MONEX is crap **Avoid** {UPDATE!}

Gareth · Post by **Gareth** » Sat Jun 12, 2021 1:47 pm

Hi.

Just to update my experience with Monex and to ask a few questions.

I wanted to open a Money securities account with a Tsumitate NISA. I clicked the "apply by post" section. I filled out the bits online and two days later, I got the paper version in the post. Sent it back with a copy of my residence card and my MyNumber card. About a week later, I received an email asking what my name is all about. They asked if my name falls into situation 1 or 2 (Using Alan Gordon Partridge as an example name)

Situation 1
First name: Gordon
Last Name: Partridge Alan

Situation 2
First name: Partridge
Last name: Alan Gordon

To be honest, I found it amusing more than frustrating. I replied saying which part of the name was which. I asked if I needed to have my middle name in the Monex ID or not. They replied saying it must have my middle name included and it can't contain a space between first and middle name because of their system limitations.

So, I had to go with my first and middle names combined as others in this thread have mentioned.

Partridge Alangordon

I received the log in details in the post yesterday and have gone through the opening procedures this evening. I've reached the point where I have my Money securities account open with a Tsumitate NISA ready to go. A good first step.

Firstly, Gareth's top tip - when sending in your paper application (and this tip would probably work for any paper-based application), put a sticky note on your application saying which part of your name is first name, middle name and last name. Wish I'd thought of this before but will definitely do this in the future.

Then two questions.

1.
I opened an iDeCo with Monex last year but didn't open a securities account at that time. I didn't put my middle name on that, so it's:

Partridge Alan

Just wondered if anyone has any experience of adding a middle name to their iDeCo name? I need to do that so I can view it on the Monex site instead of the JIS&T site. When I replied to the email above, I asked about my iDeCo name and they told me to call up their iDeCo helpline to change it, but just wanted to check if anyone else has experience of doing this before I go ahead and do it.

2.
As others in the thread have mentioned, I'm now in the position of having the following:

Monex: Partridge Alangordon
Bank: Partridge Alan Gordon

Just wondered how everyone has got on with this issue. I didn't read above everyone's solution. Does everyone follow the bank transfer method mentioned above, physically deleting the space when transferring the money, or have other solutions been found? Just thought I would ask before I blunder on.

Thanks everyone.

bryanc · Post by **bryanc** » Wed Jul 14, 2021 7:14 am

SO -2 months later this name issue is still going on... Local bank said couldnt change name or order first name then last name katakana..in order to align with monex......but would be able to send money even if name was different order/alphabet etc...
so ploughed on with monex application-more issues with the middle name ,finally entered the 1-2 month shinsa phase for ideco..
just got phoned from monex about account application (not ideco) and was told that might not be able to open an account as name was too long..(!)
had full name in alphabet as they requested i did..
they wanted to know how it was being done for other banks so i told them..this seemed to make their heads explode as it was not as per official id.
i then mentioned that i had already applied to ideco and got thru the name issue with monex already so couldnt understand what the problem was.
they then wanted to know how the name with monex ideco had been registered like this... i have no idea as I am just doing as they told me to do...
cant understand why it should be so difficult,seems like they do not want foreign customers..

beanhead · Post by **beanhead** » Wed Jul 14, 2021 7:43 am

bryanc wrote: ↑Wed Jul 14, 2021 7:14 am cant understand why it should be so difficult,seems like they do not want foreign customers..

Sorry to hear that. I had a minor obstacle or two setting up with Rakuten, but it seems it was smoother than this...

Kanto · Post by **Kanto** » Wed Jul 14, 2021 11:15 am

beanhead wrote: ↑Wed Jul 14, 2021 7:43 am
bryanc wrote: ↑Wed Jul 14, 2021 7:14 am cant understand why it should be so difficult,seems like they do not want foreign customers..
Sorry to hear that. I had a minor obstacle or two setting up with Rakuten, but it seems it was smoother than this...

No issue with Monex or Rakuten really. I applied with the exact same name on the bank account and my I.D.

I just made sure to write the name in English on the forms, and Katakana in the furigana box.

