Question:What is "My Number" in Japan? Can I not send funds without the number to Japanese residents?
Answer:
“My Number” in Japan, is also known as “Individual Number”.
It is given to every single Japanese resident in order to improve the process of taxation, social security and to achieve fair society of financial services.
12 digits numbers have been assigned to Japanese residents since late 2015, and now it is required for many types of financial operations including money transfers, opening bank accounts and also for other social activities.
Money Transfer without “My Number”
Yes, it is possible to perform money transfers in Japan without knowing “My Number” of others. In fact, 12 digits of “My Number” shouldn’t be known by others, but only the person who is assigned with it.
“My Number” is mainly required for taxation and social security purpose.
In case you are not residing in Japan(or you pay taxes in other countries), then you may not need it or use it in the future at all.
