RetireJapan

Can anyone advise on setting up iDeCo with Monex in 2024, specifically how long it takes?

After numerous problems when trying to apply through Rakuten (with middle names, an hyphens in kana names causing issues) I tried Monex and seemingly my first online application went through smoothly with [STEP1] "Application" being accepted on Feb 21st, and [STEP4] "Accepted" showing as listed on Feb 26th. So I guess I am good?!? (Though no date entries are shown for steps 2-3...)



And so if this is the case, what I am now waiting for? I'm assuming for JSI&T to further approve my application and then send me my login details (which I can then enter onto Monex for easy access/administration through the Monex portal moving forward?

I think I read that this can take 1-2 months and so am I in a good place? Or should there be things I change/chase up.

Thanks to this forum, the RJWiki, and Reddit/RetireJapan, I have solved so many of the things I've needed to, but iDeCo is the last remaining piece in my personal financial puzzle right now... So I'm desperate to get this last job off my to-do list!

I switched from Rakuten to Monex iDeCo circa 2017 (might have written about it here at the time), and I recall it might take 2-3 months all up.

In the end, due to my own name issues that I never resolved, I cannot view my iDeCo details normally on the Monex website, but I can see the balance under “Monex View” and of course on the JIS&T site.

So it works, kind of.

After that I got enrolled in a company DC plan, so my
IDeCo is not getting new funds but I do occasionally switch funds there as part of my rebalancing.

sutebayashi wrote: ↑Sun Mar 10, 2024 7:32 am I switched from Rakuten to Monex iDeCo circa 2017 (might have written about it here at the time), and I recall it might take 2-3 months all up.

In the end, due to my own name issues that I never resolved, I cannot view my iDeCo details normally on the Monex website, but I can see the balance under “Monex View” and of course on the JIS&T site.

Thanks for the info! Can I just ask if the name issues were on which of Rakuten, or Monex, or JSI&T's sides?

Seasider4374 wrote: ↑Mon Mar 11, 2024 8:44 am Thanks for the info! Can I just ask if the name issues were on which of Rakuten, or Monex, or JSI&T's sides?

It’s a mismatch between Monex and JIS&T, but not sure which side has it wrong.

Had the same issue of a difference in name between Monex and JSI&T. One phone call to Monex sorted it out.

Once you call and sort it, you’ll barely remember there ever being a problem.

Gareth wrote: ↑Mon Mar 11, 2024 1:40 pm Had the same issue of a difference in name between Monex and JSI&T. One phone call to Monex sorted it out.

Once you call and sort it, you’ll barely remember there ever being a problem.

Oh cool - thanks for the tip Gareth, I will see if that works for me too sometime.

Well, something worked!
I didn't call Monex up about this - I just tried again now to register my iDeCo account using the Monex GUI, and I found that it is /just working/ now.
That's a pleasant surprise Maybe it was your phone call Gareth that made them aware of whatever glitch there was in there and they got it fixed.

So I've received my documents confirming my approval through the post today from JIS&T less than 4 weeks after my first online Monex application! (I spent more than four weeks going back and forth with Rakuten with name, and kana issues...) Super stoked!

A couple of follow up queries moving forward;

Having now got my iDeCo setup is moving it away from Monex to Rakuten an easy process? Has anyone moved accounts from Monex to Rakuten? Any issues with doing so? Slightly reluctant to do so, but keen to be able to check all my financials in one brokerage, not several..

Secondly, and looking forward, for filing future kakutei shinkoku tax returns, will I receive an end of year statement summary postcard (like I do currently for health and life insurance premiums) for my iDeCo contributions?

Yes to your second question. Arrives around October/November IIRC, with assumed contributions up to December.

It took about two months for MONEX to set up my iDeCo.
It was actually remarkably pain-free, compared to anything to do with Rakuten.