Registered with Rakuten and SBI..plus Vanguard questions

[jeronimoski]

Hi all,

Like the rest of the newbies, hello and thank you in advance. Such a nice forum to have here.

US guy
46
Got mutual funds with Fidelity and American Funds, but got cut off from being able to put more money in.
Want to start investing.
Want to know if there is a way to get around the big $10,000 money wire that IB asked you to do. Can you just send money to a bank account here, or does IB not have bank accounts here.
Registered with Rakuten and SBI. I heard something about having to receive a call in Japanese. I'm at an N3 level, but I really would like to know what questions they ask so I can prepare and not mess it up.
Can you really open a Vanguard account with a non-American address? If I use my dad's address (which is my US mailing address), do I just say that I'm unemployed or actually tell them my Japanese company's address?

Regarding Rakuten and SBI, do they have access to US ETFs and index funds? Mutual funds?

Many, many thanks in advance everyone. Take care.

[jeronimoski]

Bump.

Nobody has gone the Rakuten and/or SBI route? No experience with the phone call?

[RetireJapan]

It was so long ago, I don't remember. I don't think Rakuten called me, but their procedures might have changed. Anyone else?

Make sure you understand your tax situation as an American investing outside the US before buying anything (non-US mutual funds and ETFs are a big no-no, for example). Rakuten has access to US shares and ETFs.

[Kanto]

It was so long ago, I don't remember. I don't think Rakuten called me, but their procedures might have changed. Anyone else?

Make sure you understand your tax situation as an American investing outside the US before buying anything (non-US mutual funds and ETFs are a big no-no, for example). Rakuten has access to US shares and ETFs.

I received a phone call. They need to confirm you understood the Japanese agreement, there is no English translation. It has to be you they talk to, not a spouse. Rakuten is known to be the most forgiving with poor Japanese. Good luck!

*Edit: I am not American.

[mule96]

Non-American here with SBI - I never received a phone call.

[Moneymatters]

Non-American with SBI. Registered earlier this year. Had a few phone chats with them mainly from their ineptitude. All pleasant enough. The first was to request an application pack as that was the correct process at that time. Name, address stuff.

There were problems creating the account so I spoke with them a couple more times getting forms resent. N3 might be a stretch if you have problems but you might get away without any follow up calls.

“Regarding Rakuten and SBI, do they have access to US ETFs and index funds? Mutual funds?“

SBI has a selection of US ETFs.

https://search.sbisec.co.jp/v2/popwin/i ... 0_etf.html

[captainspoke]

...
US guy
46
Got mutual funds with Fidelity and American Funds, but got cut off from being able to put more money in.
...

Before going to the trouble of setting up something here in japan, you need to clarify with fidelity:

Are you allowed to buy ETFs and stocks thru that same account?



I'm guessing that you will be able to do so, and this will be the best solution to your investing 'problem'.

The why: there's some archaic law on the US books that says that non-residents (even if american) cannot buy mutual funds. (tho you can continue to hold what you previously had)

Stocks and ETFs are not mutual funds, i.e., not subject to that restriction. Checking on this should be your first step.

[jeronimoski]

Yes, I am pretty sure SBI and Rakuten have access to US ETFs. And that's what I'm going for. Unless I am completely mistaken. Yeah, I know about the Japanese market being a hassle for US tax reasons, so I'll be avoiding that.

Regarding N3, I am pretty good with languages and understand the agreement, so I think I should be OK. I was just wondering if they were going to quiz with on a bunch of minute details like NISA and other formalities.

Rakuten and SBI have access to US index funds, correct?

[jeronimoski]

I registered online with Raluten and they needed a copy of my health insurance card. How long does it take to process?


And regarding SBI, I registered online, got the packet in the mail, copied all my documents and sent it off. How long did it take for them to get back to you?

[Kanto]

I registered online with Raluten and they needed a copy of my health insurance card. How long does it take to process?


And regarding SBI, I registered online, got the packet in the mail, copied all my documents and sent it off. How long did it take for them to get back to you?

1-2 months for me with Rakuten.

For my Japanese wife 2 weeks.

Did you see Ben`s post on this? If you are not in Japan for the long term IB might be a better choice. Rakuten, SBI and Monex if you are looking to use a NISA.

https://www.retirejapan.com/us-citizens ... d-holders/