UK online stockbrokers for expats

[RHCP]

I have just been informed that my stock trading account will be closed as the company involved will no longer accept residents in Thailand and some other countries.

So my question is does anyone based here with Thai address registered have share dealing accounts with UK based stockbrokers?

[SheungWan]

Is your primary objective to register with a UK-based stockbroker or just to trade in FTSE shares?

[RHCP]

Is your primary objective to register with a UK-based stockbroker or just to trade in FTSE shares?

Just to trade in FTSE 350 shares and maybe smaller listed companies.on the London market.

[SheungWan]

Is your primary objective to register with a UK-based stockbroker or just to trade in FTSE shares?

Just to trade in FTSE 350 shares and maybe smaller listed companies.on the London market.

Assuming you have a UK bank account, have you tried Hargreaves Lansdown?

[seasia]

I don`t use them although a friend does ( expat but not in Thailand ) and is happy with them.

They do deal with quite a lot of expats, unsure if they will deal with you in Thailand, perhaps the info is on their web site

https://www.interactivebrokers.co.uk/en/ibglobal_sites.php

[AyG]

Assuming you have a UK bank account, have you tried Hargreaves Lansdown?

Don't bother. HL doesn't accept expats.

Easiest route is to go off-shore, e.g. TD International in Luxembourg (formerly Internaxx).

[SheungWan]

Assuming you have a UK bank account, have you tried Hargreaves Lansdown?

Don't bother. HL doesn't accept expats.

Easiest route is to go off-shore, e.g. TD International in Luxembourg (formerly Internaxx).

TD's commission charges are quite pricey, so one needs to place a significant order not to get drowned if trading.

[phukettrader]

I have also just been cancelled by my UK broker for the same reason. Am currently looking at Saxo. They offer trading in shares in most markets and their commissions are a lot lower than Internaxx - GBP 8 for UK shares. They also offer trading in forex, options, CFDs etc from the same account.

If you want to have an account with Saxo Bank, based in Europe, you need to provide proof of your Thai address using some document issued by a Government agency, which I do not have. However, if you open an account with Saxo Capital markets, based in Singapore, they will accept a Bank statement instead. Everything else seems to be the same. Minimum SGD 10,000 or equivalent needed to open an account, but account base currency can be GBP or any other currency if you want.

[AyG]

I have also just been cancelled by my UK broker for the same reason. Am currently looking at Saxo. They offer trading in shares in most markets and their commissions are a lot lower than Internaxx - GBP 8 for UK shares.

Very interesting. I also see that they don't charge a custody charge (unlike Internaxx/TD International).

[paddyjenkins]

try interactive brokers too, much cheaper than saxo, but more for experienced traders

[topt]

I don't know if these people are any good and, although I could not find their charges, there does not appear to be anything in the Ts and Cs about needing to be a UK resident -

http://www.investorsintelligence.co.uk/

From this promotional mailing they seem to offer just about everything one might need -

http://us5.campaign-archive2.com/?u=fce5153fad0a0f4ed211695b5&id=f1581d7e7c&e=102f3af603

[phukettrader]

try interactive brokers too, much cheaper than saxo, but more for experienced traders

I did also look at them, but I suspect that I would have died of old age before completing their online application form. Give it a try if you don't believe me. Never seen such I complex and personally intrusive form! The application form also seems to imply that they won't let you trade anything unless you can prove that you have made at least 100 previous trades in every type of instrument that may interest you!

[paddyjenkins]

try interactive brokers too, much cheaper than saxo, but more for experienced traders

I did also look at them, but I suspect that I would have died of old age before completing their online application form. Give it a try if you don't believe me. Never seen such I complex and personally intrusive form! The application form also seems to imply that they won't let you trade anything unless you can prove that you have made at least 100 previous trades in every type of instrument that may interest you!

Very strange you made this comment because i found interactive brokers online application amazingly quick and simple. It was a few years ago but as i recall it was about as smooth and easy as anyone could hope for. I think you must be doing something wrong....like not just clicking yes when they ask if you have experience....maybe making it harder than it needs to be.

[partington]

Would it be possible for the OP and another poster who had the same experience to give the names of the brokers that cancelled their accounts?

And confirm that it was not just for the reason of having a foreign address, but specifically that the foreign address was Thailand? I have a brokerage account with Charles Stanley Direct in the UK, and before opening it (from Thailand) went to great lengths to ask about whether accounts with foreign addresses were likely to be closed in future, and for them to bring any potential problems to my attention, but they assured me that this wasn't likely.

Just wondering if I am likely to get a letter cancelling my account in the near future?

This would be a disaster, as I really need to be able to have a brokerage account - not to trade but just to hold my life savings in some simple tracker funds. So grateful for any information on the firms closing accounts.

[phukettrader]

Would it be possible for the OP and another poster who had the same experience to give the names of the brokers that cancelled their accounts?

And confirm that it was not just for the reason of having a foreign address, but specifically that the foreign address was Thailand? I have a brokerage account with Charles Stanley Direct in the UK, and before opening it (from Thailand) went to great lengths to ask about whether accounts with foreign addresses were likely to be closed in future, and for them to bring any potential problems to my attention, but they assured me that this wasn't likely.

