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JP Post Bank wire transfer 2010/6/9 11:29
Hello everyone, it is has been a long time since I have posted here. I am trying to complete a wire transfer from the US(Chase Bank) to JP Post Bank but a representative from JP Morgan and Chase notified me that JP Post Bank is not a part/member of the Foreign Exchange Clearing System so the transfer cannot be completed. Has anyone heard of this? What is this Foreign Exchange Clearing System and why wasn't I notified of this before my funds were exchanged into yen? Looking online for an answer is getting me nowhere. I was at work when I was notified and didn't have time to ask questions.

I provided my bank(Chase)with all the necessary info prior to this and was told that I have 14-days to have my beneficiary in Japan find another bank or my money will be returned to my account at a loss. I am very disappointed, has anyone had this happen to them? Please provide any information possible. I will contact JP Morgan tomorrow, but I wanted to post here to see if some help can be provided before then. Thank you in advance.
by Gebe (guest)  

... 2010/6/9 12:19
This is from Japan Post Bank's website, for people (apparently in Japan, because i cannot find the equivalent information in English!) who want to have money sent FROM outside Japan TO a Japan Post Bank account.

They say the following information is needed (please refer to the table):
http://www.jp-bank.japanpost.jp/kojin/tukau/kaigai/sokin/kj_tk_kg_sk_g...

It says under *note 3:
When sending money to a JP account from a US financial institution, please be sure to state the CHIPS UID in addition to BIC (SWIFT code). When sending money to JP bank from an overseas financial instituion, you do not need ABA (Fedwire Code), Routing No., IBAN, etc.
by AK rate this post as useful

P. S. 2010/6/9 12:20
...Of course the entries in the last four line of the table are just examples. Please enter the recipient's account/address information there.
by AK rate this post as useful

Thank you AK 2010/6/9 12:56
Thank you for your assistance AK. All ot the information from the site listed was provided to me by my beneficiary and given to my bank before the call about JP Post Bank not being a part/member of the Foreign Exchange Clearing System was made to me.

I am beginning to think that maybe my bank(Chase) is trying to use their own intermediary bank and not Deutsche Bank Trust Company Americas NY, which is listed on my wire transfer paperwork, or maybe since my funds have already been changed from US dollars to yen, it cannot be sent this way, hmmm...puzzling, but I will find out tomorrow about this and The Foreign Exchange Clearing System and post what I am told about this issue as others might be curious to know. Thanks again.
by Gebe (guest) rate this post as useful

English version 2011/5/18 01:17
Thanks for the link AK!

An English version of the instructions for remittances is available at the following page:

Remittance from Overseas to Japan Post Bank Account
http://www.jp-bank.japanpost.jp/en/djp/en_djp_index.html

It states that funds can be transfered in USD or EUR, and will be converted to JPY as per the JP exchange rate (1 / Notes 1); it does not seem that JPY can be transfered.

The integrated account ij is the usual account you get on opening an account at JP.
by RCl (guest) rate this post as useful

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