Peer payment systems (e.g., Venmo, Google Wallet, Zelle, Neteller, QuickPay & Square Cash).

Please note, cash deposits must be initiated from a bank or broker account in the client's name."

[Faxingberlin_]

Is there a limit to how much you can remit with the SMBC 三井住友銀行 online method for the 800 JPY to IB. As in if I wanted to remit 5,000,000 JPY in one go could I do this in one remittance for 800 JPY?

To answer my own question, its 3,000,000 JPY per day and 5,000,000 JPY per month

[Telebroker]

Please note, cash deposits must be initiated from a bank or broker account in the client's name."

The IB statement may not be up to date and reflect all service branches of Revolut. In case of Revolut-JP we can now confirm that the client shows up as sender, not Revolut. As it has been done successfully in the scenario set out above by a friend, it's for sure worth a try.

[kanpanela]

Thank you all for sharing your experience here in such a detail. I only found this tread after having made my way through the JPY to IBKR transfer jungle. I am now aware of the following 3 good ways, which work independently and have been repeatedly tested!

2. SMBC 三井住友銀行 swift JPY->JPY transfer to IBKR's non-resident domestic account @ Citibank N.A., Tokyo branch.
+ JPY 800 fee
+ once set up properly processed quickly, filing online at 0900 and funds hit the IBKR account ca 20 min later!;
+ transfers available online and thus convenient.
- two step initial setup of foreign transfers within SMBC website + additional registration of recipient - use the detailed kabu-yatai.com instruction linked in earlier threads.

I have been using options #1 and #2 which are reliable, don't seem to have a [low] limit as I used it with JPY millions.

Just wanted to say thanks for the help and info in this thread. I was able to set it all up with SMBC Direct and the transfer price seems to still 800 yen if done online.

For SMBC, under this link under the lower part is a Japanese Explanation with Screenshots. Maybe that will help?

https://kabu-yutai.com/2019/07/29/post-8845/

If I get it right

- Go under 外国送金
- Under 送金先口座の事前登録 / 新規登録依頼 register the IB account (see screenshots)
- Under 外国送金の依頼 / 事前登録口座への送金依頼 select the registered account, on the the next step enter the amount.
- Next Step is the account within SMBC to be debited.
- Next Step is choosing the reason for the transfer.

@Telebroker, @linkthe2nd, @mule96, or anyone else who happened to do a wire transfer to IBLLC recently

I was trying to go through a similar procedure, initiating a wire transfer on IBKR's website, and I got the details of where to transfer to, it had swift code but NO iban number.
On SMBC direct website I followed the instructions of https://kabu-yutai.com/2019/07/29/post-8845/ but in there, one has to fill iban number and NOT swift code.

Basically the problem is SMBC direct ask you to use iban number for IBLLC.
On IBKR website they only give you swift code.

I could ignore IBKR's instructions for the transfer and use IBLLC iban number as appears in the screenshot in the posted link but it sounded not too wise to ignore IBKR and heed some unofficial guide online, so I sent IBKR support an e-mail asking if I could use that iban number in that guide considering SMBC direct does not ask for swift code. They said they would NOT recommend using the guide, although they can not say definitely it will not work. They insisted I go instead to the bank directly for assistance in order to use use the swift code and by doing so heeding the instructions I received on IBKR's website.
But from what I understand reading in retirejapan forum, doing it online will result in 800 yen in fees whereas going directly to the bank will cost thousands.

What did you guys use? When was your last successful transfer? Did IBKR website showed you an iban number when you initiated a transfer? Or swift code? Did you use the iban number in the screenshot of the unofficial guide regardless? Did SMBC direct website asked for iban or swift codes?

@Telebroker you wrote "swift" in your post. Does that mean in your case SMBC direct asked for swift code and not iban number? But you also linked to the guide which uses iban number and not swift codes. Perhaps I am misunderstanding something about swift and iban? Can they be used interchangeably? Or converted between one another?

Any help is greatly appreciated! I am kind of confused

[mule96]

Basically the problem is SMBC direct ask you to use iban number for IBLLC.
On IBKR website they only give you swift code.

IBAN is something that is only valid for Europe I get the following from IB:

Wire Funds to
Citibank, N.A., Tokyo Branch
Otemachi Park Building, 1-1-1 Otemachi, Chiyoda-ku
Tokyo 100-8132
Japan

SWIFT/BIC Code
CITIJPJTXXX

Bank Account Title & Address
Interactive Brokers LLC
One Pickwick Plaza
Greenwich, Connecticut 06830
United States
Bank Account Number
0159170403

That is the same information as in the link. Did you register the IB account information first? Maybe you can put in a screenshot (if it looks different than the link) or paste the text where it asks for "IBAN"?

[kanpanela]

IBAN is something that is only valid for Europe I get the following from IB:

Wow! I am absolutely embarassed. Under the text box where you fill the account number there is red text about IBAN and an IBAN confirmation button.
You can see a screenshot in the guide.
However reading carefully the red text it says that it only applies to countries that use IBAN. I did not even know that IBAN is only in certain countries, but your comment about it being valid only for Europe made me aware of that and interpret the red Japanese text correctly.
Thank you very much for this clarification!

BTW, I get a different IB account than you, I get an HSBC bank account:

HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED, Tokyo Branch
3-11-1 NIHONBASHI CHUO-KU
HSBC BUILDING
Tokyo 103-0027
Japan

But I guess that doesn't matter much.

Thanks again @mule96 !