That's a shame. You can't just make transfers without registering the account, eh?ChapInTokyo wrote: ↑Wed Apr 24, 2024 1:50 pm Unfortunately, when I tried to link the "Wise(US) Checking Account" to my Firstrade account so that it would allow ACH transfers to and from Wise's virtual account, the Firstrade site just would not allow the link, returning a "Profile setup for this bank is not supported" error.
Using WISE to repatriate USD from Firstrade to Japan?
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Re: Using WISE to repatriate USD from Firstrade to Japan?
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ChapInTokyo
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Re: Using WISE to repatriate USD from Firstrade to Japan?
Seems to be the case. I think that it's probably how ACH transfers work.
Since a wire transfer to a Japanese bank from Firstrade incurs a $25 transfer fee, as well as 1000 to 2500 yen to the correspondence bank for their services, it will only be cost efficient for repatriating large tranches of my money to re-invest at a Japanese tax free and taxable accounts, or perhaps purchase an apartment or something.
The Visa Debit card issued on Firstrade's cash management account is convenient though for withdrawing money out of Famima or 7-11 ATMs since the exchange rate is pretty competitive even after their 3 to 4% mark up over European Central Bank's official rate (because no bank fees).
Since a wire transfer to a Japanese bank from Firstrade incurs a $25 transfer fee, as well as 1000 to 2500 yen to the correspondence bank for their services, it will only be cost efficient for repatriating large tranches of my money to re-invest at a Japanese tax free and taxable accounts, or perhaps purchase an apartment or something.
The Visa Debit card issued on Firstrade's cash management account is convenient though for withdrawing money out of Famima or 7-11 ATMs since the exchange rate is pretty competitive even after their 3 to 4% mark up over European Central Bank's official rate (because no bank fees).