Pages in topic:   [1 2] >
I want to transfer money from my PayPal account into my bank account in Japan, but..
Thread poster: Minoru Kuwahara

Minoru Kuwahara
Japan
Local time: 20:29
English to Japanese
+ ...
May 25, 2007

Hello Proz colleagues,

I currently hold certain amount of deposit in my PayPal account and want to withdraw this fund into my bank account in Japan, but PayPal Customer Service advises that I can directy make this transfer ONLY in Yen, not in USD or Euro. But as I can hold savings in multiple currencies in my bank account, I want to receive money in original currencies.

PayPal instead suggests I should have a US bank account if I want to withdraw fund in USD, but I have no idea which bank I could open up an account with and which banks would better serve me in regards to my needs.

And if I open up a US bank account and hold savings in USD, I want ultimately to transfer money from the account into my bank account in Japan in USD (or in Euro, if possible).

So, my question is: with which US banks can a foreign resident like me open an account? And if that is possible, which banks should I select so that I could transfer between US and Japanese banks? For example, I'm aware that different banks have different fee systems for wire transfers, which is better if lower especially for internationnal transfers.

I greatly appreciate if any ones here could advise about possibilities.

Thank you,
Minoru Kuwahara
English/French-Japanese translator
mkuwatr@ybb.ne.jp

[Subject edited by staff or moderator 2007-05-26 05:52]


Direct link Reply with quote
 

Owen Davies
Japan
Local time: 20:29
Member (2007)
Japanese to English
+ ...
Dollars, pounds, euros, to Yen May 25, 2007

Hi Minoru,
Sorry, I can't help you with the bank accounts, but I can tell you that I have not had any problems transferring Dollars/Pounds/Euros from my PayPal account to my Japanese bank account (I'm with 八十二 in 長野 but I don't think that makes a difference). They do charge 5 dollars to convert the cash from the original currency into Yen (for anything less than 500 dollars I think. Over that is free) and then transfer, but usually my clients are generous enough to cover that fee!

I'm not sure why PayPal is telling you that you can't transfer your funds. Try checking with them again and see what they say.
Good luck, hope you manage to get your money!
All the best
Owen


Direct link Reply with quote
 

Minoru Kuwahara
Japan
Local time: 20:29
English to Japanese
+ ...
TOPIC STARTER
I can transfer, but they say it's only in Yen converted from other currencies May 25, 2007

Thank you, Owen, but they did not say I could not transfer, but they say I can transfer only in Yen converted from other currencies such as USD or Euro.

So my concern is that I want to open up a US bank account, but not sure at which bank I would do so, and preferably I could directly transfer fund into my Japanese bank account in the original currency, that is, USD (or possibly Euro). I hope I clarified the situation.


Direct link Reply with quote
 

Owen Davies
Japan
Local time: 20:29
Member (2007)
Japanese to English
+ ...
I see! May 25, 2007

Sorry, my mistake. Yes, you're right, it is better to transfer directly in another currency, then you don't lose out to the exchange rate. But I have found that Japanese banks don't like to do that. Last time I tried they wanted to charge me 20% (Owch!) for handling a foreign currency. Which defeated the whole purpose.
Anyway, good luck with your hunt for an American bank. Have you considered an Offshore account? I have an account with an offshore bank called Northern Rock. They're not bad, sometimes useful. Especially for savings.
Anyway, back to work!
All the best
Owen


Direct link Reply with quote
 

Jan Sundström  Identity Verified
Sweden
Local time: 13:29
English to Swedish
+ ...
Depends what kind of PP account you have May 25, 2007

Hi Minoru and all,

I think it depends what kind of account you have with Paypal.

This has probably to do with the expansion of Paypal. In the beginning, you could only open an account in USD. Later on, they opened up national branches, issuing accounts in the local currencies.

I don't know about Japan, but I get the impression that if you opened your account in USD, it will remain in USD. If you opened your account in Yen, it will stay in Yen.

So the reason why they only allow one currency could be the fact that they want to discourage the use of "overseas currency accounts" vs. local.

There are also different "premium" account levels, with slightly different service degrees. If you have a "trader's account" certain transactions are possible that is not allowed with the basic account. Look into the various options...

When it comes to opening another bank account in the US, it was totally impossible when I looked into it last time. They are very stifff about you either residing in the US, getting your salary from a US entity, or starting with a minimum deposit of some $10,000.
For me, it was a wild goose chase and I gave up!

If I was you, I'd open up a second PP account issued in Yen, make an "intra-PP" transfer from your USD to the YEN account, and then over to your local bank/credit card account. Does it make sense?!

