I have a NISA account with MUFG but want to start using Rakuten

[nisanewbie]

I understand that we can only hold one NISA account so when I originally started looking at who to sign up with, I started with Rakuten as I have my business account with them, but the process was quite the hassle. So in the end, I went with MUFG which I hold a personal account with. But I have read that holding a NISA account is better with Rakuten so I would like to change my account over to Rakuten. Can someone explain to me, how I can go about this process and what happens to my current NISA holdings?

[TokyoBoglehead]

Your former NISA holdings would stay with MUFG. You can open a new account with any other broker providing you do no have an account yet for the current year.

Rakuten, Monex or SBI are all good options. Start off with the digital applications online, they will send you a paper application to follow-up.

[nisanewbie]

So to clarify, as long as I haven't deposited any money into my NISA through MUFG this year, I can use my Rakuten account?

Simply put, why are Rakuten and the mentioned others best?

[nisanewbie]

is there a forum on here where someone has kindly given steps to putting money into a NISA account with Rakuten bank?

[TokyoBoglehead]

So to clarify, as long as I haven't deposited any money into my NISA through MUFG this year, I can use my Rakuten account?

Simply put, why are Rakuten and the mentioned others best?

Yes. That is correct.

Rakuten, SBI and Monex have the best offerings, the best interfaces and the lowest fees.

If you want to use Rakuten you need to open a Rakuten Securities Account - 楽天証券 - https://www.rakuten-sec.co.jp/

Rakuten Bank is just a bank, not a securities firm.

[zeroshiki]

Actually, eMaxis is under the MUFG group so if you're just interested in that, you could keep your NISA in MUFG (I am unfamiliar with their fees so I'm not sure if this is good advice or not but it simplifies your situation)

https://www.am.mufg.jp/other/nisa_tsumitate.html

Just make sure you're buying eMaxis Slim and not regular eMaxis.

[nisanewbie]

what are emaxis slim?

[beanhead]

what are emaxis slim?

Low cost funds. Details are here:
https://emaxis.jp/lp/slim/pr1/index.html

Review here, in Japanese:
https://asset-master.com/emaxis-slim-recommend/

No great resources in English, outside of this site and the reddit Japan Finance group.
If you don't read Japanese, try the above sites with Google Translate or similar.

[RetireJapan]

I did a Twitter thread about the eMaxis Slim series a while back: https://twitter.com/retirejapan_OG/stat ... 8839524353