If you live in Japan, you can't hold more than 1 million JPY across all balances or jars. This is our policy in order to remain compliant with local regulations.
The limit is determined if the currencies you’re holding, added together, equals what would be equivalent to 1 million JPY.
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
Setting up an external account
It’s best to set up an external JPY bank account — we’ll automatically withdraw the extra money in your balances or jars into that account for you. So that you never go over the limit.
An external account is a bank account you have in JPY, outside of Wise, that we can send JPY to if you’re holding more than 1 million JPY.
If you’re holding money in a different currency and go over the limit, we’ll convert the money and then withdraw it into your external account — this will be subject to the usual Wise fees.
Here’s how to set up an external JPY account:
Log in to Wise on the web (you can’t do this on the app)
Go to Recipients
Add your account if it’s not already listed
Select your account and mark it as your external account
What if I don’t set up an external account?
If you don’t have an external account added, you'll have 30 days to withdraw the extra amount. After that, you can’t receive or add money to your Wise account until the amount you hold goes below 1 million JPY again.
How are the 30 days counted?
The 30 day period starts the day your balance goes over 1 million JPY. When the 30 days are up — we’ll automatically withdraw the money into your external account, otherwise you won’t be able to add or receive money.
If during the 30 day period, your balance drops below 1 million JPY total, we’ll reset the timer and start it again should you go over the limit.