When making fund transfers

Many financial institutions, primarily in Europe, require an IBAN code for accounts receiving funds transfers.Furthermore, SWIFT (BIC) Code that identifies banks is also required for overseas fund transfer payee registrations. Please see below for the details.

Customers will be asked to notify his or her My Number (Individual Number/ Corporate Number) the first time they transfer or receive funds to/from overseas via SMBC Trust Bank PRESTIA account opened on or after January 1, 2016. Also, for remittance to and receipt of funds from overseas accounts, all customers (residents) must notify his or her My Number (Individual Number/ Corporate Number) in advance from January 1, 2022. Please click here for details.

What is "IBAN" code?

"IBAN" code* is a number of up to 34 digits in length that identifies the location, branch, and account number for the bank where the payee has an account. The first two letters of the code and the number of digits are fixed depending on the country.
Many financial institutions, primarily in Europe, require an IBAN code for accounts receiving funds transfers.

  • *IBAN (International Bank Account Number)
  • Making funds transfers without IBAN information to countries requiring an IBAN may result in a delay or refund of the transfers of the funds, and there may be an IBAN inquiry by the fund receiving financial institutions, all of which may be subject to fees being charged.
  • Please be aware that, even in cases where funds have been sent without problems in the past, there may be changes to the way the transfer is handled depending on the receiving bank.
  • Please be aware that fund transfers to the countries which require IBAN cannot be acceptable without IBAN.

What is "SWIFT(BIC)" code?

SWIFT (BIC) Code* identifies banks and is made up of either 8 or 11 numbers and letters. For registration of fund transfer payee, SWIFT (BIC) Code is also needed to be registered. Because financial institutions are often consolidated or abolished, it is possible that the receiving bank's SWIFT (BIC) Code has been changed. Please take the time to check each item and update it with the latest information.

  • *SWIFT (BIC) Code (Society for Worldwide Interbank Financial Telecommunication / Bank Identifier Code)

About Overseas Fund Transfer Payee Registration

Customers who have made overseas remittances in the past should check their registered transfer information, and, if no IBAN code has been registered as required, please register the latest IBAN code for the receiving account number.

Please inquire the payee for the correct IBAN and SWIFT (BIC) Code. Also, customers who wish to register new overseas fund transfer payee can proceed as followings.

Customers who opened their account(s) on or after January 1, 2016, will be asked to notify his or her My Number (Individual Number/ Corporate Number) at the time of overseas fund transfer payee registration. Also, from January 1, 2022, when you register overseas remittance, all customers (residents) need to notify his or her My Number( Individual Number/ Corporate Number). Please click here for details on how to notify your My Number.

Via PRESTIA Online

Choose "Transfers" > "eForm - Overseas Remittance Registration (Foreign Currency)" after signing on PRESTIA Online.

  • *Cross border yen transfers can also be registered from the "eForm - Overseas Remittance Registration (Foreign Currency)" menu.

How to register payee for Overseas Remittance

Customers who opened their account(s) on or after January 1, 2016, and has not notified My Number (Individual Number/ Corporate Number) , please note that overseas remittance registration by e-Form is not available. Also, please note that from January 1, 2022, all customers (residents) can not apply for overseas remittance registration by e-form if you have not notified your My Number (Individual Number/ Corporate Number) . Please click here for details on how to notify your My Number.

By Mail

Download "Fund Transfer and Remittance Payee Registration" form

Customers who opened their account(s) on or after January 1, 2016, will be asked to notify his or her My Number (Individual Number/ Corporate Number) at the time of overseas fund transfer payee registration. Also, from January 1, 2022 notification of My Number (Individual Number/ Corporate Number) is required for all customers (residents) when registering overseas remittance. Please send necessary documents together with "overseas remittance destination registration / deletion application form". Please click here for details on how to notify your My Number and necessary documents for notification.

Fee and structure of overseas fund transfers

There are various fees which may apply to your fund transfer.
Please refer to the explanation and illustration below to learn about the basic structure and fee that involve in an overseas fund transfer.

