Transfering money from Japan to Interactive Brokers LLC

[Telebroker]

Thanks for this, Ive tried all these different methods and MUFJ is the cheapest although not very efficient method. Also, I don't have MUFJ in my area and have to go to Tokyo for it which is a hassle.

Strongly recommend you to open a SMBC (not Prestia) account then, as you can do the SWIFT transfer easily via online banking from home. The JPY 800 fee is the same as MUFG and thus SMBC is clearly more convenient than MUFG on point.

Haven't used Wise lately as more expensive than Revolut - most money transfer provider have the problem, that the sending of funds is not shown as being made in your name; once the sender isn't you (=account in your name), IB will not accept it.

[kanpanela]

Anyhow it went by fine, costing 800 yen like the others have mentioned, if that helps understanding whether or not it's a local account

Warnings guys. Transferring from SMBC to IBKR, although on my first transfer I only got 800 yen of fees, on my second transfer I got a 5000 yen fee!

I used the SMBC Direct online website.
I was not careful to choose the exact same settings for both transfers so perhaps a difference in settings made the difference? Is it the amount that was transferred?
Or is it just a mistake on their parts and I should complain?

I am not sure what caused the difference but here are the differences in transfer settings:

1st transfer:
2021/07
送金目的: FOREIGN DEPOSIT
Amount : 200,000 yen
関係銀行手数料 (Paying bank's charges): 受取人負担
fee: 800 yen

2nd transfer
2021/10
送金目的: STOCK PURCHASING MONEY
Amount : 450,000 yen
関係銀行手数料 (Paying bank's charges): 依頼人負担
fee: 5000 yen

After about a month of making the transfer I received a mail to my house mentioning the 5000 yen fees. I scanned it for you guys in case you can infer something.

Anyone has any idea why it went up to 5000 yen? Any help would be greatly appreciated!

[hongononeko]

I have been using Wise to convert JPY to EUR and then send it to IB EUR account, not very efficient but very fast, same day delivery and I have no access to SMBC nor MUFJ from my prefecture mind you. I've used this over a year now but since Dec 2021 the app gives me the following error 'We cannot currently accept payments to this recipient'. I asked them to explain but the email reply is that there might be many reasons and we can't say why because of how we are regulated. Anyone with a similar problem?

I'm now trying to make the transfer with JPpost which allows a transfer to made on their app. Apparently its slow and costs 3,000JPY but don't have any other option it seems. Will report back on how this goes.

[hongononeko]

Anyhow it went by fine, costing 800 yen like the others have mentioned, if that helps understanding whether or not it's a local account

Warnings guys. Transferring from SMBC to IBKR, although on my first transfer I only got 800 yen of fees, on my second transfer I got a 5000 yen fee!

I used the SMBC Direct online website.
I was not careful to choose the exact same settings for both transfers so perhaps a difference in settings made the difference? Is it the amount that was transferred?
Or is it just a mistake on their parts and I should complain?

I am not sure what caused the difference but here are the differences in transfer settings:

1st transfer:
2021/07
送金目的: FOREIGN DEPOSIT
Amount : 200,000 yen
関係銀行手数料 (Paying bank's charges): 受取人負担

2nd transfer
2021/10
送金目的: STOCK PURCHASING MONEY
Amount : 450,000 yen
関係銀行手数料 (Paying bank's charges): 依頼人負担

After about a month of making the transfer I received a mail to my house mentioning the 5000 yen fees. I scanned it for you guys in case you can infer something.

Anyone has any idea why it went up to 5000 yen? Any help would be greatly appreciated!

Seems like you asked the receipient to be charged with the fees, but paradoxically you got charged more instead. Banks can be a nightmare indeed.

[kanpanela]

Anyhow it went by fine, costing 800 yen like the others have mentioned, if that helps understanding whether or not it's a local account

Warnings guys. Transferring from SMBC to IBKR, although on my first transfer I only got 800 yen of fees, on my second transfer I got a 5000 yen fee!

I used the SMBC Direct online website.
I was not careful to choose the exact same settings for both transfers so perhaps a difference in settings made the difference? Is it the amount that was transferred?
Or is it just a mistake on their parts and I should complain?

I am not sure what caused the difference but here are the differences in transfer settings:

1st transfer:
2021/07
送金目的: FOREIGN DEPOSIT
Amount : 200,000 yen
関係銀行手数料 (Paying bank's charges): 受取人負担

2nd transfer
2021/10
送金目的: STOCK PURCHASING MONEY
Amount : 450,000 yen
関係銀行手数料 (Paying bank's charges): 依頼人負担

After about a month of making the transfer I received a mail to my house mentioning the 5000 yen fees. I scanned it for you guys in case you can infer something.