Just wondering if I am likely to get a letter cancelling my account in the near future?

This would be a disaster, as I really need to be able to have a brokerage account - not to trade but just to hold my life savings in some simple tracker funds. So grateful for any information on the firms closing accounts.

My account was with Natwest Stockbrokers. Like you, I also went to great lengths to confirm that a Thailand address was not a problem. This was several years ago when I opened the account. At that time, once they confirmed that I was indeed a British national, all was OK. They have always been aware that I live in Thailand and my account address has always been in Thailand.

After speaking to them after they cancelled my account, it would seem that their rules have changed and that they will no longer deal with anyone with a Thailand address. As far as I know, the problem is Thailand - not simply the fact that I have a "foreign" address.

[phukettrader]

try interactive brokers too, much cheaper than saxo, but more for experienced traders

I did also look at them, but I suspect that I would have died of old age before completing their online application form. Give it a try if you don't believe me. Never seen such I complex and personally intrusive form! The application form also seems to imply that they won't let you trade anything unless you can prove that you have made at least 100 previous trades in every type of instrument that may interest you!

Very strange you made this comment because i found interactive brokers online application amazingly quick and simple. It was a few years ago but as i recall it was about as smooth and easy as anyone could hope for. I think you must be doing something wrong....like not just clicking yes when they ask if you have experience....maybe making it harder than it needs to be.

From what I recall, there was not an option to simply click "yes". In any case, I did not like some of the other questions they ask now, as they are very intrusive and IMO go far beyond the normal money laundering stuff. Indeed, when you cancel the application, they ask you why and one of the choices is "application form too long"

Edited December 20, 2013 by phukettrader

[partington]

Would it be possible for the OP and another poster who had the same experience to give the names of the brokers that cancelled their accounts?

And confirm that it was not just for the reason of having a foreign address, but specifically that the foreign address was Thailand? I have a brokerage account with Charles Stanley Direct in the UK, and before opening it (from Thailand) went to great lengths to ask about whether accounts with foreign addresses were likely to be closed in future, and for them to bring any potential problems to my attention, but they assured me that this wasn't likely.

Just wondering if I am likely to get a letter cancelling my account in the near future?

This would be a disaster, as I really need to be able to have a brokerage account - not to trade but just to hold my life savings in some simple tracker funds. So grateful for any information on the firms closing accounts.

My account was with Natwest Stockbrokers. Like you, I also went to great lengths to confirm that a Thailand address was not a problem. This was several years ago when I opened the account. At that time, once they confirmed that I was indeed a British national, all was OK. They have always been aware that I live in Thailand and my account address has always been in Thailand.

After speaking to them after they cancelled my account, it would seem that their rules have changed and that they will no longer deal with anyone with a Thailand address. As far as I know, the problem is Thailand - not simply the fact that I have a "foreign" address.

Thanks for the info - it's so hard to know what's a legal requirement, and what is just the arbitrary rule of one particular company. Brokers often claim that they have to obey current regulatory regimes in every country where they have clients, and this is too hard and complex to implement, but I don't see why that should be the case.

If I do something that contravenes the financial regulations of Thailand, why should a brokerage in another jurisdiction have any responsibility, when it's happening in that jurisdiction?

Anyway, I'm in a bit of a quandary, as the recent closing of my Co-op offshore fixed term account (two years early, also closed unilaterally) has left me with a pretty sizeable lump sum to invest.

I was going to buy more tracker funds, and suppose I still will, but if my brokerage account gets closed soon after I will be out of pocket from all the trading fees, and probably some of the initial investment too, if a closure coincides with a random drop in value, as Sod's Law ensures it must.

Not much choice really, other than keep it as cash and watch it gradually diminish. so I suppose I'll risk it.

[potters]

Just had the same problem with Nat West.

Panic over as i have requested my share certificates be sent to me.

What a nightmare prior to getting that info from them 4th call.

Getting notification that they will close you down and if you

dont move your stocks they will be lost.

Not an easy process finding another broker in Asia especially if you deal in Aim stocks.

Im still looking for a broker other than Saxo dont want to deposit 10000 SGD.

Anyone find an alternative yet?

Edited February 6, 2014 by potters

[liddelljohn]

Interesting topic , Its relevant to me as i have also recently experienced major issues with both my UK brokers HSBC and IA , one has actually frozen my account with a very large sum in it and told me that as i am now an expat i must move it offshore claiming some new HMRC regulations , but they knew that when it was opend in 2007 ???? I have to go to UK to deal with this and in the meantime cant trade or sell ,this has cost me money ,not much yet but 2 stocks I own have reached sell for profit point so its frustrating , the other broker has had issues with online security and i cant access the account for last 4 months , but even though they know its me they want me too go to a branch office in UKI to reset the account , I am off to UK next week to sort both these companies out , close the accounts and will be looking for an new International broker ,, SAXO sg seems the favourit as i only buy and sell shares , mostly long term holds for dividends .

