New GK, no corporate bank account (yet… I hope) but a large international client – will need to receive \~20k USD wire each month, looking at options:
1. Receive into personal Shinsei or Sony – likely to be queried for purpose and rejected as neither bank accepts business-related payments
2. Receive into Wise Business – after reading all the restrictions on Japan-domiciled accounts and JPY I think it \*should\* work as long as I convert to JPY at Wise and split into four <1m JPY local transfers to Shinsei or Sony within 30 days – but would multiple domestic wires from Wise be queried/scrutinized for purpose like international wires? Aware of structuring/smurfing risk but since it’s legit business not really worried
3. Receive into personal account outside of Japan and remit to Japan as “personal savings”
I’m not loving any of the options, leaning towards Wise, but if the community could chip in I’d be most grateful. Not worried about transfer cost at this stage either, need to get the money over to pay people here first.
Follow up question regarding Wise, I’m reading about Type 1 license (still in beta) but it’s not clear if it will change this picture once it’s rolled out fully, i.e. to receive >1m JPY at once? Current documentation says Type 1 won’t apply to sending JPY from balance, and 1m transfer limit on Japan-domiciled accounts would also still hold.
by smokingrules5016