When making overseas fund transfers

  1. Overseas Fund Transfer Fee
    This is a handling fee paid to SMBC Trust Bank.
    The amount will vary depending on your account status and/or chosen channel.
    Overseas Fund Transfer (Electronic transfers) Fee
  2. Foreign Exchange Fee
    This is a transaction fee for currency conversions.
    The TTS rate which is applied to currency conversion from Japanese yen to a foreign currency includes a foreign exchange fee.
    Foreign Currency Exchange Rates
  3. Bank charges for the Banks Concerned
    This is a processing fee often charged by beneficiary and/or intermediary banks. In principle, it will be borne by the recipient as it is deducted from your remittance amount. The exact amount of the fee is unknown until it is actually processed as it may vary based on: the currency, policies of correspondent bank(s) involved, country and etc.
    As shown in the illustration below, funds sent from your account will go through a domestic intermediary bank before being passed on to an overseas correspondent bank. Therefore it may take several days for your funds to arrive in the beneficiary account.

Structure of making overseas fund transfers

Remitter >  SMBC Trust Bank > Intermediary bank in Japan (Sumitomo Mitsui Banking Corp.) > Intermediary bank in overseas > Beneficiary bank in overseas > Recipient
  • ※1Overseas fund transfer fees will be waived for PRESTIA GOLD customers.
  • ※2There are no foreign exchange fees when transferring funds in currencies already held in your account.
  • ※3Bank charges for the Bank Concerned will not be waived since they are not our handling fee.
  • ※4There may be more than one intermediary bank.

When receiving overseas fund transfers

  1. Charges for fund transfer
    This is a handling fee paid to the originating bank in overseas.
    Fees vary by financial institutions.
  2. Foreign Exchange Fee
    This is a foreign exchange transaction fee for currency conversions.
    The TTB Rate which is applied to currency conversion from foreign currencies to Japanese yen includes a foreign exchange fee. If the fund is transferred in foreign currency to the Japanese yen savings account, the fund will be converted into Japanese yen at the TTB rate mentioned above.
  3. Bank charges for the Banks Concerned
    This is a processing fee often charged by intermediary banks. In principle, it will be borne by the recipient as it is deducted from your remittance amount. The exact amount of the fee is unknown until it is actually processed as it may vary based on: the currency, policies of correspondent bank(s) involved, country and etc.
    As shown in the illustration below, funds sent from overseas account will go through an overseas intermediary bank before being passed on to a domestic intermediary bank. Therefore it may take several days for your funds to arrive to your account.

Structure of receiving overseas fund transfers

Remitter > Originating bank in overseas > Intermediary bank in overseas > Intermediary bank in Japan (Sumitomo Mitsui Banking Corp.) >  SMBC Trust Bank > Recipient
  • ※1There is no exchange fee if you receive your funds in your PRESTIA MultiMoney Account in currencies available. Please be sure to have signed a PRESTIA MultiMoney Foreign Currency Saving Deposit contract in advance.
  • ※2Bank charges for the Banks Concerned will not be waived since they are not our handling fee.
  • ※3In principle, please provide the originating bank the domestic intermediary bank information when you make a fund transfer from overseas. For further information, please refer to "Required Information for Receiving Overseas Telegraphic Transfer" for details.
  • ※4There may be more than one intermediary bank.

For applying for exemption for dependents living outside Japan

You can use PRESTIA Online overseas remittance transaction's printed records as "Documents Concerning Remittances" when applying for exemption for dependents living outside Japan.

Information about how to register Overseas Remittance on PRESTIA Online?

Printing your Remittance Receipt

For details, please see the following link to the website of National Tax Agency.

National Tax Agency website

Confirmations Required by Law

Confirmation Based on the Foreign Exchange and Foreign Trade Act

In order to comply with applicable laws and regulations such as the Foreign Exchange and Foreign Trade Act, SMBC Trust Bank takes measures to confirm that your overseas fund transfer transaction does not violate "regulations on trade-related payments" or "regulations on the purpose of use of funds".
For details on these regulations, please see the following links to the websites of the Ministry of Finance (Only in Japanese) and the Ministry of Economy, Trade and Industry.

Ministry of Finance Website

Ministry of Economy, Trade and Industry Website

Confirmations based on OFAC Regulations

In order to comply with the regulations of the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), SMBC Trust Bank takes measures to confirm that your overseas fund transfer transaction does not violate OFAC regulations.
For details on these regulations, please see the following link to the OFAC website (in English).

OFAC Website

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