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  • Offshore banking

    For anyone considering opening an offshore account, here is a reply I received recently:

    "I am sorry to inform you that we have a cross border restriction with Japan which means we are unable to
    open up accounts for any Japan residents if our business has been actively solicited. In this case as you came
    across our accounts via the internet this is seen as marketing."

    So, the fact this bank has a website is classed as advertising in Japan. However, if knowledge of the bank came from information
    supplied by a third party, they are quite happy to provide you with an account.

    If anyone tries, remember, you heard from your granny

  • #2
    This is useful information, thanks.
    I've been looking at various options recently and have also heard of other offshore financial service providers closing accounts of Japan residents, presumably for similar reasons.

    Comment


    • #3
      Originally posted by fxgai View Post
      This is useful information, thanks.
      I've been looking at various options recently and have also heard of other offshore financial service providers closing accounts of Japan residents, presumably for similar reasons.
      I have no problems like this with European banks. Are you referring to Asian offshore?

      Comment


      • #4
        Originally posted by minamon View Post
        I have no problems like this with European banks. Are you referring to Asian offshore?
        I am referring to European banks. It is possible to open an account, just seems some are being cautious.

        Small print helps, from a different bank:

        "Customers who access this website from around the world via the internet should be aware that account applications may not be accepted from certain jurisdictions. Where a prospective application is linked to certain jurisdictions or residency of the customer, ******** Limited may decline the business due to legal, regulatory or other reasons. "
        Last edited by Taffy; 2012-07-24, 09:26 AM. Reason: More info

        Comment


        • #5
          Originally posted by minamon View Post
          I have no problems like this with European banks. Are you referring to Asian offshore?
          I forget exactly what it was, but I have been reading up about various overseas (including offshore) financial service providers recently (both banks and forex brokers) and amongst them I found some information here and there about Japanese residents being excluded. I think one British bank I was looking at explicitly stated that US and Japanese residents were excluded. There was something else about another service (maybe a big US forex broker) closing it's Japanese resident accounts after the fact, presumably to stay on the right side of Japanese regulators. If the operator has no intent to operate in Japan I guess they are less likely to pay heed though?

          One thing that strikes me is that many operators require a proof of address via a utilities bill, but I'm not sure how they can accept it if it's in Japanese? I guess it depends on how many zeros you can show them

          Comment


          • #6
            Originally posted by fxgai View Post
            One thing that strikes me is that many operators require a proof of address via a utilities bill, but I'm not sure how they can accept it if it's in Japanese? I guess it depends on how many zeros you can show them
            If you get the bill translated and certified by a suitable person (someone in authority, embassy etc) it should be acceptable

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            • #7
              Originally posted by Taffy View Post
              If you get the bill translated and certified by a suitable person (someone in authority, embassy etc) it should be acceptable
              Gotcha. That makes it sound easier

              Comment


              • #8
                I've just been in contact with a big bank's offshore operations in Singapore about opening an account. My nationality didn't cause any problems, but they stated there is a restriction on customers in Japan, and they require one to do the documentation in Singapore.

                Singapore is at least a possible stop-over destination between Japan and home, but it is a bit of a PITA.

                The Japanese authorities must have been putting in a fair bit of effort to make looking after one's money harder than it should be, eh.

                EDIT: I also see this from Barclays:

                http://res-non-dom.barclays.com/uk-o...-bank-account/

                "Products and services on this site may not be available in certain jurisdictions. In particular, these products and services are not being offered in Japan or the United States or to US residents."
                Last edited by fxgai; 2012-08-06, 10:40 AM.

                Comment


                • #9
                  If you are using a VPN no problems! As I have had no problems at all.

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                  • #10
                    Originally posted by BackDoor_Man View Post
                    If you are using a VPN no problems! As I have had no problems at all.
                    Do you mean you are linked to an overseas-based intra-net so that your email looks like it is originating from outside Japan?
                    Or have you set up a VPN for yourself in Japan?

                    Separate from the email connection (source IP address), the offshore banks would probably require a physical street address to be outside of Japan.

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                    • #11
                      A VPN gives you the IP address of the VPN server. Having a Japan based VPN would give a Japan IP address, which I assume would be pointless in this situation.

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                      • #12
                        I'm in the process of opening a new account after receiving a letter from Barclays they now want a min. deposit of 50,000 pounds to avoid a 10 pound monthly account keeping fee. I raised my middle finger to that and am hoping to go to LloydsTSB but have read a lot of reports of poor service from them! The other options are slim for small account holders. I'm almost tempted just to give up the idea all together as the small amount I have in there isn't worth the effort.

                        Which offshore banks are being Japanese resident friendly?

                        I've spoken to HSBC, good but require a high min. deposit.
                        LloydsTSB seem to be the best value for money for me.

                        Comment


                        • #13
                          Originally posted by manoman View Post
                          I'm in the process of opening a new account after receiving a letter from Barclays they now want a min. deposit of 50,000 pounds to avoid a 10 pound monthly account keeping fee. I raised my middle finger to that and am hoping to go to LloydsTSB but have read a lot of reports of poor service from them! The other options are slim for small account holders. I'm almost tempted just to give up the idea all together as the small amount I have in there isn't worth the effort.

                          Which offshore banks are being Japanese resident friendly?

                          I've spoken to HSBC, good but require a high min. deposit.
                          LloydsTSB seem to be the best value for money for me.
                          Which HSBC? I was looking at Asia Pacific options, and besides Singapore and Hong Kong, HSBC Premier is in New Zealand too. But the minimum balance is NZD 100,000, which at approximately 6,300,000 ~ 6,500,000 yen these days is a fair bit less than the requirements in SG and HK. Apparently the NZ operation is not "offshore" but from a service point of view it looks OK. ANZ is also non-resident friendly I believe, not sure yet if one needs to visit a branch to complete the account opening or not though.

                          Some other options I've been looking at are Caribbean banks (e.g. Caye Bank, Loyal Bank etc) but I forget exactly what the minimum balances were - not so high I think. Also from a geographic perspective, I'd rather have my money close to home or in Asia Pac, so still pondering. There's a trade-off between how much you are willing to put in the account versus how comfortable you feel about the arrangement...

                          Comment


                          • #14
                            Originally posted by fxgai View Post
                            Which HSBC? I was looking at Asia Pacific options, and besides Singapore and Hong Kong, HSBC Premier is in New Zealand too. But the minimum balance is NZD 100,000, which at approximately 6,300,000 ~ 6,500,000 yen these days is a fair bit less than the requirements in SG and HK. Apparently the NZ operation is not "offshore" but from a service point of view it looks OK. ANZ is also non-resident friendly I believe, not sure yet if one needs to visit a branch to complete the account opening or not though.

                            Some other options I've been looking at are Caribbean banks (e.g. Caye Bank, Loyal Bank etc) but I forget exactly what the minimum balances were - not so high I think. Also from a geographic perspective, I'd rather have my money close to home or in Asia Pac, so still pondering. There's a trade-off between how much you are willing to put in the account versus how comfortable you feel about the arrangement...
                            I was looking at the HSBC bank in IOM (Isle of Man), but they want you to hold a minimum of 50,000 pounds. LloydsTSB seems to be the better bet currently with free transfers and a much lower minimum deposit.

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