Looking for a bank where I can trade

[Pinot]

Kasikorn has told me to eff off because I'm an American. I'm sure there are paperwork issues there. Are all banks like this? Where can I open an account and trade ETFs and possibly bonds? 

[NoDisplayName]

Stock and bond funds thru Bangkok Bank:

 

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Mutual-Funds/Fund-Prices

 

 

Or their Bualuang Brokerage for individual stocks.  Office near Bangkok Bank Silom branch:

 

https://www.bualuang.co.th/

Edited November 7, 2022 by NoDisplayName

[Gaccha]

You'll really struggle as an American and as an Expat. Thai banks are groaningly bad for foreigners to invest in ETFs. But as an American you have it even harder.

 

But recent years have been very kind to Expats with the explosion in FinTech ETF companies. Within Asia, these are mostly located in Hong Kong and Singapore.

 

...but they are now entering Thailand. The well-known "Stashaway" opened a branch in Bangkok. Download their App and see if they take an American in the registration process.

 

If they don't allow you to register, that's a sign you're going to really struggle. You might have to send your money back to the USA and stick it in a fund there. 

[nigelforbes]

Brokerage and bank charges here are too high to make it worthwhile, you're better off going offshore for this. You wont be able to buy new issue bonds but you can trade the secondary market. Maybank could be an option for you, more likely is Interactive Brokers which is excellent and inexpensive.

 

https://www.interactivebrokers.com/en/home.php

 

https://www.maybank-ke.co.th/en/products-services/products-services/offshore-trading/

[Khyron]

If you have an address in the states, I found Schwab bank is really easy to do trading with.

There are no foreign ATM fees, and all forex transactions are comped back to you.

It is mostly an online only bank, I applied without being near a branch.

Others here have worked with them as well.

[1DegreeN]

You could try SAXO in Singapore. They sometimes hold seminars in Bangkok. I'm a Brit resident here, opened an account with them with no problems. 

[1FinickyOne]

schwab

 

[Etaoin Shrdlu]

Non-US ETFs and mutual funds are classified as Passive Foreign Investment Corporations (PFICs) by the IRS.  The reporting requirements and tax treatment of these investment vehicles usually make them extremely unattractive for Americans, toxic in fact.

 

I suggest that before you get involved in investing outside the US that you do a deep dive on US taxation, including speaking with a CPA who has experience with the issues.  At the end of the day, I think you would be best served by keeping your investments in the US where tax compliance is much easier. You will also have more investment options.

 

 

[Pinot]

I already trade through Schwab in the US. I recently brought in money to take advantage of the high value of the USD. I was hoping to get better than than just the savings rate .05%. Haven't found a way yet.

[Time Traveller]

1. US citizens are strongly advised not to invest in non-US based ETFs and funds due to the way the IRS treats such investments. So instead of ETFs or Funds you would be better off investing in Thai listed stocks instead. Or bonds if that is your thing, but foreign retail investors are not exactly welcomed with open arms in the Thai bond market

 

2. Banks do not trade in ETFs, Funds, or stocks.  You need to speak with a broker (you can look them member list up on the SET website) and invest through them.  Some of these brokers don't cater to retail investors, and some don't have english speaking staff either, so that might be why you are turned away, but I'm not aware of any policy anywhere that excludes American citizens.  (thailand is not like those snobbish Swiss/Singaporeans)

 

3. You are completely insane if you live in thailand and open an account with a foreign broker in order to trade thai stocks or bonds.  Not only will you pay much higher commissions on the trades, but you won't have any right to the thai tax credits provided to investors in thailand.  These are well worth it.  

Edited November 9, 2022 by Time Traveller

[Pinot]

I'm going to be able to open a Bangkok Bank account and trade mutual funds and buy bonds. I have to get a form from Immigration for something or other. 

 

Thanks for the input. 

Edited November 9, 2022 by Pinot

[nigelforbes]

4 minutes ago, Pinot said:

I'm going to be able to open a Bangkok Bank account and trade mutual funds and buy bonds. I have to get a form from Immigration for something or other. 

 

Thanks for the input. 

A couple of things:

 

You will require a Thai ID to open a trading account.

 

You will have to appoint a Thai broker to act on your behalf.

 

The costs and charges will far outweigh any benefits of trading offshore.

 

https://www.bangkokbank.com/en/Personal/Digital-Banking/Bualuang-mBanking/How-to-Use/Securities-Trading-Account

[Pinot]

4 minutes ago, nigelforbes said:

A couple of things:

 

You will require a Thai ID to open a trading account.

 

You will have to appoint a Thai broker to act on your behalf.

 

The costs and charges will far outweigh any benefits of trading offshore.

