SMBC to end cheap transfers to domestic non-resident accounts (国内非居住者円建送金)

[Kanto]

Via Reddit:https://old.reddit.com/r/japanlife/comm ... mber_2020/

I just got back from the local SMBC and saw a notification that they're ending cheap transfers to domestic non-resident accounts (国内非居住者円建送金). For those who aren't aware, this is currently a cheap way to send money from Japan to Interactive Brokers so that Americans can invest it; on February 1st it's going from 800 yen to 7,500. They claim it's to promote a more convenient and cashless society.

https://www.smbc.co.jp/news/j602163_06.html

This may affect some of the Americans here. Condolences.

[mule96]

It says though if you use SMBC direct which I think is their internet platform, the fees don't change?

[cooper]

Is SMBC the cheapest way to send money overseas? I've been using Transferwise, but JPY 800 sounds favorable, depending on the transfer rate...