Question about Wise

[AreTheyTheLemmings?]

I have a business account with Wise for my company. I set that account up here in Japan, and use it exclusively in Japanese.
Now I want to set up a personal multi-currency account. However, I will mostly fund that with money from my bank account in my country of birth.

In this case, would it be easier to set up the new Wise account "in" my country of birth (i.e., using ID issued there), or should I just do it here in Japan? By "easier" I mean things like transfer fees when transferring funds from by bank account to Wise and hassles with Japanese tax authorities.

All advice appreciated. Thanks in advance.

[EmaxisSlim Cultist]

If you are transferring to and from your Japanese account they will want your mynumber.

This will also restrict your total holding in the service to 1million yen I believe.

If you are not involving any Japanese accounts, I still believe you need to legally provide your tax residency and my number. So be cautious.

[AreTheyTheLemmings?]

Hmmm... thanks.
Anyone else want to weigh in?

[sugus]

I am not sure how the Wise business accounts work, but the personal ones allow you to have multi currency accounts, example, EUR, AUD, GBP, etc. These Wise multi currency accounts will have an account number that can be used by anyone to transfer money.

The transfer fee from one 'local account' to another, for example local AUD to Wise AUD is determined by the bank, and in many cases it's free.

The inconvenience I see having a Wise account opened in Japan is that they recently changed the procedure from May 1st 2021, and you must now transfer the currency you want to exchange first (example AUD) to your own Wise AUD account, then transfer to JPY from there.

Also, because of Japan regulations, it seems (at least for personal accounts) that you can't have more than 1,000,000 yen in total (all currencies) in the Wise account for more than 30 days in a row. More details here: https://www.fsa.go.jp/news/r2/sonota/20 ... 319-2.html

[hongononeko]

If your funding your account from your home country then open it with non-Japanese documents. You wont have so many restrictions and life would be easier imho.