Just applied for Rakuten FX, Tsumitate NISA, and iDeco

[KCLenny]

As the title suggests, I just applied for all the above. I am currently waiting for a letter of confirmation or something to arrive.
What am I supposed to do when it arrives? My Japanese is not the strongest and I’m still a little unsure on what I’ll have to do if anything.
During application there was a setting that mentioned about tax withholding but I have no idea what it was offering so I left it on the default setting which seemed to be “no/nothing”. What will that do? Can I change it if necessary? What exactly is it for?
And what exactly is the FX account? It said I needed to have one in order to get the NISA.

I know it’s a lot of questions but I didn’t want to put each individual question into it’s own thread on its own separate board.
Thanks in advance.

[Moneymatters]

This is fortuitous!

Your Post just reminded me I’m actual in-progress to get a Rakuten bank account. Nothing special just that.

It started a couple of months ago. When creating a Rakuten Shoken account I clicked to get the bank account at the same time thinking “this will be a breeze”..

I’ll spare the details. But I did just check the status online because it’s four weeks since I sent the last document they demanded. Expecting to be reassuringly informed my application is still “確認中” only to be shocked with a “再提出が必要”!

That’s odd I thought, whilst simultaneously realising I didn’t actually find it odd at all. The message went on to say “check the email we have sent you”. This is what’s known in the Japanese Banking industry as a “lie”. They haven’t sent me an email. (I have them as a VIP contact ready to break slumber should they call on me.)

“Get to damn the point MoneyMatters I don’t have all day!” You are quite rightly shouting at your screen by now.

But that is my point. It’s pointless. Herbal tea, incense sticks, too much red wine, whatever it takes. Sit back and enjoy the journey. You’re a passenger in all this.

And I’m fairly sure you did NOT need that FX account for the NISA. Ignore it if you don’t need it.

The iDeCo should just mean you get sent a massive paperwork pack you need to work with your employer on!
Just remember. It’s a marathon not a sprint!

As and when you get stuck, grab screen shots and be sure to blank out personal information. Someone here will have have experienced whatever challenge you might come up against. Frankly, if someone told me a representative of SBI leapt from a wardrobe and slapped them with a dead fish I’d take it at face value.

Obviously there’s a very slim chance all your applications sail through without a hitch. That’s good but be careful not to brag. Some of us aren’t so lucky.

[TokyoWart]

Prepare for a long journey. I started my application for the Rakuten iDeCo last July or August (can't even remember anymore ). Yesterday the account officially opened but of course there are still no contributions in it. I think every step, whether done by me or my company, was repeated two to three times usually because of something to do with the length of my name(s), whether or not spaces should separate a first and middle name, and the character limits for some central database.

[KCLenny]

So clearly hit a snag somewhere in the system. Problem is I don’t specifically know what.
I received an email last week saying there was a problem opening my account (either a problem in the ID, or the contents of the application...whatever that means). So I clicked the link the email, uploaded my ID again, confirmed all the details were correct and fine. No problem.
Today I have the exact same email.
There’s no details as to what exactly is wrong in order for me to fix it though. It just says the same as last time, which wasn’t really helpful either.
So in order to avoid a long and pointless battle, does anyone have advice as to what to do next? Do I call a helpline/centre somewhere and ask/explain the problem? Do I just keep submitting the same ID (residence card or mynumber card) until they actually just accept it IS valid ID? Or is there another option?
Thanks in advance.

[Kanto]

So clearly hit a snag somewhere in the system.

If you are a foreigner most brokers require you to complete the registration process by snail mail.

I am trying to remember the registry process with Rakuten. It involved downloading their trading app and uploading my driver's license, residency card and my number notification card.

However, a significant portion of the application needed to be completed by mail.

I recently applied successfully with MONEX and it was a snap.

1. They say that you CANNOT apply online if you are a foreigner.
2. You fill out the info and they send you a partially filled out form.
3. You write your name and inkan or sign, include your ID and bob`s your uncle (very quick).
4. All this took 2 weeks max.
5. This was just a taxable account, not a NISA or iDeco.

...

You COULD just apply for a regular trading account at SBI/Monex and Rakuten and go with whoever processes you quickest!

Then fill out the Nisa and Ideco stuff after the fact.

[KCLenny]

Thanks for the quick reply. From the email I believe the problem is with opening the general trading account. But as I said, there’s no info on what’s wrong. Or any implication it has to be done by snail mail

[adamu]

Difficult to say without seeing the exact contents of the email and the exact details of what you submitted. Just a one character difference between your ID and the data you entered could be enough.

[KCLenny]

Okay it’s all sorted. No snail mail necessary. Name mismatch. So just changed my name on the application to perfectly match my ID, and viola. Accepted. Login details received. But now I have no idea what I’m doing.
Where would be the best place to start?
I’d like to get the NISA set up, would monthly installments be good or a lump sum? I’ve already got about 80,000 ready to go. But I don’t know how to get money into it and what options to select, so any advice pointing me in the right direction would be greatly appreciated.

[MisoSoup]

Okay it’s all sorted. No snail mail necessary. Name mismatch. So just changed my name on the application to perfectly match my ID, and viola. Accepted. Login details received. But now I have no idea what I’m doing.
Where would be the best place to start?
I’d like to get the NISA set up, would monthly installments be good or a lump sum? I’ve already got about 80,000 ready to go. But I don’t know how to get money into it and what options to select, so any advice pointing me in the right direction would be greatly appreciated.

Check that the name on your bank account is exactly the same as on the Rakuten account.

Direct debits take time to sort out. If you do a bank transfer it will be in your account the same day.

[KCLenny]

Okay it’s all sorted. No snail mail necessary. Name mismatch. So just changed my name on the application to perfectly match my ID, and viola. Accepted. Login details received. But now I have no idea what I’m doing.
Where would be the best place to start?
I’d like to get the NISA set up, would monthly installments be good or a lump sum? I’ve already got about 80,000 ready to go. But I don’t know how to get money into it and what options to select, so any advice pointing me in the right direction would be greatly appreciated.

Check that the name on your bank account is exactly the same as on the Rakuten account.

Direct debits take time to sort out. If you do a bank transfer it will be in your account the same day.

As far as I’m aware they are the same. The main issue is I don’t know how to get money in the account. Where on the website do I go? Or is there an app?