Ihav babking accounts in Thai, SG, UAE and UK stock trade using KTZMICO in thailand and SG but I like trading FTSE and some other markets so need a online broker to handle that

[phukettrader]

FYI A couple of days ago I received an email from Saxo Capital Markets informing me that as from next month they will be increasing the minimum commission for trading UK shares from GBP 8 to a whopping GBP 20 - an increase of 150%!!

When I complained about this they replied that their own costs for European shares had increased and they were simply passing it on. They also argued that they were still competitive compared with other brokers in the region.

Really annoyed as I only opened the account a couple of months ago on the basis of the commission being very reasonable. Time to move to Interactive Brokers?

Sent from my iPhone using ThaiVisa app

[liddelljohn]

FYI A couple of days ago I received an email from Saxo Capital Markets informing me that as from next month they will be increasing the minimum commission for trading UK shares from GBP 8 to a whopping GBP 20 - an increase of 150%!!

When I complained about this they replied that their own costs for European shares had increased and they were simply passing it on. They also argued that they were still competitive compared with other brokers in the region.

Really annoyed as I only opened the account a couple of months ago on the basis of the commission being very reasonable. Time to move to Interactive Brokers?

Sent from my iPhone using ThaiVisa app

Was that Saxo Singapore ??? In my experience Singapore banks and traders etc seem to have the most expensive charges and worst forex spreads in the world they also seem to raise charges arbitarily ,, I and out of line with trends elsewhere ,,,, sending money to Thailand from say HSBC SG is 3 times more expensive than from UK and they always give 2-3% less on the exchange

Im still looking for a low cost trader ,, I think Interactive brokers are to complex to deal with as a company , I need a pro account but the application process is very difficult .

[Ludacris]

If you can't handle the application process at Interactive good luck with their trading platform!

[paddyjenkins]

FYI A couple of days ago I received an email from Saxo Capital Markets informing me that as from next month they will be increasing the minimum commission for trading UK shares from GBP 8 to a whopping GBP 20 - an increase of 150%!!

When I complained about this they replied that their own costs for European shares had increased and they were simply passing it on. They also argued that they were still competitive compared with other brokers in the region.

Really annoyed as I only opened the account a couple of months ago on the basis of the commission being very reasonable. Time to move to Interactive Brokers?

Sent from my iPhone using ThaiVisa app

Was that Saxo Singapore ??? In my experience Singapore banks and traders etc seem to have the most expensive charges and worst forex spreads in the world they also seem to raise charges arbitarily ,, I and out of line with trends elsewhere ,,,, sending money to Thailand from say HSBC SG is 3 times more expensive than from UK and they always give 2-3% less on the exchange

Im still looking for a low cost trader ,, I think Interactive brokers are to complex to deal with as a company , I need a pro account but the application process is very difficult .

Ib charge flat gbp6 for uk stock trades

[AyG]

I opened an account with Saxo in Singapore last week. The procedure was ridiculously easy. Fill in a couple of straightforward forms and show my Thai driving licence and passport. 10 minutes, all done. (I'd emailed copies of all documents in advance so they could pre-check them.)

(Had I not gone in person I would have had to send certified copy of the passport and certified translation of the driving licence.)

All my email enquiries have been answered very promptly and my account manager is charming and helpful.

For me the 0.15% commission for UK stocks (GBP 20 minimum isn't an issue) since I trade very infrequently. The absence of any costs for custody is a great plus for me. The only negatives I've found are:

• They're bringing in a new custody charge if you don't trade for 180 days.
  
• They only support LSE SETS and IOB - not for example SETSqx meaning I still need to keep my TD International account for those shares, which is a pity.
  
• Withholding tax is at 30% for US stock dividends. (It's 15% with TD International.)

So far I'm very happy with them.

[panork]

Hi Ayg

I am also interested in SAXO trading but am not experienced in internet trading. Is the SAXO trading platform easy to understand?

[AyG]

Hi Ayg

I am also interested in SAXO trading but am not experienced in internet trading. Is the SAXO trading platform easy to understand?

To be honest, no. It's aimed at highly experienced traders. One of the unsettling things is that it gives access to derivative products such as FX options and CFDs from day one. However, if you focus upon the "Securities" and "Account" areas of WebTrader you should be OK.

[panork]

Thanks for the prompt response. I am basically interested in trading shares and not in Forex. Are any instructions provided by SAXO?

Edited February 9, 2014 by panork

[AyG]

Thanks for the prompt response. I am basically interested in trading shares and not in Forex. Are any instructions provided by SAXO?

Not sure what you mean by "instructions". They don't tell you how to make a killing on the stock market. They do tell you how technically to use their platform. You can sign up for a free (30 days I think) trial of their WebTrader product. The on-line help is above average.

[KittenKong]

Why dont people just give their UK stockbroker an address in the UK, thus avoiding all this hassle?

[KittenKong]

And for those without a UK address, what is wrong with this:

https://www.expat.hsbc.com/1/2//hsbc-expat/wealth-management/investment-options/sharedealing

Thailand is on the list of the 35 countries they accept customers from.