RetireJapan

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.

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!

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...

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

Yes MUFG is branch only also...

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

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!!

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.

kost_jap wrote: ↑Mon Nov 30, 2020 2:45 am 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.

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?

kost_jap wrote: ↑Mon Nov 30, 2020 6:47 am 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/