RetireJapan

I just received notice my Monex account was approved.

I wish to move my iDeco from Rakuten -> Monex. I currently bank with Yucho.

My understanding was I can still use a Yucho account since it is JIS&T that handles the actual transaction side?

Or do I need to look at opening a Mizuho, MUFJ etc account?

.....

When I initially applied to Monex I did not realize there was a restriction on which bank you can use, I thought the four bank options represented a holding account of sorts.

Monex iDeco supports Yucho Ginko, so you should be good to use the same account.

TBS wrote: ↑Tue Mar 09, 2021 12:05 pm Monex iDeco supports Yucho Ginko, so you should be good to use the same account.

Thank you for the response. I suspected they would not be able to place restrictions on iDeco accounts.

However, according to their website, it seems there will be no issue depositing from Yucho. I am unsure why some online reviews of Monex mention bank restrictions. Perhaps they have updated their policies?

https://info.monex.co.jp/service/deposi ... ately.html

https://info.monex.co.jp/service/deposit/periodic.html

Established wrote: ↑Tue Mar 09, 2021 12:31 pm Thank you for the response. I suspected they would not be able to place restrictions on iDeco accounts.

However, according to their website, it seems there will be no issue depositing from Yucho. I am unsure why some online reviews of Monex mention bank restrictions. Perhaps they have updated their policies?

https://info.monex.co.jp/service/deposi ... ately.html

https://info.monex.co.jp/service/deposit/periodic.html

These links refer to the Monex trading account side of things (tokutei kouza, NISA, non-tax withholding etc.) rather than iDeco. Special features for that side, such as real time deposits, will be limited to banks that Monex has agreements with. Maybe this is what the online reviews were referring to?

From the Monex iDeco FAQ I linked to:

Q: 掛金の引落しができる金融機関を教えてください。
A:指定できる金融機関は、以下の通りです。
（国民年金基金連合会と口座振替契約を締結し、掛金を引き落とすことができる金融機関）

So on the iDeco side, banks that have agreements with the National Pension Fund Association can be used.