RetireJapan

Hi,
I don't remember how I set up my Sumishin SBI NeoBank account exactly.
I log in with ID and password and two-step authentication via their app.

I don't know about tusmitate NISA on SBI. I am doing that through Rakuten.

And I don't know about other bank charges for SBI Securities.

You need the name on your SBI Securities account to match the SMBC name.

You mentioned an issue with names in your earlier post.

The advantage of Sumishin SBI NeoBank is the workaround I mentioned earlier.

Hi ToushiTime,

Thank you for your quick reply.

I was not sure about the part regarding the logging in with the id and password. Maybe I should download their app and see.

Because from the page it actually seemed like I could just log in and set whatever password I wanted, which would be really convenient but I'm worried about their security if that were the case.

In any case, my tsumitate NISA account seems to be temporary for now and it will take a week or two before they get back to me on whether I cleared their check. Chances are I should be fine although I realized in my DC contribution plan I was buying some DC tsumitate NISA thingy, I hope it's not the same thing. Oh well gotta wait and see for now.

I will probably get down to settling the sumishin SBI NeoBank in the meantime.

Oh and I forgot to ask, did you apply for the cashcard in order to withdraw cash? I think I saw that option but since I'm not going to withdraw anytime soon I thought that it could wait for now.

Yes, the app adds extra security when logging in.
It requires biometric ID eg. Face ID, on your phone.
The bank card is optional. You don't need it if you don't want the ATM service and can transfer money to another bank.
As for the initial set up with passwords, I don't remember the details.
If you are struggling with the Japanese instructions it might be worth enlisting the help of a Japanese friend.
And don't let anyone see your passwords, of course

Thanks for the reply.

Well I will just wait for now. I received an SMS from sumishin NeoBank this morning, apparently they are going to send me something so until then I shall wait and see.

Will post more updates whenever I have any, since it might help someone in future.

Another quick update.

Neobank sent me my login details together with my 認証番号カード today. (Without it I could still set the password but with no info on what each password is used for, the letter they sent explained in more details)

I've set everything up and I can login to my Neobank account now.

However I tried setting up the auto transfer from my SMBC bank to the Neobank and it failed. Due to not having my middle name in the Neobank.

However it seems like I can still manually deposit cash from ATM machine (hopefully at no charge) which is probably the workaround for me right now.

Another way would probably be to send the money from my SMBC bank via 振り込む but I will need find my Neobank account details somehow.

edit: I tried to 振込and SMBC was going to charge me 440 yen for doing so, so nope. I rather spend the time walking to SMBC, withdraw the money (for free), walk over to the atm and deposit manually (probably also free)

getsugasin wrote: ↑Sat Apr 10, 2021 3:08 am edit: I tried to 振込and SMBC was going to charge me 440 yen for doing so, so nope. I rather spend the time walking to SMBC, withdraw the money (for free), walk over to the atm and deposit manually (probably also free)

You mean you changed your mind about getting the Tsumishin SBI Netbank cash card? Yes that would make sense if you want to save transfer fees and you want to transfer frequently from SMBC to Tsumishin SBI Netbank, rather than in one lump sum. It looks like it is free to deposit money in Tsumshin via ATMs
https://www.netbk.co.jp/contents/charge-atm/

BTW, as I mentioned, if your name at SBI Securities doesn't exactly match the name at Tsumishin SBI Netbank, you will probably have to do what I did.

1) I went to SBI Securities website here https://m.sbisec.co.jp/switchnaviMain and tried to set up the instant transfer function 住信SBIネット銀行「即時決済サービス which failed.

2) I phoned up SBI Securities and told them I cannot link the accounts.

3) SBI Securities made some adjustments behind the scenes to link the accounts. They told me I cannot do instant transfers but can transfer money manually each time to the brokerage by a) going to bank website b) hitting furikae button to shift from my daihyou kousa to hybrid kousa, c) going back to the brokerage site and check my new balance of funds on the homepage.

I cannot guarantee this will work for you, and it is a pain in the butt but it works for me, and they didn't offer any other options. I can't think of another workaround either, other than using Rakuten Securities which is more gaijin-friendly on the name issue. I initially applied for SBI Securities but I was so pxxxxd at them, that I applied to Rakuten Securities part way through and now have accounts at both brokerages.

Hi ToushiTime,

In the end I did not apply for the cash card but I did get the card that's required to withdraw cash.

As a test I tried to deposit 50k yen into my sumishin account via 7-11 bank ATM yesterday.

One concern about that though, is that after May or June I think that they are going it to limit to 1 free deposit a month. Up till now it's unlimited free deposits.

So now I got the deposit into account settled so what's left is getting the ok sign from the taxation office before I can start buying.

Will update if anything new comes up.

getsugasin wrote: ↑Sun Apr 11, 2021 2:14 am So now I got the deposit into account settled so what's left is getting the ok sign from the taxation office before I can start buying.

Maybe you implied this, but, as I mentioned above, you also need to find a way of getting the money from Sumishin into SBI Securities before you can start buying.

Ahhhh right, I think I haven't done that, should be alright I think? Let me go take a look. Thanks for the reminder!

Edit: I've just transferred my money from the NeoBank (savings account?) To the hybrid account and set my tsumitate NISA to withdraw the money from there.

Fingers crossed that nothing is going to screw up and the money gets deducted properly. Apparently the next closest date I can start would be April 14 so I'm just praying that it goes well.

That's sounds good.
If you can see that hybrid account money showing in your account on the SBI Securities site, hopefully the automatic deductions will work despite the name discrepancy between the bank and the brokerage.
If it does, remember to keep the hybrid account topped up using the furikae function at Sumishin, i.e. move money from the daihyo account to hybrid account. I haven't used it enough yet, but I think whatever cash you deposit into Sumishin from the ATM etc will probably go into the daihyo account.