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

[Roger Van Zant]

I have a Shinsei bank account which is registered with just my first and last name. It has been sitting dormant for ages. I will try to use this one.
Of course, it means having to fill out all the damn forms again.

Quick question. My 12,000 per month for iDeCo is not taken out of my pay check by my employer. I don't know why. I thought it would need to be, so that I can pay less in taxes. Instead, I have to pay it from my bank account. How do I go about making sure I pay less income tax? It seems very convoluted....I wish my employer could just deduct the money for me, like they do my city tax each month....

[Kanto]

For the middle name thing, I think you need to replace MONEX with Japan

Yes, this is the Reason my Rakuten Securities "NAME" is so messed up. They seem to have allotted space for 3 kanji per entry.

Steve Smith -> Ste Smi

...Sigh They are a TECHNOLOGY company.

But if your registered bank name and the above name are not the same, don't you run into the same problem I have?

No the 3 character thing is just their weird solution to not knowing how to handle names that lack Kanji, it is harmless.

For Rakuten securities, my name is written as

Adams John Quincy

アダムス ジョン クインシー

The name on my bankbook account is also in Katakana

.............

Best bet for Rakuten is the Rakuten Vanguard VT Wrap

https://dc.rakuten-sec.co.jp/dc/apps/pr ... 0030&pre=0

[Kanto]

I have a Shinsei bank account which is registered with just my first and last name. It has been sitting dormant for ages. I will try to use this one.
Of course, it means having to fill out all the damn forms again.

Quick question. My 12,000 per month for iDeCo is not taken out of my pay check by my employer. I don't know why. I thought it would need to be, so that I can pay less in taxes. Instead, I have to pay it from my bank account. How do I go about making sure I pay less income tax? It seems very convoluted....I wish my employer could just deduct the money for me, like they do my city tax each month....

Your employer should. You hand them the slip "iDeco" mails you in October/November. They handle it.

[Roger Van Zant]

I have a Shinsei bank account which is registered with just my first and last name. It has been sitting dormant for ages. I will try to use this one.
Of course, it means having to fill out all the damn forms again.

Quick question. My 12,000 per month for iDeCo is not taken out of my pay check by my employer. I don't know why. I thought it would need to be, so that I can pay less in taxes. Instead, I have to pay it from my bank account. How do I go about making sure I pay less income tax? It seems very convoluted....I wish my employer could just deduct the money for me, like they do my city tax each month....

Your employer should. You hand them the slip "iDeco" mails you in October/November. They handle it.

Oh, that's weird. I asked my employer to deduct the 12,000 directly from my salary, but they said they don't do that, and that it had to come from my bank account. Monex also asked me for my bank account details. Maybe, for some reason, I cannot get the tax rebate?

[Kanto]

I have a Shinsei bank account which is registered with just my first and last name. It has been sitting dormant for ages. I will try to use this one.
Of course, it means having to fill out all the damn forms again.

Quick question. My 12,000 per month for iDeCo is not taken out of my pay check by my employer. I don't know why. I thought it would need to be, so that I can pay less in taxes. Instead, I have to pay it from my bank account. How do I go about making sure I pay less income tax? It seems very convoluted....I wish my employer could just deduct the money for me, like they do my city tax each month....

Your employer should. You hand them the slip "iDeco" mails you in October/November. They handle it.

Oh, that's weird. I asked my employer to deduct the 12,000 directly from my salary, but they said they don't do that, and that it had to come from my bank account. Monex also asked me for my bank account details. Maybe, for some reason, I cannot get the tax rebate?

This happens at year-end, after your iDeco has been established. You administer the fund yourself.

That is why it is I-Deco and not a DC.

[Roger Van Zant]

Your employer should. You hand them the slip "iDeco" mails you in October/November. They handle it.

Oh, that's weird. I asked my employer to deduct the 12,000 directly from my salary, but they said they don't do that, and that it had to come from my bank account. Monex also asked me for my bank account details. Maybe, for some reason, I cannot get the tax rebate?

This happens at year-end, after your iDeco has been established. You administer the fund yourself.

That is why it is I-Deco and not a DC.

I see. Thanks. So, at year end, I hand my company this slip, and then I get back the tax I shouldn't have paid over the last year or something? Or, my next year's income tax is lowered based on this slip I receive?

[Kanto]

Oh, that's weird. I asked my employer to deduct the 12,000 directly from my salary, but they said they don't do that, and that it had to come from my bank account. Monex also asked me for my bank account details. Maybe, for some reason, I cannot get the tax rebate?

This happens at year-end, after your iDeco has been established. You administer the fund yourself.

That is why it is I-Deco and not a DC.

I see. Thanks. So, at year end, I hand my company this slip, and then I get back the tax I shouldn't have paid over the last year or something? Or, my next year's income tax is lowered based on this slip I receive?

They use the information to adjust your tax filing for that current year. Your tax guy/gal at work should know.

Focus on getting it setup first, that comes first.

[RetireJapan]

Oh, that's weird. I asked my employer to deduct the 12,000 directly from my salary, but they said they don't do that, and that it had to come from my bank account. Monex also asked me for my bank account details. Maybe, for some reason, I cannot get the tax rebate?

There are two ways to pay into your iDeCo account:

1. your employer takes it out of your paycheck. This is good because it lowers your income taxes at source and you don't need to do any other paperwork. Unfortunately the employer has to agree to this.

2. you pay it from your bank account. Then at the end of the year you get a statement from your broker that you either submit to your employer (if they do your taxes) or the tax office with your tax return.

[Roger Van Zant]

Thanks for all the replies.

[fools_gold]

I cannot register with Monex as I have a middle name.
Their system cannot accept a middle name, unless they add it to your first name without a space.
Of course, this is different from the name registered with my bank, which means I cannot have money taken each month for an iDeCo.

This is Japan in 2020 everyone.

No wonder they are losing so much business to Singapore, China and Hong Kong.

You might want to talk to them about this and see if they can change it to katakana. I have a Monex account registered in my full name (including middle name) in katakana with spaces in between. It's the same as the furigana for my bank account so I have no problems transferring money.

Edit: Come to think of it, I might have registered the katakana as an alias when I took out my house loan.

Thanks, but this won't work, as on Monex's site, you cannot put a space between first and middle name, meaning it won't match with my bank account name. I am so pissed off, that I am this close to just telling them to F off and I will go with Rakuten instead. This means I won't be able to access the eMaxis All Country, but I'll just have to find something which Rakuten offers through iDeCo which is as good. Any suggestions?

I've logged in and I'm looking at my account now. My name is registered as [katakana last name] [space] [katakana first name] [space] [katakana middle name], so it's definitely possible. Are you using a full width space?

edit: is this just for the ideco or is the problem in opening an account with them? I opened an account using my full name, but I have my ideco elsewhere