RetireJapan

Guys,

Any light on this matter will be appreciated. So, I opened a Rakuten Securities account for NISA and I also have a Japan Post Bank Account. While opening the Rakuten Sec account i struggled and had to be on the phone with them forever because the total number of characters cannot be more than 8 and my name exceeds that. So they decided to keep name as First Name, 1st Alphabet of my Last Name. I opened my NISA account and after some time it was approved.

Now I want to deposit money to my Rakuten account through my Japan Post account but I keep getting errors because there is a mismatch in my name. I have emailed Rakuten about this, spoken to them multiple times over the phone. As of 13th July, they told me on the phone that we have changed your name to reflect Last Name, First Name and you can try after 1 hour to make a deposit. I am still unable to deposit money into my Rakuten account because of the name error.

Can someone please advise me on what i should do as i am literally pulling my hair. The naming system is so ridiculous and frustrating and the language barrier does not help at all. If you need any screenshots of my account details, I am happy to share via private chat.

I just need help solving this so that i can deposit money into my NISA and buy some stocks.....

Much thanks!

What a kafkaesque situation. Let's see if we can work around it. Do you think you would be able to open a (free) Rakuten Bank account? I am asking that because your Rakuten Securities account should then be linked to it and you will be able to transfer money between the two seamlessly and in real time (that's what I am doing).

You would still have to put money on your Rakuten Bank account, but in case wires from your Japan Post Bank account are not possible, you can deposit cash using any 7/11 (and others) ATM. So at least you would be able to move forward.

If you decide to give it a try, just make sure that your Rakuten Securities account is properly linked - I did it the other way (Rakuten Bank first, then Rakuten Securities) and am not sure how it would go in your case.

I gave up with Rakuten and used SBI because of name issues. Even with SBI,I had lots of problems because they wouldn't accept a middle name but my bank account has that included. Like you, I got the account set up but couldn't deposit money as the account didn't match my bank name. I had to set up the account without the middle name (did this online) and then later fill in a name-change form by hand where I changed it to match my bank account. It was a ridiculous and frustrating procedure involving several phone calls but seemed to be the only way I could deposit money. Good luck - it will be very annoying but if you keep at it you should somehow manage to get it up and running. It took me ages!

OkiBum wrote: ↑Sun Jul 15, 2018 11:13 amNow I want to deposit money to my Rakuten account through my Japan Post account but I keep getting errors because there is a mismatch in my name.

I'm not sure if this advice is correct because I have a feeling Japan Post furikomis are a little different to everywhere else, but...

It could be that Japan Post is rejecting the name because it doesn't match your rakuten account exactly. Is there a way for you to find out exactly what your name on your Rakuten account is? It's usually in half-width katakana with no small characters, like this: ﾘﾀｲﾔｼﾞﾔﾊﾟﾝ. One way is if you can somehow get some money into your account without furikomi, is to send the money to your Japan Post account. Then the account name should show up alongside the deposit.

It it's Rakuten rejecting it though, I'm not sure...

N00bster wrote: ↑Sun Jul 15, 2018 1:52 pm What a kafkaesque situation. Let's see if we can work around it. Do you think you would be able to open a (free) Rakuten Bank account? I am asking that because your Rakuten Securities account should then be linked to it and you will be able to transfer money between the two seamlessly and in real time (that's what I am doing).

Sorry if I wasn't clear. I made a free account first I think. From there I created a Rakuten Sec account.

N00bster wrote: ↑Sun Jul 15, 2018 1:52 pm If you decide to give it a try, just make sure that your Rakuten Securities account is properly linked - I did it the other way (Rakuten Bank first, then Rakuten Securities) and am not sure how it would go in your case.

How do i check if they are properly linked?

adamu wrote: ↑Sun Jul 15, 2018 3:34 pm

OkiBum wrote: ↑Sun Jul 15, 2018 11:13 amNow I want to deposit money to my Rakuten account through my Japan Post account but I keep getting errors because there is a mismatch in my name.

I'm not sure if this advice is correct because I have a feeling Japan Post furikomis are a little different to everywhere else, but...

It could be that Japan Post is rejecting the name because it doesn't match your rakuten account exactly. Is there a way for you to find out exactly what your name on your Rakuten account is? It's usually in half-width katakana with no small characters, like this: ﾘﾀｲﾔｼﾞﾔﾊﾟﾝ. One way is if you can somehow get some money into your account without furikomi, is to send the money to your Japan Post account. Then the account name should show up alongside the deposit.

It it's Rakuten rejecting it though, I'm not sure...

The thing is, I have a Rakuten Credit Card as well, and the monthly payments for the credit card go through my JP account. I have not faced any issue there.

OkiBum wrote: ↑Mon Jul 16, 2018 12:24 am

N00bster wrote: ↑Sun Jul 15, 2018 1:52 pm What a kafkaesque situation. Let's see if we can work around it. Do you think you would be able to open a (free) Rakuten Bank account? I am asking that because your Rakuten Securities account should then be linked to it and you will be able to transfer money between the two seamlessly and in real time (that's what I am doing).

Sorry if I wasn't clear. I made a free account first I think. From there I created a Rakuten Sec account.

N00bster wrote: ↑Sun Jul 15, 2018 1:52 pm If you decide to give it a try, just make sure that your Rakuten Securities account is properly linked - I did it the other way (Rakuten Bank first, then Rakuten Securities) and am not sure how it would go in your case.

How do i check if they are properly linked?

Click 入出金 in the top menu of Rakuten Sec, then リアルタイム入金へ, and select the Rakutenらくらく入金 on top. You should see your Rakuten Bank account balance in the 普通預金残高 and can from them proceed to moving funds to your Rakuten Sec brokerage account.

If this works but you currently have no funds on your account, use your cash card to make a deposit at your local combini, and you should be able to buy stuff for your NISA!

N00bster wrote: ↑Mon Jul 16, 2018 1:46 am Click 入出金 in the top menu of Rakuten Sec, then リアルタイム入金へ, and select the Rakutenらくらく入金 on top. You should see your Rakuten Bank account balance in the 普通預金残高 and can from them proceed to moving funds to your Rakuten Sec brokerage account.

If this works but you currently have no funds on your account, use your cash card to make a deposit at your local combini, and you should be able to buy stuff for your NISA!

I dont see the らくらく入金. Also, as i said I am unable to deposit any money to my Rakuten account. I also did not receive any cash card or anything...
So my Rakuten balance is 0 currently.
See below

What happens if you choose Rakuten銀行 and go ahead? Now I seem to remember that らくらく入金 required some sort of setup.

The problem of not being able to deposit money on your Rakuten account should be solved by ordering the most basic cash card (which should be free) from their website.

N00bster wrote: ↑Mon Jul 16, 2018 5:28 am What happens if you choose Rakuten銀行 and go ahead? Now I seem to remember that らくらく入金 required some sort of setup.

The problem of not being able to deposit money on your Rakuten account should be solved by ordering the most basic cash card (which should be free) from their website.

did you get my pm?