Transfering money from Japan to Interactive Brokers LLC

[mule96]

Just some UFJ update. This time I used the preregistration system (https://www.bk.mufg.jp/tsukau/kaigai/so ... index.html), went directly to the booth. I was clear in about 15 minutes (and 10 of them were waiting). Fee remains at 800 JPY.

[linkthe2nd]

Sorry to revive an old topic, but I am trying to set this very thing up. With SMBC Prestia, I am trying to register a payee using the account number IBLLC provides: 0159170403 with the 403 removed.

It does not let me proceed saying that the account number is not valid. The SMBC phone line wasn't too helpful saying I should call Citibank to get a 7 digit number - others seem to have had success using 0159170.

When I try using "Overseas remittance" and adding a payee in Japan, it only gives the option to use USD as a currency, but I want to be funding the account in JPY.

Any tips? Trying to avoid having to take hours off to get to a bank yet again for this

EDIT: Having called SMBC again, it's saying that transfers to 10 digit account numbers will always require a visit to the bank personally - my personal version of hell... Did people who were successful have to visit a branch the first time, but are now able to do it fully online? Very confused here!

[mule96]

There are two "SMBC":

- Sumitomo Mitsui Banking Corporation (三井住友銀行)
- SMBC Trust Bank Ltd. (SMBC信託銀行), with Prestia
They are both part of the same holding (Sumitomo Mitsui Financial Group/三井住友フィナンシャルグループ) but from a customers point of view two different banks.

Afaik, only Sumitomo Mitsui Banking Corporation allows an online transfer of such a remittance, SMBC Trust Bank/Prestia needs a visit...

[linkthe2nd]

I see... I have a MUFG account and it seems you can only do that in branch too? I'm too exhausted to go and open yet another account with Sumitomo just to do this

[mule96]

Yes MUFG is branch only also...

And despite all the pain for transfers, Japan is pretty low ranked in terms of money laundering.

[linkthe2nd]

Bit the bullet and just applied online for an SMBC account. Fingers crossed it goes through without issues, and I can make these transfers happen!

Thanks a lot for clarifying!!

[kost_jap]

Hello Board,
I just want to share my experience with fund transfer to IB LLC through Japan Post bank. Generally after month of trial I gave up with JP bank, I was not able to prove to them anything even with all of required certificates and papers which I prepared according to their guidance. Having only official job and all the tax and everything paid they still claim me their stupid money laundering protection act; either offline or online transfers were returned after weeks of their investigation and without any explanation. One month spent without any result, so I will switch now to SMBC hope it will work better.
Any one here have good experience with JP bank? I am also making NISA account with them but now having doubts.

[RetireJapan]

Any one here have good experience with JP bank? I am also making NISA account with them but now having doubts.

Welcome to the forum! Recommend using a broker for NISA (Rakuten, SBI, Monex, or similar) and TransferWise for international money transfers.

[kost_jap]

Thank you! I will check SBI and Rakuten
And is it actually possible to transfer funds to IB with TransferWise ? IB ask to submit exact account from where money will be transferred, can they accept TransferWise one?

[RetireJapan]

And is it actually possible to transfer funds to IB with TransferWise ? IB ask to submit exact account from where money will be transferred, can they accept TransferWise one?

That is a good question. TransferWise now offer a virtual US bank account, that might be a good solution: https://transferwise.com/jp/multi-currency-account/