RetireJapan

gaijin86 wrote: ↑Tue Nov 07, 2023 12:16 pm I asked IB if it would be OK to move a large-ish amount of Euro to my IB account, change it to Yen, then transfer the Yen to my Japanese bank.
They said I shouldn't be using IB as a currency exchange, but did not say anything about penalties or stopping the transfer.
My conclusion is that they may take action if it happens repeatedly, but probably not for one (or 2?) transfers.

Thats with IBKR, but it's probably the same for IBJapan

Thanks for this. Sounds like they will let you do it once in a while but not on a regular basis. Too bad, their exchange rates are by far the best. Using my Wise account is probably the next best bet but the 1 million cap is annoying.

eyeswideshut wrote: ↑Wed Nov 08, 2023 6:48 am Thanks for this. Sounds like they will let you do it once in a while but not on a regular basis. Too bad, their exchange rates are by far the best. Using my Wise account is probably the next best bet but the 1 million cap is annoying.

Yeah, I've done them several times over the years with IBLLC and they've never complained. Can't speak for IBSJ because I still haven't been forced over there. I wonder what's happening with that?

I don't think the 1 million yen cap is a problem with Wise, as mentioned in the 2nd post of this thread. It's a long term cap, not a short one, so if you transfer the money out within 30 days they won't take action. Disclaimer: I've never tried this personally!

northSaver wrote: ↑Wed Nov 08, 2023 7:46 am

eyeswideshut wrote: ↑Wed Nov 08, 2023 6:48 am Thanks for this. Sounds like they will let you do it once in a while but not on a regular basis. Too bad, their exchange rates are by far the best. Using my Wise account is probably the next best bet but the 1 million cap is annoying.

Yeah, I've done them several times over the years with IBLLC and they've never complained. Can't speak for IBSJ because I still haven't been forced over there. I wonder what's happening with that?

I don't think the 1 million yen cap is a problem with Wise, as mentioned in the 2nd post of this thread. It's a long term cap, not a short one, so if you transfer the money out within 30 days they won't take action. Disclaimer: I've never tried this personally!

I have decided that I will use my IBSJ account for currency conversions until they issue a warning, then I will flip over to Wise. I will update this thread if they threaten to suspend my account.The 1 million WIse cap is annoying but assuming they just deposit the excess into my Japanese account it is no big deal.

I'm also sorry for hijacking the thread with my own (but related) question.

I'm new to WISE and I have never used it to bring funds into Japan. What is the procedure, after transferring funds from abroad (in my case, the UK) to WISE, for then moving those funds to a regular Japanese bank?

Thanks for any help!

novalis wrote: ↑Mon Dec 11, 2023 10:29 pm I'm also sorry for hijacking the thread with my own (but related) question.

I'm new to WISE and I have never used it to bring funds into Japan. What is the procedure, after transferring funds from abroad (in my case, the UK) to WISE, for then moving those funds to a regular Japanese bank?

Thanks for any help!

Wise is essentially a Hawala, but formalized. No money is moved.

You move money into Wise from your UK account, into Wise's UK account.

When you *send* money to Japan, (Pounds or Yen depending on your choice and Japanese account), Wise credits it from their Japanese bank accounts.

Wise has the option to send this money immediately or keep it within the wise system in different currencies. However, Japanese laws prevent you from holding more than 1 million yen for more than a short while.

Thank you for your thoughts. Very helpful. Cheers.