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How to connect bank account to NISA (Rakuten)
Posted: Wed Apr 20, 2022 2:31 am
by Jemineye
So, I'm not a bright person.
I'm new to all of this and have no idea what I'm doing.
I have successfully managed to open a NISA. Hurray!
But I don't have a Rakuten bank account because I had previously opened an SMBC account, which I was hoping I could connect to it instead, so I could funnel money into the NISA.
How do I connect my SMBC bank account to my NISA?
No amount of Google Translate is helping me right now.
Re: How to connect bank account to NISA (Rakuten)
Posted: Wed Apr 20, 2022 3:30 am
by RetireJapan
There are two* ways to fund your NISA/broker account: send money to it by bank transfer (easy, manual, might incur a fee), or have it taken out automatically to buy funds (easy once it is set up, setting up can be a pain).
*you can also use credit cards, etc.
Re: How to connect bank account to NISA (Rakuten)
Posted: Wed Apr 20, 2022 5:50 am
by Haystack
RetireJapan wrote: ↑Wed Apr 20, 2022 3:30 am
There are two* ways to fund your NISA/broker account: send money to it by bank transfer (easy, manual, might incur a fee), or have it taken out automatically to buy funds (easy once it is set up, setting up can be a pain).
*you can also use credit cards, etc.
Agreed
Sweep and Credit Card are far superior as they form good habits. Nisa, iDeco and tsumitate become bills, and you reprioritize your spending.
Re: How to connect bank account to NISA (Rakuten)
Posted: Wed Apr 20, 2022 1:57 pm
by beanhead
RetireJapan wrote: ↑Wed Apr 20, 2022 3:30 am
There are two* ways to fund your NISA/broker account: send money to it by bank transfer (easy, manual,
might incur a fee),
Agreed that automatic regular payments, by credit card or bank transfer, are very sensible.
Regarding bank fees, Rakuten Shoken has direct links to a number of banks, including SMBC.
So as long as you have internet banking set up with SMBC, you can make manual transfers from an SMBC account to Rakuten Shoken online, with no fees.
Re: How to connect bank account to NISA (Rakuten)
Posted: Wed Apr 20, 2022 2:00 pm
by beanhead
Jemineye wrote: ↑Wed Apr 20, 2022 2:31 am
How do I connect my SMBC bank account to my NISA?
No amount of Google Translate is helping me right now.
Click 入金.
Choose SMBC
at the linked SMBC page, put in your online banking details.
Choose amount.
Send money.
See it in your Rakuten Shoken account.
If you can, have a Japanese speaker/reader with you the first time, as there are a few important buttons that need to be checked otherwise the whole thing explodes...
Re: How to connect bank account to NISA (Rakuten)
Posted: Thu Apr 21, 2022 1:15 pm
by Jemineye
Thank you to everyone who has commented first of all.
However, I've realised that I have an even bigger problem now.
Apparently the katakana name on my bank account and the name on my Rakuten account do not match, so now I have to go to my bank and fix my name. What's interesting is that my name written in Romaji is accurate but the katakana name is not, and I have to go to the bank itself to deal with it.
I'm very tempted to close the account and just open a Rakuten one at this rate because it was a bloody nightmare setting up the SMBC account in the first place.
Re: How to connect bank account to NISA (Rakuten)
Posted: Thu Apr 21, 2022 2:13 pm
by zeroshiki
Jemineye wrote: ↑Thu Apr 21, 2022 1:15 pm
Thank you to everyone who has commented first of all.
However, I've realised that I have an even bigger problem now.
Apparently the katakana name on my bank account and the name on my Rakuten account do not match, so now I have to go to my bank and fix my name. What's interesting is that my name written in Romaji is accurate but the katakana name is not, and I have to go to the bank itself to deal with it.
I'm very tempted to close the account and just open a Rakuten one at this rate because it was a bloody nightmare setting up the SMBC account in the first place.
I was going to comment and say that you weren't in the clear because of this!
If you're willing to go through the trouble, opening a Rakuten Bank account is good (it gives you extra +0.5 SPU too!). It makes transferring money between the bank and securities completely seamless.
Re: How to connect bank account to NISA (Rakuten)
Posted: Mon Apr 25, 2022 6:33 am
by Jemineye
Finally fixed my name and then tried to send some money and Rakuten said "no, not between 3.30pm and 5.15pm.
It feels like one obstacle after another, but I'm sure it'll go through now...after 5.15
Thanks for all your help everyone
Re: How to connect bank account to NISA (Rakuten)
Posted: Mon Apr 25, 2022 8:21 am
by Moneymatters
Jemineye wrote: ↑Mon Apr 25, 2022 6:33 am
Finally fixed my name and then tried to send some money and Rakuten said "no, not between 3.30pm and 5.15pm.
It feels like one obstacle after another, but I'm sure it'll go through now...after 5.15
Thanks for all your help everyone
Ah. The "real-time" deposit service. I made a simple ryhme to help remember the maintenance windows.
Rakuten, real time 入金,
So simple it's a sin
From PC or smart phone,
The Office or at home,
Except 3:30 to 5:15 on a trading day
or just 5 to 5:30 when you're out to play
and not 3am to 6am every night
then just avoid 10 mins from oh seven thirty and you'll be alright.
watch your money move,
real time,
any time. (Except midnight to 6am on the third Monday of the month).
Admittedly it's not Keats but I made no such claims.
Re: How to connect bank account to NISA (Rakuten)
Posted: Mon Apr 25, 2022 2:49 pm
by Jemineye
Moneymatters wrote: ↑Mon Apr 25, 2022 8:21 am
Jemineye wrote: ↑Mon Apr 25, 2022 6:33 am
Finally fixed my name and then tried to send some money and Rakuten said "no, not between 3.30pm and 5.15pm.
It feels like one obstacle after another, but I'm sure it'll go through now...after 5.15
Thanks for all your help everyone
Ah. The "real-time" deposit service. I made a simple ryhme to help remember the maintenance windows.
Rakuten, real time 入金,
So simple it's a sin
From PC or smart phone,
The Office or at home,
Except 3:30 to 5:15 on a trading day
or just 5 to 5:30 when you're out to play
and not 3am to 6am every night
then just avoid 10 mins from oh seven thirty and you'll be alright.
watch your money move,
real time,
any time. (Except midnight to 6am on the third Monday of the month).
Admittedly it's not Keats but I made no such claims.
I will definitely have to remember that. So many restrictions…