Wise now has a Tier 1 license: large transfers coming soon

[RetireJapan]

Just got an email from Wise, they'll be able to do much larger transfers soon

"Wise Payments Japan is proud to have received a Type 1 licence from the JFSA. This will allow our customers in Japan to send more than 1 million JPY equivalent to any currency we support at the same low and transparent fees we have today."

[captainspoke]

As it happened on reddit: https://www.reddit.com/r/JapanFinance/c ... icense_in/

[banders]

But seems we can still only keep ¥1m in an account there.

[Wales4rugbyWC23]

Going back a few years, decades.... with Go Remit when it was run by Lloyds you could send as much as you want no proof of source of funds or tax return. Those were the days.....

[Deep Blue]

Going back a few years, decades.... with Go Remit when it was run by Lloyds you could send as much as you want no proof of source of funds or tax return. Those were the days.....

I’ve never been asked for proof of funds, incoming or outgoing with Prestia. But my wife had Mizuho block an incoming transfer from our joint account for 1 million yen and wouldn’t release it without a phone call.

[Wales4rugbyWC23]

Going back a few years, decades.... with Go Remit when it was run by Lloyds you could send as much as you want no proof of source of funds or tax return. Those were the days.....

I’ve never been asked for proof of funds, incoming or outgoing with Prestia. But my wife had Mizuho block an incoming transfer from our joint account for 1 million yen and wouldn’t release it without a phone call.

The tax returns were for any transfers over 1 million yen with Shinsei, who took over from Go Remit. Once you had shown your tax returns once there was no need to do it any longer. It would be interesting to see what documents, if any Wise ask for, for transfers over 1 million yen. Hopefully, none.

[Seasider4374]

I was an OG Transferwise user way back when, but struggled with the new systems when name changed to Wise. Though I've recently now got my head around their "jars" setup for individual currencies and have got all my JP bank recipients setup smoothly.

I can now move money online from UK accounts to Wise, then from Wise to any JP account (after conversion) smoothly.

Bonus being I don't need to use any of my JP local bank accounts' web interfaces... Aside from Yucho, in my experience they're all a pile of web design usability turd. (And I'm not saying Yucho is perfect by any means...)

But while this increased daily allowance is definitely good news, from my recent interactions maybe the reporting reasons need to be increased too? Was/Is inheritance an option to select? I don't remember seeing it as one, but to be fair, wasn't looking out for that option at my usage times.

Anyway, I'm very glad to now have a Wise sortcode and account number to inform HMRC of should I (or other UK expats) ever be de-banked for our pension payments.

[smalldog]

Does anyone have any insight when this upgrade to their service might be implemented please?

I have a very large sum to transfer out of Japan in mid-April and am hoping to be able to do via Wise rather than traditional banking….

[smalldog]

Update on this one - I recently successfully transferred around 1億円 (JPY 100 million) overseas using wise Type-1 with little difficulty.

Transfer was instructed and arrived on following afternoon - less than 36 hours from leaving my account to arriving in the receivers account in new currency at the exact rate expected.

I saved a fortune versus the rate offered by JP retail banks + was spared a lot of the horrific bureaucracy previously endured when sending far smaller fund overseas.

Thanks Wise!

[adamu]

Update on this one - I recently successfully transferred around 1億円 (JPY 100 million) overseas using wise Type-1 with little difficulty.

Thanks for sharing!