Some questions about applying to Rakuten iDeCo

[Tatsuwashi]

Hi all,

I am hoping that somebody can answer my questions about applying for a Rakuten iDeCo account.

My wife is actually the person applying because I am American and iDeCo is a bad idea for us yankees.

She was going through the screens and had a few questions:

1. How do we want Rakuten to handle the taxes? The 3 choices were that they take care of paying, and 2 other choices where we take care it it ourselves. I imagine that it is easiest to let them pay the (dividend?) taxes directly to the government, but I wanted to check here and see if there are any pitfalls that we may not be aware of. She files her tax under the blue form as she runs her own sole proprietorship business.

2. Should we open a Rakuten bank account? We use a regional bank and would like to stick with that if possible. There were few details on the sign up form. Can we get an automatic withdraw from our regional bank into our iDeCo account every month? I want to avoid transfer (furikomi) fees if at all possible. If I open a Rakuten account, I will have to pay fees to transfer money into it monthly from my regional bank. If I can't get automatic withdraw, I will have to pay a transfer fee from my regional bank into my iDeCo account. My ideal is to have Rakuten automatically withdraw (with no fee) money from my regional bank and deposit it into my iDeCo account. Is this possible?

3. There were also some questions about opening an FX account and/or a mutual fund account. Are these necessary or useful?

Thanks for any guidance.

[RetireJapan]

Good questions. Basically when you apply to Rakuten (or most brokers/banks) they are hoping you are going to open a bunch of accounts. If you need the accounts, doing it all at once can be very convenient

The tax questions refer to your taxable account, not to your iDeCo account. For most people, having the broker do the taxes is the easiest option. This is called a 特定口座（源泉徴収あり）.

You don't need a Rakuten bank account, but having one can make moving money in and out easier. Your iDeCo account will take money from any bank account automatically (unless the account is funded from salary by an employer).

I personally wouldn't bother with FX trading. Mutual funds are available through taxable accounts so not sure why you'd need a separate account.

[Tatsuwashi]

Thank you Ben!

[Bubblegun]

Just a bump up, this thread instead of starting a new one.
Well, Rakuten have sent back the documents again, and to confuse the situation further, they wanted me to confirm, if they should register my name in English/Roman or in Katakana. Personally it just seemed bonkers you would even ask that, and it's the first time I've ever been asked that in Japan.
Then after writing my name in katakana I forgot the furigana, which is WRITTEN IN KATAKANA, and my logic is that the furigana is to confirm the reading of the kanji, not to confirm the reading of katakana with the same katakana.
Anyway to compound this even further some documents have a middle name, and some don't, and I just wish they would, make a space on their application forms, so everything could match,so if they want a middle name, we can write it, and if they don't need it, they don't to have give us a space to write it. ( I wish i never used my middle name to match my passport when i got off the boat.)


However after sending them copies of my drivers licence, and MY number, bank details, they still wanted me to call the support centre, and re confirm my hanko, with the post office, twice.
Exhausted.
Anyone else having to do the bureaucratic dance?

[0x143]

Yeah that sounds about right for setting up Japanese accounts. Took us 6 back-en-forths with Nomura.

[Bushiman]

Anyone else having to do the bureaucratic dance?

Not for iDeCo as that was all set up pretty much through my workplace so it has the name I have on record for my Japanese pension...

Sorting my NISA on the other hand... Rakuten only allow so many characters for names, so over the phone with their customer support they advised that I abbreviated my first and middle names, then my surname. It then turns out that for me to input money into my Rakuten Securities account from the bank/post office, the names needed to match up. Great. I had to go to the post office and change my name to the shortened version of my first name then cut the middle name. Seeing as that was possible, I then had to go back and change my name on Rakuten.

The funny thing is, to prove my name is actually the shortened version minus the middle name, I had to use my inkanshomeishou -the official document that has all your details linked with your hanko stamp. 15years ago when I first came to Japan, my employer set up my hanko as just my shortened first name only. A few years later the City Hall wanted proof that my shorthand name on my hanko was actually linked with me. The only proof I had in my wallet at the time was a laminated, handwritten, expired, gym membership and that was deemed sufficient!? Hahaha! So much for all the bureaucracy and security checks!

[0x143]

Great. I had to go to the post office and change my name to the shortened version of my first name then cut the middle name. Seeing as that was possible, I then had to go back and change my name on Rakuten.

That sounds like more pain for the future. I would have said bye-bye to Rakuten at that point.

[goodandbadjapan]

Great. I had to go to the post office and change my name to the shortened version of my first name then cut the middle name. Seeing as that was possible, I then had to go back and change my name on Rakuten.

That sounds like more pain for the future. I would have said bye-bye to Rakuten at that point.

I had much the same experience with SBI - took months of back and forth and needed visits to the bank to change names so that things could match up etc. I very nearly gave up. I had already given up with Rakuten by that stage as it was even harder!

[Bubblegun]

Anyone else having to do the bureaucratic dance?

Not for iDeCo as that was all set up pretty much through my workplace so it has the name I have on record for my Japanese pension...

Sorting my NISA on the other hand... Rakuten only allow so many characters for names, so over the phone with their customer support they advised that I abbreviated my first and middle names, then my surname. It then turns out that for me to input money into my Rakuten Securities account from the bank/post office, the names needed to match up. Great. I had to go to the post office and change my name to the shortened version of my first name then cut the middle name. Seeing as that was possible, I then had to go back and change my name on Rakuten.

The funny thing is, to prove my name is actually the shortened version minus the middle name, I had to use my inkanshomeishou -the official document that has all your details linked with your hanko stamp. 15years ago when I first came to Japan, my employer set up my hanko as just my shortened first name only. A few years later the City Hall wanted proof that my shorthand name on my hanko was actually linked with me. The only proof I had in my wallet at the time was a laminated, handwritten, expired, gym membership and that was deemed sufficient!? Hahaha! So much for all the bureaucracy and security checks!

OMG I think I would have given up on that by then, especially with my limited Japanese.
I know we have to work with their system, but it seems as though they don't seem to learn that the whole world doesn't run the japanese way,
Middle names, Hanko, ID cards, etc etc.
I would have thought Rakuten with its international division would have at least thought about middle names, longer names etc. especially since they go on about being international.
Between the shinkansen and bureaucracy, japan leads the world.or it appears that way at times.
Whats the point of MY number if they still want my Hanko, proof of drivers licence, residency, health insurance cards, sometimes passport and a hanko.
I am convinced they'll be wanting our DNA on top next time.

[Bushiman]

Great. I had to go to the post office and change my name to the shortened version of my first name then cut the middle name. Seeing as that was possible, I then had to go back and change my name on Rakuten.

That sounds like more pain for the future. I would have said bye-bye to Rakuten at that point.

I had much the same experience with SBI - took months of back and forth and needed visits to the bank to change names so that things could match up etc. I very nearly gave up. I had already given up with Rakuten by that stage as it was even harder!

Yeah, it was a right faff... But nothing new in this finances game it seems
UK pension -6 months to sort.
Getting UK banks to un-lock my old accounts, then open new ones that actually allow what I want to do -4 months...