RetireJapan

I have money in my child's Rakuten bank account, but since I can no longer add it to junior NISA, I'd prefer to transfer it to my Rakuten account to use for my own NISA. Does anyone have experience doing this? It seems like it should be simple but I feel like I'm missing something because I cannot figure it out!

Inaka4Life wrote: ↑Tue Jan 16, 2024 12:36 am I have money in my child's Rakuten bank account, but since I can no longer add it to junior NISA, I'd prefer to transfer it to my Rakuten account to use for my own NISA. Does anyone have experience doing this? It seems like it should be simple but I feel like I'm missing something because I cannot figure it out!

What was the source of this money?

Legally speaking it belongs to your child now. "they" would be gifting it to "you". Gift tax would apply for any amount of 1.1 million you have received in total (from all sources) this year.

Also, have you attempted a transfer yet? Did it fail? You don't seem to say what the difficulty is.

Thanks for the reply. I set up a minor's account in Rakuten for my children but I still control it. I understand about the gift tax, it's not a problem.

The problem I'm having is that I don't know the procedure for transferring money from one Rakuten account to another. I'm unfamiliar with the website because I only just started using it recently. They make it very easy to transfer money into, but not out of, the account. I'm just looking for someone who might have had experience using the Rakuten online banking website to help out. I'm probably missing something obvious...

Inaka4Life wrote: ↑Tue Jan 16, 2024 7:34 am The problem I'm having is that I don't know the procedure for transferring money from one Rakuten account to another. I'm unfamiliar with the website because I only just started using it recently. They make it very easy to transfer money into, but not out of, the account. I'm just looking for someone who might have had experience using the Rakuten online banking website to help out. I'm probably missing something obvious...

For Rakuten Bank, it's literally just click the furikomi button...

Sorry, I'm dumb. It's Rakuten証券, not Rakuten銀行... so transferring money out of my children's Rakuten Securities account, not bank account.

I may have figured it out... it seems that you can only do it by designating a withdrawal account. So I've set up the withdrawal account and gone through the procedure now. Seems like it will take a couple of days... wasn't expecting it to be so complicated...

Inaka4Life wrote: ↑Tue Jan 16, 2024 8:10 am I may have figured it out... it seems that you can only do it by designating a withdrawal account. So I've set up the withdrawal account and gone through the procedure now. Seems like it will take a couple of days... wasn't expecting it to be so complicated...

Ah, okay. That makes more sense!

The designated account is a safety feature, so people can't log into your Rakuten Securities account and move your money somewhere else...