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Best bank for Monex
Posted: Wed Jan 27, 2021 6:54 am
by JimNasium
I’m working on setting up my Monex brokerage account, and I just noticed the only banks they accept are Mizuho, MUFJ, SMBC, and Risona. SMBC has an English sign up site, but looking it over they charge an insane 2000 per month fee unless you have over 500,000yen deposited. Are all the banks like that? Which bank do you use for your Monex account?
Re: Best bank for Monex
Posted: Wed Jan 27, 2021 7:07 am
by mule96
Are you sure?
For standard Furkomi, literally all banks work (but depending on the bank, transfer fees my arise).
Some Banks support a direct internet-linked service (but sometimes issues with foreign names arise):
https://info.monex.co.jp/beginner/flow/step3.html
And it seems, Monnex also support deposit via their own Monnex Seven Bank card.
Re: Best bank for Monex
Posted: Wed Jan 27, 2021 7:09 am
by Kanto
mule96 wrote: ↑Wed Jan 27, 2021 7:07 am
Are you sure?
For standard Furkomi, literally all banks work (but depending on the bank, transfer fees my arise).
Some Banks support a direct internet-linked service (but sometimes issues with foreign names arise):
https://info.monex.co.jp/beginner/flow/step3.html
And it seems, Monnex also support deposit via their own Monnex Seven Bank card.
With Rakuten and Yucho the deposits are instant.
Rakuten can also scoop payments out of your account for Tsumitate/Tsumitate NISA
Usually, if Yucho can do it, everyone else has been doing it for 10 years!
Re: Best bank for Monex
Posted: Wed Jan 27, 2021 1:54 pm
by JimNasium
mule96 wrote: ↑Wed Jan 27, 2021 7:07 am
Are you sure?
For standard Furkomi, literally all banks work (but depending on the bank, transfer fees my arise).
Some Banks support a direct internet-linked service (but sometimes issues with foreign names arise):
https://info.monex.co.jp/beginner/flow/step3.html
And it seems, Monnex also support deposit via their own Monnex Seven Bank card.
It seems so unfortunately.
Unless I’m missing something here
Re: Best bank for Monex
Posted: Wed Jan 27, 2021 2:08 pm
by mule96
Maybe that is just for opening the account? Or a limitation of the mobile website? My wife has none of those banks and opened an account (I dont remember that we had to select the bankaccount during opening). And the website lists all usual possibilities.
Re: Best bank for Monex
Posted: Wed Jan 27, 2021 2:48 pm
by JimNasium
It is on the PC site too, but I’m researching more and on the site it specifically says you can choose from a large number of banks including local institutions. I may just click on Mizuho and change it later. Or if it comes down to it open a Mizuho bank account.
By the way, if you don’t mind me asking, does your bank charge a transfer fee when you move money to Monex?
Re: Best bank for Monex
Posted: Wed Jan 27, 2021 3:24 pm
by mule96
No she does a regular tsumitate, where the monthly transfer is free.
Btw, as a foreigner, you only can open an account via normal mail, or not?
Re: Best bank for Monex
Posted: Wed Jan 27, 2021 3:55 pm
by JimNasium
I assumed normal mail, so that’s what I chose.
Re: Best bank for Monex
Posted: Wed Jan 27, 2021 4:17 pm
by mighty58
That's just the bank account that you will furikomi to, from your existing bank account (which can be at any bank), in order to put money into your Monex account. They give you a choice in case your regular account is at one of those banks listed, allowing you to potentially save on furikomi charges. For me, my regular account is at Shinsei, so it didn't make a difference which one I chose, so I (randomly) chose MUFJ. Now, whenever I want to transfer money into my Monex account, I simply furikomi to the MUFJ account they set up specifically for me to do so.
Re: Best bank for Monex
Posted: Thu Jan 28, 2021 12:32 am
by RetireJapan
mighty58 wrote: ↑Wed Jan 27, 2021 4:17 pm
That's just the bank account that you will furikomi to, from your existing bank account (which can be at any bank), in order to put money into your Monex account. They give you a choice in case your regular account is at one of those banks listed, allowing you to potentially save on furikomi charges. For me, my regular account is at Shinsei, so it didn't make a difference which one I chose, so I (randomly) chose MUFJ. Now, whenever I want to transfer money into my Monex account, I simply furikomi to the MUFJ account they set up specifically for me to do so.
This is the answer I came here to post. Thanks mighty!
