Rakuten declined my request to open a bank account.

[Block]

Hello, I applied to open a Rakuten bank account with a basic visa debit card. Sometime later I received an email telling me that as a result of their screening process they have decided to decline my request to open an account.

Has anybody gotten this same result?

Does anybody now about their screening process?

I was planning to use Rakuten for all my banking and services, but I guess I'll have to use another company if they don't want me.

Thank you.

[TokyoBoglehead]

Hello, I applied to open a Rakuten bank account with a basic visa debit card. Sometime later I received an email telling me that as a result of their screening process they have decided to decline my request to open an account.

Has anybody gotten this same result?

Does anybody now about their screening process?

I was planning to use Rakuten for all my banking and services, but I guess I'll have to use another company if they don't want me.

Thank you.

It seems for whatever reason that Rakuten bank rejects applications at a very high rate.

My assumption is that it's some sort of foreign name based issue

Lots of people with Rakuten trading accounts and credit cards seem to get rejected.

Shinsei, SMBC, SBI NetBank, Sony, heck even Yucho, will be no issue.

[Block]

I understand. Thank you for the reply.

So, they are declining bank accounts to foreign residents because they are foreign. Is that right?

[TokyoBoglehead]

I understand. Thank you for the reply.

So, their declining bank accounts to foreign nationals because they are foreign. Is that right?

It may very well be a software/database issue, and not a discrimination issue. It all depends how automated their process is.

I have been automatically rejected quite a few times by online applications in Japan but succeeded through paper application.

I've also been told explicitly that system will automatically reject applicants with non-standard names. It's just that the database was not designed to handle non-standard names.

For example most brokerages in Japan require foreigners to use paper applications, and they often require you to modify your name at banks if you have a middle name.

[LarryCole]

If it's any consolation I was also declined a couple of weeks ago.

Like you I was planning on having a trading account/NISA and bank account with Rakuten to keep it all tidy. Accepted for the trading account, declined on the bank account.

I assumed it was because I don't have a job, just capital.

[RetireJapan]

I got turned down initially, then followed up and finally got the bank account open (had the Securities account for years, got the credit card, but weirdly the bank account was the tough one to open!).

[Block]

I got turned down initially, then followed up and finally got the bank account open (had the Securities account for years, got the credit card, but weirdly the bank account was the tough one to open!).

Could you tell me more about how you followed up and got the bank account open?

[RetireJapan]

I got turned down initially, then followed up and finally got the bank account open (had the Securities account for years, got the credit card, but weirdly the bank account was the tough one to open!).

Could you tell me more about how you followed up and got the bank account open?

I can't actually remember

Think I phoned them and they restarted the process or something...

[Block]

I see. Thank you for the reply.

Did they tell you why you were declined the first time?

Did you speak on the phone in Japanese or English?

[RetireJapan]

I see. Thank you for the reply.

Did they tell you why you were declined the first time?

Did you speak on the phone in Japanese or English?

I don't think so. Spoke in Japanese.