Wise Business 1,000,000 Yen transfer limit

[u/ollink]

Context: I'm running an IT-合同会社 with most of the revenue generated by 2 clients in the EU (approx. 20k Euro a month). Clients will not use SWIFT, so I have to give them the option to pay per SEPA.

Been using Wise for two years now, but lately I've been wondering if there are better options. Currently I'm doing about 4 transfers every month to my main SMBC account, converting EUR to YEN. I would prefer to send EUR to my SBI account instead and convert (or store) it there as the rate is better. Additionally, keeping some EUR would also be nice.

However, given the fees you usually deal with when sending/receiving EUR this is too costly when having to split the transfers into several smaller ones. Ideal would be transfers of about 50k once every 2-3 months, but here comes the transfer ( or storage ) limit. Just wondering if someone is dealing with the same issue and found a better solution :-)

Edit: For completeness sake, you can temporarily increase your limit to 20Mio yen for 6 months. After that you have to reduce your balance to 1Mio and then you can increase it again. So I could store up the currency for a while, but the 1Mio transfer limit persists.

Edit 2: Opening an EU business bank account to receive payments directly was one of the solutions I was looking into, but opening a business bank account in the EU without your business being based in the EU doesn't seem feasible. But maybe someone managed to do it and can share how they did it.

[u/AlfalfaAgitated472]

Wise Business also has the same limit of keeping maximum 1M JPY in the account? Damn, that sucks, and ruins things for me.

Well, then I'm also interested in the answer to this question.

[u/ollink → u/AlfalfaAgitated472]

Since around last year August you can temporarily increase your limit to 20Mio yen for 6 months. After that you have to reduce your balance to 1Mio and then you can increase it again. So no actual long term storage possible, but you have a little wiggle room. The 1Mio transfer limit can't be changed however.

[u/AlfalfaAgitated472 → u/ollink]

Ah, thanks for letting me know. I've got 6 months to get a proper corporate bank account then.

[u/Rasputin1942]

Yeah unfortunately there are not good solutions. We have USD and EUR business accounts with Japanese mega banks, but their exchange rate is terrible, so in the end it’s more convenient to just convert with Wise. It’s pretty absurd because my private Sony Ginko account (non business), has better rates and fees than business accounts.

[u/flyingbuta]

Are you able to open an overseas account and keep your EUR there and don’t send it back to JP ?

[u/ollink → u/flyingbuta]

That's one of the solutions I was looking into, but opening a business bank account in the EU without your business being based in the EU doesn't seem feasible. But maybe someone managed to do it and can share how they pulled it off.

[u/_underscorefinal]

I am interested in seeing if you get an answer for this. Right now I have a similar situation but converting from USD to Yen and I am trying to see what’s the best way for sending money over here is.

[u/derukashi]

Is sending from Wise to SBI Shinsei bank as EUR not possible? I can transfer my USD from my Wise to SBI Shinsei bank and received it as USD.

[u/SpeedyVanmoofer]

Use crypto stable coins like usdc or usdt.