/Jan


Direct link Reply with quote
 

Minoru Kuwahara
Japan
Local time: 20:29
English to Japanese
+ ...
TOPIC STARTER
Thanks May 25, 2007

Owen Davies wrote:

Sorry, my mistake. Yes, you're right, it is better to transfer directly in another currency, then you don't lose out to the exchange rate. But I have found that Japanese banks don't like to do that. Last time I tried they wanted to charge me 20% (Owch!) for handling a foreign currency. Which defeated the whole purpose.
Anyway, good luck with your hunt for an American bank. Have you considered an Offshore account? I have an account with an offshore bank called Northern Rock. They're not bad, sometimes useful. Especially for savings.
Anyway, back to work!
All the best
Owen


Thanks for the information. I have little knowledge on Offshore account, so I may need to further learn about it.
By the way, I find Northern Rock is located in UK, not in US, so opening up an account there may not directly help me find a solution. Anyway, thank you.


Direct link Reply with quote
 

Kaspars Melkis  Identity Verified
United Kingdom
Local time: 12:29
English to Latvian
+ ...
no US bank accounts for non-residents May 26, 2007

Hi Minoru,

It used to be easy to open bank account in the US by non-residents, for example, at www.thebancorp.com, but after 9/11 it is no longer possible unless you appear at the bank in person. If you were able to come to the US, you would still need to get a TIN that is issued by IRS. TIN is not so difficult to get as the bank will open an account at first and then you can request a TIN afterwards.

However, some say that they have opened a checking account with E*Trade at www.etrade.com as a part of an investment account. It requires some initial deposit though but it can later be withdrawn.


Direct link Reply with quote
 

Roberto Tokuda  Identity Verified
Local time: 08:29
Member (2005)
Japanese to Spanish
+ ...
Ask citibank japan May 26, 2007

I hear that account holder of citibank japan can transfer money between USA and Japan with no charge.
In other way, if you open 外貨普通預金account, may be deposit dolar cheques by PayPal without exchange to yen.

Regards
Roberto Tokuda


Direct link Reply with quote
 

Minoru Kuwahara
Japan
Local time: 20:29
English to Japanese
+ ...
TOPIC STARTER
Thank you. May 26, 2007

Kaspars Melkis wrote:

Hi Minoru,

It used to be easy to open bank account in the US by non-residents, for example, at www.thebancorp.com, but after 9/11 it is no longer possible unless you appear at the bank in person. If you were able to come to the US, you would still need to get a TIN that is issued by IRS. TIN is not so difficult to get as the bank will open an account at first and then you can request a TIN afterwards.

However, some say that they have opened a checking account with E*Trade at www.etrade.com as a part of an investment account. It requires some initial deposit though but it can later be withdrawn.



Thank you for your input, Kaspars. Mmm, the situation seems not to be very favorable for us apparently. I checked up both links to find they require applicants to be US residents and possess US IDs to open up any types of accounts. Pity.


Direct link Reply with quote
 

Minoru Kuwahara
Japan
Local time: 20:29
English to Japanese
+ ...
TOPIC STARTER
Thank you. May 26, 2007

garfield wrote:

I hear that account holder of citibank japan can transfer money between USA and Japan with no charge.
In other way, if you open 外貨普通預金account, may be deposit dolar cheques by PayPal without exchange to yen.

Regards
Roberto Tokuda


Thank you, too, Roberto. I do know what you mean as I myself have an account at citibank, where we can hold deposit in different currencies. Actually, that's exactly the reason why I want to transfer in USD from my PayPal account to my citibank account. And PayPal says I cannot withdraw in the original currency when I transfer to a Japanese bank. Ironical, but there seems not to be any solution for this for now.


Direct link Reply with quote
 

Kaspars Melkis  Identity Verified
United Kingdom
Local time: 12:29
English to Latvian
+ ...
pity indeed May 26, 2007

Minoru Kuwahara wrote:

Thank you for your input, Kaspars. Mmm, the situation seems not to be very favorable for us apparently. I checked up both links to find they require applicants to be US residents and possess US IDs to open up any types of accounts. Pity.


It is indeed a pity that banking over the pond is so complicated. I have had my own share of problems with payments from American clients when I lived in Europe and now it is the oposite.

Actually this etrade link shows how a non-resident can open an account: https://global.etrade.com/e/t/intl/page?nav=3&subnav=4&screen=1&language=en&country=gl

Although it may not fit your needs as this is for investments not for a checking account. I am giving this link just in case someone wants to invest internationally


Direct link Reply with quote
 

Nobuo Kameyama  Identity Verified
Japan
Local time: 20:29
Member (2005)
English to Japanese
Why Paypal changed their policy? May 26, 2007

Minoru Kuwahara wrote:

garfield wrote:

I hear that account holder of citibank japan can transfer money between USA and Japan with no charge.
In other way, if you open 外貨普通預金account, may be deposit dolar cheques by PayPal without exchange to yen.