However, I did have to ask Rakuten Securities to retroactively Japan my Middle Name and First name together so I could use my Rakuten credit card to buy funds. They obliged! Rakuten card said it was not possible.

iDeco handled by a different company. The Security Corp. is really only a custodian.

bryanc · Post by **bryanc** » Wed Jul 14, 2021 11:29 pm

i think it depends on the length of your name (middle) whether you have problems..
i applied as you have to with english name and furigana.

they are saying that they can put it in katakana as full name but not english as doesnt fit..

my name at sbi is in english (full name) but can transfer from there if it the katakana is also registered(i presume it is)

the whole thing is an invisible discriminatory barrier and i told them that..
if they have to have the full name as on the alien reg card,then theyneed to have enough space to allow people to put their full names in.
If they are not doing that then they are saying they dont want foreign customers.
they claimed this was not the case,but you can only judge people on what they do not what they say.

Gareth · Post by **Gareth** » Sun Jul 18, 2021 11:57 am

Gareth wrote: ↑Sat Jun 12, 2021 1:47 pm
Just wondered if anyone has any experience of adding a middle name to their iDeCo name?

Finally got round to calling them to find out about this. There were several rounds of phone calls. At first, they said no because they thought I wanted to add a middle name with a space. In the end, they realized what I wanted to do, adding a middle name with no space. They sent me a "change of name" form that I have sent back. They said it'll take about a month for it to take effect at which point I should be able to see my iDeCo on my Monex account.

zeroshiki · Post by **zeroshiki** » Sun Jul 18, 2021 1:15 pm

At this point we should probably put it in the FAQ somewhere

*WHEN SIGNING UP FOR ANYTHING DON'T USE SPACES IN YOUR MIDDLE NAME*

bryanc · Post by **bryanc** » Mon Jul 19, 2021 1:24 am

Gareth wrote: ↑Sun Jul 18, 2021 11:57 am
Gareth wrote: ↑Sat Jun 12, 2021 1:47 pm
Just wondered if anyone has any experience of adding a middle name to their iDeCo name?

Finally got round to calling them to find out about this. There were several rounds of phone calls. At first, they said no because they thought I wanted to add a middle name with a space. In the end, they realized what I wanted to do, adding a middle name with no space. They sent me a "change of name" form that I have sent back. They said it'll take about a month for it to take effect at which point I should be able to see my iDeCo on my Monex account.

surprised you were able to set up an ideco originally without middle name-i was told this wasnt possible...has to be as per id

zeroshiki · Post by **zeroshiki** » Mon Jul 19, 2021 3:39 am

bryanc wrote: ↑Mon Jul 19, 2021 1:24 am
Gareth wrote: ↑Sun Jul 18, 2021 11:57 am
Gareth wrote: ↑Sat Jun 12, 2021 1:47 pm
Just wondered if anyone has any experience of adding a middle name to their iDeCo name?

Finally got round to calling them to find out about this. There were several rounds of phone calls. At first, they said no because they thought I wanted to add a middle name with a space. In the end, they realized what I wanted to do, adding a middle name with no space. They sent me a "change of name" form that I have sent back. They said it'll take about a month for it to take effect at which point I should be able to see my iDeCo on my Monex account.
surprised you were able to set up an ideco originally without middle name-i was told this wasnt possible...has to be as per id

My understanding (I don't use Monex but Rakuten) is that they need it to be exactly the same as your My Number but they don't care about spaces. So John Long Middle Name Smith becomes "Smith JohnLongMiddleName"

Kanto · Post by **Kanto** » Mon Jul 19, 2021 3:57 am

Rakuten Securities is actually flexible.

They had my name correct Jones, James Earl.

However, they were willing to change it to Jones, JamesEarl to allow me to use my Rakuten Credit card on Rakuten Securities.

....

A note to anyone else who faces that issue, Rakuten Card CANNOT change your name, Rakuten Securities CAN.

I asked Rakuten card to CONTACT Rakuten securities on my behalf to facilitate the process.

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MONEX is crap Avoid {UPDATE!}

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