RetireJapan

Like some others here I use IB as an additional account for investing. While transferring money from my European account to IB LLCs IBAN account was a free breeze, like always it isn't that easy/cheap in Japan. I want to give my experience/research here, but would also like to here how other people handle it.

First of all, IB LLC has an account at the Tokyo Branch of Citibank, but while this account is in Japan, IB LLC is not. If you try to do an online transfer through the standard remittance masks of most of the Japanese websites, their account will just not be found (despite having the usual setup of branch code and account number).

From my understanding, if you try to remit in a foreign currency (and your bank allows that remittance), it will count fee-wise as a full foreign remittance with the usual fess in the x000 JPY range. If you remit in Japanese Yen, even then smaller banks (if they allow it) will charge a hefty amount of it.

Technically what is needed for transferring JPY from a Japanese account to IB LLCs Japanese account is called 国内非居住者円建送金. At least SMBC and UFJ (and probably also Mizuho, but all the examples in Japanese blogs where with the former two) offer this and it has significantly lower fees: 800 JPY flat for more than 3万円.

SMBC seems to allow this through their online banking. UFJ doesn't allow it online, only through a branch and/or telebanking. As I still have an account at UFJ, I tried that today:

• Application through staff or the telebanking Booth doesn't matter, the 800 JPY are the same.

• If you let the branch do it, you have to fill all the information by yourself by hand and you need your Bank Hanko, in their telebanking booth they take your information from your bank card and input the remittance information directly. As my handwriting sucks and every form I fill out gets plastered with corrections and the confirmation by seal, I took the telebanking booth.

• It took around 10 minutes until I got connected to a person. You can request an English speaking person, but that will take probably even more time.

• After reading the bank card and some ID confirmation, they want to scan the remittance information in full English. I didn't prepared that and wrote down the city bank information in Japanese. But they scanned the note on my phone where I prepared the full information with no issues.

• They want proof of a relationship between me and the receiver, like a contract etc. Again, I didn't prepared that, but also here, they were happy with scanning the account information page on the IB app on my mobile phone.

• There was the usual amount of questions (Where did you get the money from you want to transfer? What is the purpose of the transferred money etc).

• I got disconnected for 10 minutes again so they can input the remittance information (sometimes some info flashed up on the screen).

• Finally the person appeared again and we went through the now filled out information on the screen, where finally I had to input myself the amount I wanted to transfer (everything else was done remotely).

• After confirming again everything a couple of times , I got a print out of the remittance and it was done.

The whole process took around 50 minutes, and roughly an hour later the money was on my IB account with no other deductions. Interestingly they didn't ask for the my number information - it is also not registered on my bank account so far.

I am curious to know if other people transfer money from Japan to IB LLC and if in which way and what the costs are. For the future, my current plan is probably try it with SMBC and I don't want to spend 50 minutes at the bank...

Just wanted to say thank you for posting your experience here.

I'm in the same boat and I might just use TransferWise to send from my JP bank to US one, then do a ACH transfer to IB. It's a pain, but I can't find a smoother way where I could just send yen directly from Japan to IB and convert to US dollars later.

Thank you mule96 for this post!

I tried to do this today, I went to SMBC Trust bank in Namba, Osaka. I had everything I needed to do the transfer from my SMBC acct to IB`s Citibank acct in Tokyo. To no avail, they were all bamboozled by the ten-digit account number and could not figure out what to do, they advised me to call citibank and ask them. I showed them this requirement "国内非居住者円建送金" but they did not seem to understand and it just added to their confusion. Is this such a wild request? I just want to do furikomi from my acct in Japan to IB's acct in Japan. Yen to Yen. Even transferwise wants to take a healthy chunk of my money to do it their way.

Could you tell me what I have done wrong, what I am missing? Thank you!

I think they should have understood it, even if the terms are different. At UFJ I was at the foreign section first and then the lady on the video call definitely knew what I wanted.

Some Points:
- SMBC Trust Bank and SMBC are two different banks. My description above was SMBC.
- I checked SMBC Trust bank website: Under fees (https://www.smbctb.co.jp/service/fees/transferring.html) there is a section 外為円決済, this is what imo applies. You want to transfer to a foreign entity, in Yen to a bank with an office in Japan. The fee is 800 JPY, for gold members it seems to be free!
- The 10 Digit Bank Number from Citi Bank is actually the Japanese system with branch code and account number (one confusing thing is that the branch number for city bank in their Tokyo office changed recently, but at least the account number from IB didn't reflect that so far, but had no issue for me (and UFJ knew what to do). At my time the account number was 0159170403 -> Account Number 0159170, Branch Code 403).

I am not a big Fan of UFJ generally, but every time I had some special needs (cashing in checks etc), their service and support was excellent.

IB's bank wire instructions have not changed, I just logged in and checked theri instructions:

Bank Wire Instructions
Provide the following information to your bank to initiate the transfer.
Wire Funds toCitibank, N.A., Tokyo Branch
Otemachi Park Building, 1-1-1 Otemachi, Chiyoda-ku
Tokyo 100-8132
Japan
SWIFT/BIC CodeCITIJPJTXXX
Bank Account Title & AddressInteractive Brokers LLC
One Pickwick Plaza
Greenwich, Connecticut 06830
United States
Bank Account Number 0159170403

I will try again using my Shinsei acct with branch number 403 and acct number 0159170. Thanks again!

I think you can’t do it over most online banking systems - it will not find the account number in the system

It failed as expected. I guess i will try ufj next.

Can you tell me which UFJ brach you used? Thanks!

I used the Shintomicho Branch (〒104-0041 東京都中央区１８ 中央区新富１丁目１８−１)

mule96 wrote: ↑Sun Dec 15, 2019 8:54 am I used the Shintomicho Branch (〒104-0041 東京都中央区１８ 中央区新富１丁目１８−１)

Thank you again. I actually went to a branch, up to the foreign section, but they were not helpful at all, I will try again and tell them to call that branch if necessary.