RetireJapan

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

Afaik it is not possible (Interactive Broker doesnt allow it). Your funding needs to come from an account with your name, which doesnt happen with Transferwise.

mule96 wrote: ↑Tue Dec 01, 2020 6:35 am

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

Afaik it is not possible (Interactive Broker doesnt allow it). Your funding needs to come from an account with your name, which doesnt happen with Transferwise.

How about the new 'virtual' Transferwise accounts? Might that be an option?

Thanks for posting your experience.
I opened SMBC bank account last week. I tried to transfer money to IB just the second day. And the staff at SMBC rejected my request. So sad.

Hello,

I wanted to post my experience using Sony Bank. I'll be quick: Sony Bank does not allow international transfers (which are required if you have to transfer to a 10 digits account number) in JPY. To be able to use an international transfer one has to specify a currency that is different from JPY.
I also tried with a "standard" transfer using the 7 digits account number (10 digits one minus the last 3, which afaik specifies the branch) but it was refused the day after.

I have an SMBC account but I cannot find a way to do the transfer online: through this URL I tried to register a remittance destination but when I try to send to it, it complains that the account number (7 digits, I did not find a way to input the 10 digits one) is not found.
But I read that other people managed to do it using SMBC online, so I am a bit confused...

I am trying to use Transferwise with, once again, the 7 digits account number but it will likely be refused

For SMBC, under this link under the lower part is a Japanese Explanation with Screenshots. Maybe that will help?

https://kabu-yutai.com/2019/07/29/post-8845/

If I get it right

- Go under 外国送金
- Under 送金先口座の事前登録 / 新規登録依頼 register the IB account (see screenshots)
- Under 外国送金の依頼 / 事前登録口座への送金依頼 select the registered account, on the the next step enter the amount.
- Next Step is the account within SMBC to be debited.
- Next Step is choosing the reason for the transfer.

mule96 wrote: ↑Wed Dec 23, 2020 12:54 pm For SMBC, under this link under the lower part is a Japanese Explanation with Screenshots. Maybe that will help?

https://kabu-yutai.com/2019/07/29/post-8845/

If I get it right

- Go under 外国送金
- Under 送金先口座の事前登録 / 新規登録依頼 register the IB account (see screenshots)
- Under 外国送金の依頼 / 事前登録口座への送金依頼 select the registered account, on the the next step enter the amount.
- Next Step is the account within SMBC to be debited.
- Next Step is choosing the reason for the transfer.

Thank you, that was indeed very helpfull. I started the procedure but it turns out that I need to have my Number Card ready in order to apply. I just arrived here so I haven't received it yet. Guess I'll just have to wait.

Just wanted to say thanks for the help and info in this thread. I was able to set it all up with SMBC Direct and the transfer price seems to still 800 yen if done online.

Hi everyone! Been aware of this site/forum for a long time and read it intermittently, but this is first time posting. I really appreciate everyone's effort to share information to help each other.

I'm just starting to do some additional investing and have set up an IBLLC account (I use Mizuho Sec for my NISA but find the lack of English interface frustrating, and want to have more direct overseas holdings for future retirement purposes).

Couple quick questions re funding IBLLC accounts from SMBC Prestia:

1. If I want to buy US$ or CAD$ shares in my IBLLC accounts is it better to fund directly in these currencies, or OK to fund via JPY and then I can convert the funds inside IBLLC to make purchases on relevant foreign stock exchanges?
2. Is it better to set up an ACH transfer, or just do the JPY800 tsf in JPY funds described in earlier posts?

If anyone has a view on the above I would be grateful. Thank you and look forward to becoming a more regular poster in future.

Paul2021 wrote: ↑Sat Jan 16, 2021 1:24 am 1. If I want to buy US$ or CAD$ shares in my IBLLC accounts is it better to fund directly in these currencies, or OK to fund via JPY and then I can convert the funds inside IBLLC to make purchases on relevant foreign stock exchanges?

Probably　JPY is better. The pricing is always a little bit difficult to understand, but my understanding is that they charge extra for transfers in foreign currencies. Also IBs exchange rate will be better.

Paul2021 wrote: ↑Sat Jan 16, 2021 1:24 am 2. Is it better to set up an ACH transfer, or just do the JPY800 tsf in JPY funds described in earlier posts?

Can you do that with SMBC Prestia?

Thanks Mule!

The IBKR website talked about ACH, so I had assumed that was an option. Not sure if so....

Incidentally, I called IBKR-Japan with another question and was really happy w the customer service in English (after spending 40 mins on hold with a pension office this morning, I was pleasantly surprised to speak to a human without waiting). I asked them about funding IBLLC and they said that I can't do 国内非居住者円だ送金 and that they only accept funds via international wire transfer. I'll go to my local SMBC Trust branch in person and talk to them, they must handle these kinds of transfers with some regularity.

(If anyone else has experience transferring from SMBC Prestia to IBLLC accounts in Japan pls let me know the best solution!)

Cheers
P