Regards
Roberto Tokuda


Thank you, too, Roberto. I do know what you mean as I myself have an account at citibank, where we can hold deposit in different currencies. Actually, that's exactly the reason why I want to transfer in USD from my PayPal account to my citibank account. And PayPal says I cannot withdraw in the original currency when I transfer to a Japanese bank. Ironical, but there seems not to be any solution for this for now.


I also have my own account at Citibank and I could transfer freely in any foreign currencies such as Euro, USD and Pound from my PayPal account to my Citibank account until sometime last year. Sadly enough, PayPal's policy was changed suddenly around this year and I cannot transfer my Euro and USD to my Citibank account any more. I'm a layman in international accounting so I hope someone kindly let us know why Paypal changed their policy.


Direct link Reply with quote
 

Minoru Kuwahara
Japan
Local time: 20:29
English to Japanese
+ ...
TOPIC STARTER
Different branch with different currency? May 27, 2007

Jan Sundström wrote:

Hi Minoru and all,

I think it depends what kind of account you have with Paypal.

This has probably to do with the expansion of Paypal. In the beginning, you could only open an account in USD. Later on, they opened up national branches, issuing accounts in the local currencies.

I don't know about Japan, but I get the impression that if you opened your account in USD, it will remain in USD. If you opened your account in Yen, it will stay in Yen.

So the reason why they only allow one currency could be the fact that they want to discourage the use of "overseas currency accounts" vs. local.

There are also different "premium" account levels, with slightly different service degrees. If you have a "trader's account" certain transactions are possible that is not allowed with the basic account. Look into the various options...

When it comes to opening another bank account in the US, it was totally impossible when I looked into it last time. They are very stifff about you either residing in the US, getting your salary from a US entity, or starting with a minimum deposit of some $10,000.
For me, it was a wild goose chase and I gave up!

If I was you, I'd open up a second PP account issued in Yen, make an "intra-PP" transfer from your USD to the YEN account, and then over to your local bank/credit card account. Does it make sense?!

/Jan


Hi Jan, thank you for your answer and describing your experience. Now I guess how it would be hard for us, foreign residents, to open a US bank account.
While I'm not quite following your last advice about opening a second PP account issued in Yen. It's because your single PP account is basically multi-currency and you can make that "intra-transfer" within that account without opening up a second one. In any case, my purpose is to withdraw in the original currency (USD or Euro), no matter what accounts are used for transfer. And the point of issue is that PayPal does not allow us to withdraw money in USD or Euro when we want to transfer into our Japanese bank accounts.


Direct link Reply with quote
 

Minoru Kuwahara
Japan
Local time: 20:29
English to Japanese
+ ...
TOPIC STARTER
Ha, Policy change! May 27, 2007

Nobuo Kameyama wrote:

I also have my own account at Citibank and I could transfer freely in any foreign currencies such as Euro, USD and Pound from my PayPal account to my Citibank account until sometime last year. Sadly enough, PayPal's policy was changed suddenly around this year and I cannot transfer my Euro and USD to my Citibank account any more. I'm a layman in international accounting so I hope someone kindly let us know why Paypal changed their policy.


Hello Kameyama san,

That was exactly my doubt as I was thinking we could make transfer in the original currencies into the registered Japanese bank accounts before. Upon your post, I find I was not wrong, but never assumed it was because of their policy change. PayPal just says Japanese bank accounts have to be denominated in Japanese Yen for the transfer to be successful. That's certainly incovenient for us.(


Direct link Reply with quote
 

Roberto Tokuda  Identity Verified
Local time: 08:29
Member (2005)
Japanese to Spanish
+ ...
Its PayPal or Japan regulation? May 27, 2007

I have a bank account in USA. When I need to transfer part of money to my Argentina's bank, I can only get in Argentina's peso currency, not in dollar because Argentina's bank regulation.
In neighbours country, Uruguay, local bank account holder can receive the money directly in dollar because Uruguay has more flexible bank regulation.

Regards
Roberto


Direct link Reply with quote
 
Pages in topic:   [1 2] >


To report site rules violations or get help, contact a site moderator:


You can also contact site staff by submitting a support request »

I want to transfer money from my PayPal account into my bank account in Japan, but..

Advanced search







LSP.expert
You’re a freelance translator? LSP.expert helps you manage your daily translation jobs. It’s easy, fast and secure.

How about you start tracking translation jobs and sending invoices in minutes? You can also manage your clients and generate reports about your business activities. So you always keep a clear view on your planning, AND you get a free 30 day trial period!

More info »
CafeTran Espresso
You've never met a CAT tool this clever!

Translate faster & easier, using a sophisticated CAT tool built by a translator / developer. Accept jobs from clients who use SDL Trados, MemoQ, Wordfast & major CAT tools. Download and start using CafeTran Espresso -- for free

More info »



Forums
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search