Anyone has any idea why it went up to 5000 yen? Any help would be greatly appreciated!

Seems like you asked the receipient to be charged with the fees, but paradoxically you got charged more instead. Banks can be a nightmare indeed.

I may have misunderstood you but I think it was the opposite. I added the fee amounts to my original post to make it clearer.

The 1st transfer fee was 800 yen with 受取人負担 which I believe to be the recipient.
Whereas the 2nd transfer fee was 5000 yen with 依頼人負担 which I assumed to be me through SMBC.
Actually, during the 1st transfer I made a mistake and set the recipient to pay the fee, although I wanted to set the sender just to make sure I get the 800 yen. I got it wrong but it was 800 yen. And on my 2nd transfer I set it as I intended to but got 5000 yen as a fee.
Although I do not even know if that is the reason for the difference in fees.

[akiaji]

Hi all

For reference on MUFG, I just sent some funds to IBKRR LLC today. It was a fairly simple process. I filled out the foreign remittance form online, printed it out, and took it to the TV booth at my local branch. Some tweaks were needed on the form, but the teller adjusted everything on her side--no need to redo the form, cross anything out, stamp, rewrite, etc. The cost to me was 700 JPY.

She was very familiar with IBKRR LLC and told me that for any future transfers, I could just bring today's remittance statement (MUFG) along with the wire deposit notification from IBKR LLC. No need to do a new remittance form online in advance.

Limit at the booths is 5,000,000 JPY. For anything higher than that, you would have to visit one of the (limited in number) branches that handle foreign remittances.

[Taisenseition]

Can you tell me exactly how to do it with MUFG? Because I set up a 外国送金 for it. And the lady called me and told me that they cant do it. Like MUFG as a company cannot do this.

When I went to the bank, they told me that it would cost me 7500 yen to send it and that they directed me to do the said above.

What should I do? Akiaji... what is this foreign remittance form and how does it cost 800 yen? Because they keep telling me that it costs 7500 to do it at the ATM window.

Help please

[Tkydon]

Thank you mule96 for this post!

I tried to do this today, I went to SMBC Trust bank in Namba, Osaka. I had everything I needed to do the transfer from my SMBC acct to IB`s Citibank acct in Tokyo. To no avail, they were all bamboozled by the ten-digit account number and could not figure out what to do, they advised me to call citibank and ask them. I showed them this requirement "国内非居住者円建送金" but they did not seem to understand and it just added to their confusion. Is this such a wild request? I just want to do furikomi from my acct in Japan to IB's acct in Japan. Yen to Yen. Even transferwise wants to take a healthy chunk of my money to do it their way.

Could you tell me what I have done wrong, what I am missing? Thank you!

If you are talking about a 10 Digit Account starting with the three digits 802*******

The 802 is the Branch Code for Yamabuki Branch.

You can either enter the branch code 802, or go through the lookup

Citibank Ginko - Bank Code 0401
Yamabuki Branch - Branch Code 802
Account Type - Futsu
Account Number - The Last 7 Digits.

This is a local transfer. No need to register Overseas Payee, or anything.

The Payee will come up as IBShoken Kokyaku Uketori Kouza

Should be a standard ATM Furikomi Fee, or Free.

[akiaji]

Can you tell me exactly how to do it with MUFG? Because I set up a 外国送金 for it. And the lady called me and told me that they cant do it. Like MUFG as a company cannot do this.

When I went to the bank, they told me that it would cost me 7500 yen to send it and that they directed me to do the said above.

What should I do? Akiaji... what is this foreign remittance form and how does it cost 800 yen? Because they keep telling me that it costs 7500 to do it at the ATM window.

Help please

Apologies! I only noticed your message now. In case you are still working on it, this is what I did.

1) I created the payment data online:
https://www.bk.mufg.jp/tsukau/kaigai/so ... index.html

2) I took that paper, the fund transfer request from IBKR, my bank book, and my bank seal to the テレビ窓口 (remote teller machine) at the closest MUFG branch.

3) The teller on the other side processed everything for me, even updated my payment data to correct some errors. Cost was 700 JPY.

Did you try setting up the payment with BizStation by chance? Maybe that was part of the issue?

[devilsbabe]

Thanks everyone for the detailed info in this thread.

I'll have ~8M JPY that I'd like to send to IBLLC next month and read there are 3M per-transfer and 5M per-month limits with SMBC. Does anyone know if it's possible to bypass these limits online or if I'll have to visit a branch? Will the fee be the same regardless?