In order to be compliant with the Payment Services Act, Wise applies a holding limit on Japanese users’ e-wallets.
What's the holding limit?
You can’t hold more than 1 million JPY in your account. This includes all the money you hold across all currencies in your Wise Balances and Jars. This applies to both personal and business accounts.
How do I know if I'm a Japanese user?
You are a Japanese user if you have registered with a Japanese address in your Wise account.
If the registered address of your personal account is different from your business account, only the account which has a registered address in Japan will be subject to the holding limits.
How does Wise calculate my holding balance?
If you’re holding money in other currencies, we'll use the mid-market rate to convert all your non-JPY balances to JPY to determine your total balance in JPY. For example: If you have 500,000 JPY and 5,000 USD . And the exchange rate is 1 USD = 135 JPY. This means your USD is 675,000 in JPY. So in total, you’re holding 500,000 + 675,000 = 1,175,000 JPY. As the holding limit set is 1 million JPY, you will be 175,000 JPY over the limit.
How do I remain within the holding limit?
We know that from time to time, you may receive or hold more than 1 million JPY at a time. So to remain compliant — while giving you control of your money — you’ll have 30 days to withdraw the extra amount. Within the 30 days, you will need to set up an external account. This is a bank account, where Wise automatically sends your excess funds to, in case your balance exceeds 1 million JPY. If we need to convert your funds to send your excess funds out, we will apply the usual fees. If you don't have an external account set up and you still have excess funds at the end of 30 days, we’ll have to restrict your account to remain compliant. You won't be able to deposit and receive funds into your account.
How do I set up an external account?
Log in to the Wise website (this won’t work on the app)
Go to Recipients
Add or select the bank account you’d want to mark as your external account
This external account must be under your ownership and in JPY. It also can't be your own Wise Account.
My account is restricted.
If you weren't able to withdraw your excess funds on time, your account will be restricted and you won't be able to deposit and receive funds into your account.
If this has happened, please set up your external account so that your excess funds will be automatically transferred out. Alternatively, you may manually transfer the excess funds out by sending out the money from your balance. Once your excess funds are transferred out, your account restrictions will be lifted.
If you have received any funds from third parties during the period of account restriction, don't worry, you will receive these funds after your account restrictions have been lifted.