Transferring IDECO (and NISA) accounts

[TokyoWart]

Ok thanks. I may post a separate question about transferring NISA accounts. Have you ever tried that?

I am just now in the process of this for a transfer from Nomura to Rakuten as my NISA "home". The paperwork has been relatively straightforward (I already had a Rakuten brokerage account) and consisted a one page form which had been pre-completed by Rakuten for which I just had to circle which option I was taking (opening a NISA at Rakuten while already having an existing NISA at another brokerage), and then getting Nomura to mail me the "廃止通知書" which had to be sent to Rakuten. I mailed that just a few days ago. When the process completes my old NISA at Nomura will run through its yearly maturity expirations and roll into my 特定口座 there and I expect to be able to do the New NISA at Rakuten starting in 2024.

[ToushiTime]

Thanks for explaining the process.
I'm guessing that you don't have name issues I do?

[TokyoWart]

Thanks for explaining the process.
I'm guessing that you don't have name issues I do?

Seems like constant name issues but because I already have an account at Rakuten I am hoping they are reconciled to my name's presentation. Nomura actually writes my name differently (uses a space between first and middle name) than Rakuten. I am still waiting for the final approval for the move so I can't say for sure that I'm okay.

Somewhat related to your iDeCo question, I used to have an iDeCo account at Rakuten because my employer did not have an equivalent for my employment category (corporate officer). When my status at the company changed I became eligible for the 企業型確定拠出年金 and had to transfer my Rakuten iDeCo to the company's plan. My name was registered completely differently but that transfer went very smoothly and I think I missed at most one month of contributions.

[RetireJapan]

Ok thanks. I may post a separate question about transferring NISA accounts. Have you ever tried that?

I am just now in the process of this for a transfer from Nomura to Rakuten as my NISA "home". The paperwork has been relatively straightforward (I already had a Rakuten brokerage account) and consisted a one page form which had been pre-completed by Rakuten for which I just had to circle which option I was taking (opening a NISA at Rakuten while already having an existing NISA at another brokerage), and then getting Nomura to mail me the "廃止通知書" which had to be sent to Rakuten. I mailed that just a few days ago. When the process completes my old NISA at Nomura will run through its yearly maturity expirations and roll into my 特定口座 there and I expect to be able to do the New NISA at Rakuten starting in 2024.

I am planning to do this, but doing new NISA with Monex (currently Rakuten). The reason is that all my Japan investments are with Rakuten so this seems like an easy way to diversify provider risk. Hoping the paperwork will be smooth!

[ToushiTime]

Thanks for explaining the process.
I'm guessing that you don't have name issues I do?

Seems like constant name issues but because I already have an account at Rakuten I am hoping they are reconciled to my name's presentation. Nomura actually writes my name differently (uses a space between first and middle name) than Rakuten. I am still waiting for the final approval for the move so I can't say for sure that I'm okay.

Somewhat related to your iDeCo question, I used to have an iDeCo account at Rakuten because my employer did not have an equivalent for my employment category (corporate officer). When my status at the company changed I became eligible for the 企業型確定拠出年金 and had to transfer my Rakuten iDeCo to the company's plan. My name was registered completely differently but that transfer went very smoothly and I think I missed at most one month of contributions.

If it is just a matter of a space with Rakuten and Nomura, you may have fewer problems than I would as my name gets truncated by SBI, but I would be interested to know how it goes.

By the way, Rakuten removed a space from my name when I opened the account, but then added it for the visa section last week, even though I used the same zairyu card!

[ToushiTime]

Ok thanks. I may post a separate question about transferring NISA accounts. Have you ever tried that?

I am just now in the process of this for a transfer from Nomura to Rakuten as my NISA "home". The paperwork has been relatively straightforward (I already had a Rakuten brokerage account) and consisted a one page form which had been pre-completed by Rakuten for which I just had to circle which option I was taking (opening a NISA at Rakuten while already having an existing NISA at another brokerage), and then getting Nomura to mail me the "廃止通知書" which had to be sent to Rakuten. I mailed that just a few days ago. When the process completes my old NISA at Nomura will run through its yearly maturity expirations and roll into my 特定口座 there and I expect to be able to do the New NISA at Rakuten starting in 2024.

I am planning to do this, but doing new NISA with Monex (currently Rakuten). The reason is that all my Japan investments are with Rakuten so this seems like an easy way to diversify provider risk. Hoping the paperwork will be smooth!

Yeah, diversifying provider risk is my motivation too. I know it is not a big risk but I'd rather not go over the 10 million yen cap for protection of brokerage investments by the 日本投資者保護基金 JIPF, not to be confused with the 預金保護制度 DICJ protection of up to 10m for yen bank deposits.

BTW, another reason not to buy investment trusts at banks, apart from the lame selection and high fees, is that they are not covered by the JIPF protection https://jipf.or.jp/en/qa/index.html