RetireJapan

From looking at this post:

https://www.reddit.com/r/japanlife/comm ... llc_costs/

There seems to be confliction information about whether or the price to send IBKR's Japan account increased from 800 yen to 7000 yen or not.

Some say it is only for in-person transfers, but the author said "No I had to go into the bank to do it. When I joined IBKR, I spoke with their customer service who said that the only way to do it was by zengin transfer which has to be done in person at the bank."

Another used said "I also recently tried to move money from my Japanese bank account into my Japanese IBKR account. The transfer required wiring money from my Japanese bank to Citibank Yamabuki branch. Citibank is an American bank, but apparently the money goes to a Japanese branch. Citibank does not show up in my bank's ATM, so it seems I cannot do a standard furikomi. Which means I have to walk to my bank and initiate a wire in person."

. The author post did not post back to say if it ended up costing him 800 or 7000 yen after trying again. Anyone has any experience and is willing to share how much a transfer after the 1st of February this year cost?

There seem to be various things mixed up.

In the reddit thread, the original poster asked about a fee increase when remitting from SMBC. This is the case, as they increased their price to 7000 JPY for a transfer at a counter. Their online fee remains at 800 JPY. This is stated on their website and there was no change since the reddit post.

The following points are to consider:

• There is no fee on IB side for accepting a transfer. The fees happen on the bank side.

• Technically this a bank transfer to a local bank for an account of a foreign entity. Those accounts don't appear in the normal furikomi system and are blocker there.

• Because the transfer is to a foreign entity, banks (have to) treat it the same as transferring to a bank outside Japan.

• Different bank have different fee structures and possibilities, but generally most banks require to appear in person. The IB statement from their support makes no sense (that you have to appear in person), as there are a few banks that don't require a visit in person.

• Most banks therefore charge their (expensive) foreign remittance fee. A very few have a reduced fee for such a transfer (SMBC online for 800 JPY, UFJ in a video booth for 800 JPY), but the options are limited.

mule96 wrote: ↑Fri Mar 19, 2021 12:43 am There seem to be various things mixed up.

In the reddit thread, the original poster asked about a fee increase when remitting from SMBC. This is the case, as they increased their price to 7000 JPY for a transfer at a counter. Their online fee remains at 800 JPY. This is stated on their website and there was no change since the reddit post.

The following points are to consider:

• There is no fee on IB side for accepting a transfer. The fees happen on the bank side.

• Technically this a bank transfer to a local bank for an account of a foreign entity. Those accounts don't appear in the normal furikomi system and are blocker there.

• Because the transfer is to a foreign entity, banks (have to) treat it the same as transferring to a bank outside Japan.

• Different bank have different fee structures and possibilities, but generally most banks require to appear in person. The IB statement from their support makes no sense (that you have to appear in person), as there are a few banks that don't require a visit in person.

• Most banks therefore charge their (expensive) foreign remittance fee. A very few have a reduced fee for such a transfer (SMBC online for 800 JPY, UFJ in a video booth for 800 JPY), but the options are limited.

Wow thanks a bunch for this detailed and easy to understand answer!

My account is on SMBC unfortunately, so I guess that means I will be forced to go in person in order to send them money, or use online banking to transfer to some other Japanese bank from which I can send to IB through their online interface assuming they have this account?

I should try to see if I can find IBKR's account on the SMBC app. I will report back here my findings.

EDIT: I can't seem to find IBKR's bank account details. I don't have an account with them yet and it looks like I need to go
to the user portal in order to find the account details.
The reddit post does mention "Citibank Yamabuki branch" however, and that appeared in my SMBC app just fine. Perhaps the specific account does not show up? I would assume there is no discrimination at that level, am I right?

You can use SMBC for remitting fund online to IBKR, but it is just not a normal domestic transfer! It is an international transfer with reduced fees.

See also:

viewtopic.php?f=20&t=688&start=30#p10276

mule96 wrote: ↑Fri Mar 19, 2021 1:02 pm You can use SMBC for remitting fund online to IBKR, but it is just not a normal domestic transfer! It is an international transfer with reduced fees.

See also:

viewtopic.php?f=20&t=688&start=30#p10276

Thanks mule96! That post is quite informative, I am not sure how I missed it!