Depositing Japanese yen
- Author
- CRYPTO PORT Editorial
- Published
- Updated
- Reading time
- 5 min
In short
Funding a Japanese exchange with yen normally means either a bank transfer or a 'quick deposit' made through internet banking, which credits immediately. Whichever you use, the critical part is sending exactly to the destination and reference the exchange assigns to your account. Timing and who bears the fee differ by method, so read the operator's own guidance before you send.
Key points
- Use exactly the destination, sender name and reference number the exchange assigns you
- Bank transfers take time to arrive and are affected by banking hours
- Quick deposits usually credit immediately but work only with supported banks
- Transfers from an account in someone else's name are rejected and may have to be returned
Definition
Moving fiat currency from a bank account in your own name to the exchange, so it appears as a yen balance you can use to buy crypto.
There are broadly two routes. One is an ordinary bank transfer from your bank to an account the exchange nominates. The other, usually called a quick or instant deposit, sends you from the exchange's screen into a partner bank's internet banking to pay, and credits your balance almost immediately. Operators use different names for it.
Either way, the exchange assigns you a unique reference. It might be digits placed before your name as the sender, or a dedicated destination account — the format varies — but it is what ties your payment to your account. Omitting it or typing it wrong means the money does not land in your balance, and sorting it out can take days. Copy the instructions shown on the deposit screen exactly.
How fast it credits depends on the method and the time of day. Bank transfers follow banking processing, so evenings and holidays can roll over to the next business day. Quick deposits usually promise immediate credit, but only with supported banks and not during maintenance windows. Choosing an unfamiliar method purely because you are in a hurry often costs more time than it saves.
Fees also differ by method: sometimes you pay the transfer charge, sometimes the exchange absorbs it, sometimes quick deposits carry their own cost. Amounts vary by operator and get revised, so no figures are given here. Check the fee page of the operator you use and look at deposits, withdrawals and trading together. 'How to compare fees' covers how to think about this.
For your first deposit, send a small amount once. Confirm how long it actually takes and how it appears on screen, then fund the account properly. In that order, a mistake costs very little.
Watch out for
- · Deposits must come from a bank account in your own name; even a family member's account will be rejected, and reversing it costs time and fees
- · Never send money to a destination given to you over social media or a DM — always use the details shown on the deposit screen in the official app or site
- · Do not deposit money you need to live on or money you have borrowed. Crypto prices swing hard and nothing is guaranteed
Frequently asked questions
I sent a deposit but my balance has not changed.
First check that the transfer completed at your bank, then that you entered the reference exactly as instructed. Outside banking hours it may simply be queued for the next business day. If it still has not appeared, contact the exchange's own support with your transfer receipt — and never a 'support' account you found on social media.
Can I withdraw yen I just deposited straight away?
Some operators impose a holding period before newly deposited funds can be withdrawn, as an anti-fraud measure. The length and conditions vary, so check the terms or help pages of the operator you use.