Best bank for Monex

[JimNasium]

I’m working on setting up my Monex brokerage account, and I just noticed the only banks they accept are Mizuho, MUFJ, SMBC, and Risona. SMBC has an English sign up site, but looking it over they charge an insane 2000 per month fee unless you have over 500,000yen deposited. Are all the banks like that? Which bank do you use for your Monex account?

[mule96]

Are you sure?
For standard Furkomi, literally all banks work (but depending on the bank, transfer fees my arise).
Some Banks support a direct internet-linked service (but sometimes issues with foreign names arise):
https://info.monex.co.jp/beginner/flow/step3.html

And it seems, Monnex also support deposit via their own Monnex Seven Bank card.

[Kanto]

Are you sure?
For standard Furkomi, literally all banks work (but depending on the bank, transfer fees my arise).
Some Banks support a direct internet-linked service (but sometimes issues with foreign names arise):
https://info.monex.co.jp/beginner/flow/step3.html

And it seems, Monnex also support deposit via their own Monnex Seven Bank card.

With Rakuten and Yucho the deposits are instant.

Rakuten can also scoop payments out of your account for Tsumitate/Tsumitate NISA

Usually, if Yucho can do it, everyone else has been doing it for 10 years!

[JimNasium]

Are you sure?
For standard Furkomi, literally all banks work (but depending on the bank, transfer fees my arise).
Some Banks support a direct internet-linked service (but sometimes issues with foreign names arise):
https://info.monex.co.jp/beginner/flow/step3.html

And it seems, Monnex also support deposit via their own Monnex Seven Bank card.

It seems so unfortunately.



Unless I’m missing something here

[mule96]

Maybe that is just for opening the account? Or a limitation of the mobile website? My wife has none of those banks and opened an account (I dont remember that we had to select the bankaccount during opening). And the website lists all usual possibilities.

[JimNasium]

It is on the PC site too, but I’m researching more and on the site it specifically says you can choose from a large number of banks including local institutions. I may just click on Mizuho and change it later. Or if it comes down to it open a Mizuho bank account.

By the way, if you don’t mind me asking, does your bank charge a transfer fee when you move money to Monex?

[mule96]

No she does a regular tsumitate, where the monthly transfer is free.

Btw, as a foreigner, you only can open an account via normal mail, or not?

[JimNasium]

I assumed normal mail, so that’s what I chose.

[mighty58]

That's just the bank account that you will furikomi to, from your existing bank account (which can be at any bank), in order to put money into your Monex account. They give you a choice in case your regular account is at one of those banks listed, allowing you to potentially save on furikomi charges. For me, my regular account is at Shinsei, so it didn't make a difference which one I chose, so I (randomly) chose MUFJ. Now, whenever I want to transfer money into my Monex account, I simply furikomi to the MUFJ account they set up specifically for me to do so.

[RetireJapan]

That's just the bank account that you will furikomi to, from your existing bank account (which can be at any bank), in order to put money into your Monex account. They give you a choice in case your regular account is at one of those banks listed, allowing you to potentially save on furikomi charges. For me, my regular account is at Shinsei, so it didn't make a difference which one I chose, so I (randomly) chose MUFJ. Now, whenever I want to transfer money into my Monex account, I simply furikomi to the MUFJ account they set up specifically for me to do so.

This is the answer I came here to post. Thanks mighty!