 

https://www.bangkokbank.com/en/Personal/Digital-Banking/Bualuang-mBanking/How-to-Use/Securities-Trading-Account

No Thai ID for mutual funds. I'm trying to improve the return on the 2 million baht I've recently brought in. Bangkok Bank seems to be the answer at this point. 

 

I trade with Charles Schwab in the US. 

[NoDisplayName]

21 minutes ago, nigelforbes said:

A couple of things:

 

You will require a Thai ID to open a trading account.

 

You will have to appoint a Thai broker to act on your behalf.

 

The costs and charges will far outweigh any benefits of trading offshore.

 

https://www.bangkokbank.com/en/Personal/Digital-Banking/Bualuang-mBanking/How-to-Use/Securities-Trading-Account

Are you sure about that?

 

Bangkok Bank (and Kasikorn, too, I believe) let you open mutual fund accounts just like opening a standard savings account.  Silom branch, first floor.  You'll need either a work permit or "the embassy letter."

 

Once you're set up, you can buy/sell mutual funds online.  Very limited offereing.  When you buy at the office, you'll get a passbook for each fund.

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Mutual-Funds

 

Similar setup at Bualuang Trading.  Open an account as a foreigner, no Thai ID card needed.  SET stocks and a small number of mutual funds.

Edited November 9, 2022 by NoDisplayName

[nigelforbes]

Click on the link that I posted above and go through the setup procedure and read the agreement.

[NoDisplayName]

10 minutes ago, nigelforbes said:

Click on the link that I posted above and go through the setup procedure and read the agreement.

That appears to be limits on using the online registration.  Strange though, that a few tabs later it goes on to do FATCA for US citizens.

 

Just go to Silom branch.  Open mutual fund account.

Walk five minutes up Silom Avenue to Bualuang Trading.  Open brokerage account.

 

I dunno what to say.  I've got both, Bangkok Bank mutual fund account and Bualuang Trading securities account.  US citizen.

 

https://www.bualuang.co.th/?lg=en

[Liverpool Lou]

40 minutes ago, Pinot said:

I'm going to be able to open a Bangkok Bank account and trade mutual funds and buy bonds. I have to get a form from Immigration for something or other. 

You have Thai nationality also?   T&C 3.1.1 states that you must be to open a Securities Trading Account.

[Liverpool Lou]

7 minutes ago, NoDisplayName said:

That appears to be limits on using the online registration.  Strange though, that a few tabs later it goes on to do FATCA for US citizens.

For those with dual nationality?

[NoDisplayName]

4 minutes ago, Liverpool Lou said:

For those with dual nationality?

I dunno............might be for online registrations for the cellphone app. 

 

My single data point anecdote is:

 

I've got a USA passport only, and I've opened both accounts in person.  I can buy/sell mutual funds on offer by Bangkok Bank, and SET stocks thru Bualuang.

 

YMMV

 

[nigelforbes]

As said earlier, the banks will not sell first issue bonds to foreigners, I've tried, so have others, this has been a major stumbling block in trying to apply fir the new long term visa. Foreigners can buy on the secondary market BUT only through a broker, there is no alternative to this. I tried to buy investment funds here but UOBAM said I could only do so via a broker and they were happy to make the introduction. I should point out that I am a long standing customer of UOB Thai and UOBAM and hold other instruments and products issued by them. When I changed banks very recently and moved to Bangkok Bank I had the same discussion with them about all these things. Their reply in every instance was, must have a broker. 

 

If you've been able to get through the maze without needing a broker, great, well done.

 

 

[Pinot]

It would appear that the only thing to do is open an account at Bangkok Bank. Sorted. 

[Pinot]

On 11/9/2022 at 8:09 PM, NoDisplayName said:

That appears to be limits on using the online registration.  Strange though, that a few tabs later it goes on to do FATCA for US citizens.

 

Just go to Silom branch.  Open mutual fund account.

Walk five minutes up Silom Avenue to Bualuang Trading.  Open brokerage account.

 

I dunno what to say.  I've got both, Bangkok Bank mutual fund account and Bualuang Trading securities account.  US citizen.

 

https://www.bualuang.co.th/?lg=en

And then open a Bualuang Trading brokerage account. I see the limitations but I think this is one of the only things to do to get a small degree of flexibility on return. 

[NoDisplayName]

2 hours ago, Pinot said:

And then open a Bualuang Trading brokerage account. I see the limitations but I think this is one of the only things to do to get a small degree of flexibility on return. 

from their website:

 

Quote

Fixed Income Investment Service

 

 Fixed Income Investment Service

The service offers a selection of investments in debt securities suitable for investors by experienced professionals in both the first and secondary markets, with a wide range of investment options in debt securities, including stable government bonds or increased returns with appropriate risk to private debt securities.