international transfers

[bryanc]

This is very easy/quick. Set up your virtual UK bank account with Wise. You'll get an account number and sort code. Transfer money from your UK bank to Wise (takes seconds from NatWest). Within Wise, change the pounds to yen. You can then send the money to your Japanese bank account (took about a minute to Shinsei).

have just come across this-very useful as i was looking to transfer money from uk to japan.is wise still the best one out there to do this with?
would send it to an SBI account..are there limits to how much i can send without being contacted by japanese authorities?(seem to state 100,000yen on here)

[RetireJapan]

I am very happy with Wise.

All international transfers now need your My Number, so you can assume that the Japanese tax office has access to all of them. Shouldn't make any difference unless you are dodging tax

[sugus]

have just come across this-very useful as i was looking to transfer money from uk to japan.is wise still the best one out there to do this with?
would send it to an SBI account..are there limits to how much i can send without being contacted by japanese authorities?(seem to state 100,000yen on here)

There is a 1 million yen limit per transfer from JPY to overseas.

To transfer to JPY there doesn't seem to be a limit, but if you send more than 1 million yen to Japan they use SWIFT instead.

Source: https://wise.com/help/articles/2932156/ ... -transfers

[bryanc]

thanks-seems 2.67pounds flat fee-does that mean best to send in instalments of less than 1million or will that be suspicious to the authorities?

[bryanc]

seems that SBI accounts do not support IBAN just swift transfers-is that correct??

[imaginatorium]

I have a brokerage account overseas that will only accept funds from an account in my name so something like TransferWise is out of the question.

I don't understand why you say TfW ("Wise") is out of the question. I have a multicurrency account, and I can go to the Euro account and make a ("domestic", i.e. no rip-off fees) transfer to anyone with a Euro account. (Disclaimer: I have not actually tested this, because all my transfers are inward, i.e. puzzle sales). There are problems/complications with amount over 1million yen, but up to that there should be no problem, and the transfer should arrive as "from" you, since TfW operates as a bank in each of the countries.

That said, I have an outstanding TfW problem, so I welcome corrections...

[dego_peace]

I transferred 15m in last year without any repercussions, as I’m gradually shifting from IB to SBI for simplicity. I heard that anything above 30m is reported to the Ministry of Finance. I’m planning to move more so I’m wondering how to do the transfer. That is, whether to break it up over a few years or just pull the trigger and hope I don’t get scolded about it.