Foreign Currency Remittances That Cannot Be Handled by Sony Bank
Important Matters Concerning Foreign Currency Deposits
This page introduces some of the most common scenarios we receive inquiries about in connection with Foreign currency remittances. Before proceeding with your transaction, please refer to the Foreign currency remittance page of our English online banking for further details.
Sony Bank requires all customers who wish to make a Foreign currency remittance to provide documentation and answer certain questions. This is to enable us to clearly verify that the foreign currency remittance does not fall under the transactions regulated by the Foreign Exchange and Foreign Trade Act, that there are no irregularities or improprieties in the remittance request, and that the remittance is not for the purpose of money laundering or terrorist financing.
With this information in mind, please kindly understand that it may take some time for us to complete the required verification process. If we are unable to make a clear determination of the nature of the remittance based on the materials you submit, or based on the answers that you provide to our questions, then we may not be able to identify the true purpose of your remittance and reject your application.
Compliance with the "Foreign Exchange and Foreign Trade Act"
Types of pre-registration and remittance applications that cannot be accepted
Applications for funds that we determine to be business funds, based on our verification criteria
Business funds include sales, working capital, and capital investment funds associated with ongoing production, sales, and services provided by the customer, regardless of whether the customer is a corporation or an individual.
Applications without submission of a Tax Residency Form for Remittance (hereinafter referred to as the "Tax Residency Form")
When making a remittance to an overseas account held in your own name, it is necessary to declare both Japan and your overseas country of tax residency in advance by submitting a Tax Residency Form during the pre-registration and remittance application procedures for a remittance. If you do not submit a Tax Residency Form, we will not be able to process your pre-registration or remittance application.
If you would like to request a "Tax Residency Form for Remittance", please contact our English help desk.
Pre-registrations that cannot be accepted
Individual pre-registrations that specify multiple purposes of remittance
We cannot accept individual pre-registrations that specify two or more purposes, such as “living expenses and school expenses,” “living expenses and investment,” or “living expenses and payment for car (goods), etc.“ Please specify one purpose of remittance in each pre-registration.
Pre-registrations for transactions that cannot be completed before departure from Japan
We cannot accept a pre-registration request if, before or after submitting a pre-registration request, you change your address to a location outside Japan, and your date of departure from Japan (the effective date from which you no longer reside in Japan) falls during the pre-registration verification period.
Pre-registrations for which the maximum remittance amount per year is significantly higher than the amount required for the costs associated with your stated purpose of remittance, as confirmed by invoices and other provided evidence
In the case of school expenses, for example, the amount specified on the invoice is the maximum pre-registration amount or remittance application amount.
Remittance applications that cannot be accepted
Applications for remittances that exceed the maximum remittance limit amount per year or number of remittances per year
Applications for a remittance where the remittance funds are funds that have been deposited using your cash card (at an ATM) or transferred to your account immediately prior to submitting your pre-registration/remittance application, and for which Sony Bank cannot confirm reasonable grounds for the foreign currency remittance
Applications for a remittance for which the legitimacy of the source of remittance funds cannot be confirmed
If remittance of funds is deposited into your account using a cash card (at an ATM), we will verify the source of the funds using a copy of your bankbook or transaction history from another financial institution. If we are unable to identify the source of the fund with either of these, your application for remittance will be rejected.
Incoming and Outgoing foreign currency remittances that cannot be accepted
We cannot accept a foreign currency remittance
- if the other party is a friend or acquaintance (because your relationship cannot be officially proven).
- if the other party is an overseas FX broker that is not registered under the Financial Instruments and Exchange Act, such as a casino operator.
- that is deemed to have been sent to, or received on behalf of, a third party.
- that is, a transaction with a country or region that is uncooperative in anti-money laundering measures (countries and regions identified by FATF as having serious flaws in their anti-money laundering and terrorist financing measures, such as North Korea and Iran).
- where the remitter or beneficiary is a Funds Transfer Service Provider.
A Funds Transfer Service Provider is someone other than a deposit-taking financial institution, such as a bank, etc., that is primarily engaged in the exchange transaction business. - where the actual situation is unknown, such as when an actual remitter or final beneficiary exists separately.
For example, remittances using a bank account other than the customer's own, or a "consolidated remittance" made by several individuals, etc.
Incoming foreign currency remittances that cannot be accepted
An Incoming foreign remittance for which the purpose of remittance declared by the remitting bank is different from the purpose of remittance selected by you
An Incoming foreign remittance deemed to be business funds, based on our prescribed verification criteria
Business funds include sales, working capital, and capital investment funds associated with ongoing production, sales, and services provided by the customer, regardless of whether the customer is a corporation or an individual.
Please note that in some cases, we may not be able to accept a pre-registration, remittance application, or Incoming foreign currency remittance that does not meet our verification criteria.