Want to send Japanese Yen (“JPY”) from your SMBC account to your overseas JPY account, but not sure how?
Using Wise is the easiest way to transfer money, however, there are some situations where you would want to use your SMBC account to do so. For example, funding your IBKR Malaysia account in JPY.
This type of transaction is called “overseas remittance to non residents in Yen【外国送金】非居住者円建送金“, which mean you are sending Yen from a bank account in Japan to Country A. SMBC charges 880 yen (inclusive tax) for each transaction, with a limit of 3 million yen each and 5 million in total per month.
Read along to figure out how. It is easier than you thought!
Step 1: Login to SMBC direct
Login to SMBC direct on a browser or App
Step 2: Click 振込・振替 and select 振込・送金
Step 3: Select “すべて” , and then “外国送金”
Step 4: Select “新規登録依頼” and fill in the beneficiary details (the person who will receive the $)
All beneficiaries’ details need to be pre-registered and get approved by the bank before initiating the transfer.
This is to avoid money laundering and ensure that the transaction will go smoothly.
Although the bank mentioned that the approval will take around 1-2 weeks, if all info is correctly entered, it usually takes around 1-2 working days.
Step 5: Go back to the “外国送金” page and click on “事前登録口座への送金依頼” to check if it has been approved.
No notification will be sent, thus you will have to check it manually.
All approved beneficiaries will be shown here.
In the following image, the approved beneficiary is the “Interactive brokers LLC”.
Step 6: To make a transfer, select the beneficiary, fill in the details and click submit
The transfer takes around 1-2 working days to complete.
In short
The whole process is not complicated and can be done with a few clicks.
However, please note that it takes around 1 week for new transfers, and 1-2 days for existing beneficiaries.
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