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Opening Brokerage Account - SBI,Monex,Rakuten
Posted: Thu Sep 21, 2023 6:29 am
by Owl
How difficult is it to open an account with these local online brokers - could someone with zero Japanese language skills navigate the account opening procedures using google translate and other online translation tools?
For those that have opened more than one account - is one broker's application process easier to navigate than the others?
Re: Opening Brokerage Account - SBI,Monex,Rakuten
Posted: Thu Sep 21, 2023 6:41 am
by Tkydon
Probably not. Consider Interactive Brokers Japan.
Re: Opening Brokerage Account - SBI,Monex,Rakuten
Posted: Thu Sep 21, 2023 10:50 am
by TokyoWart
They are not supposed to allow you to be a customer if you can't understand Japanese because it means they are unable to fulfill their obligations to inform you of the risks and compliance issues for having an account. I have accounts at all three of these companies and at least two required telephone interviews so they could confirm my identity and ability to communicate in Japanese.
Re: Opening Brokerage Account - SBI,Monex,Rakuten
Posted: Thu Sep 21, 2023 11:44 pm
by Owl
Tkydon wrote: ↑Thu Sep 21, 2023 6:41 am
Probably not. Consider Interactive Brokers Japan.
Thanks. I already opened an IBJ account....just wanted to see if it was possible to open a "local" account or simply impossible/too frustrating to try.
Re: Opening Brokerage Account - SBI,Monex,Rakuten
Posted: Thu Sep 21, 2023 11:45 pm
by Owl
TokyoWart wrote: ↑Thu Sep 21, 2023 10:50 am
They are not supposed to allow you to be a customer if you can't understand Japanese because it means they are unable to fulfill their obligations to inform you of the risks and compliance issues for having an account. I have accounts at all three of these companies and at least two required telephone interviews so they could confirm my identity and ability to communicate in Japanese.
Do you recall which 2 did the telephone check?
Re: Opening Brokerage Account - SBI,Monex,Rakuten
Posted: Fri Sep 22, 2023 1:23 am
by TokyoWart
Owl wrote: ↑Thu Sep 21, 2023 11:45 pm
TokyoWart wrote: ↑Thu Sep 21, 2023 10:50 am
They are not supposed to allow you to be a customer if you can't understand Japanese because it means they are unable to fulfill their obligations to inform you of the risks and compliance issues for having an account. I have accounts at all three of these companies and at least two required telephone interviews so they could confirm my identity and ability to communicate in Japanese.
Do you recall which 2 did the telephone check?
I am sure Rakuten was one of them but can't recall if SBI or Monex was the other which did a phone interview.