Opening a stock account

[bananafarang]

I want to open a stock account in Thailand. I am not Thai and not married to Thai. Any suggestions and info would be appreciated.

[AyG]

Assuming that you're living in Thailand on something other than a tourist visa:

First pick a broker. There's a full list at http://www.set.or.th/set/memberlist.do

Then follow the application procedure on the broker's website. (This will involve paperwork and visiting the broker.)

Fund the account.

Register for online access.

You're ready to go.

Not all the brokers on the list accept retail customers. I'd suggest going for one associated with your current bank.

[fletchsmile]

I use KGI and have been happy with them. Phatra are also good.

I tried Bualuang a few years back. They invited me as a Bangkok Bank customer, so I thought it might be useful to link the stock trading and bank accounts like I do in other countries. Then when I applied they rejected me. No idea on what grounds. So if one brings no joy try another on AyG's list.

There'll be the usual paperwork, know-your customer, anti-money laundering etc for them, copies of your ID, some info on assets/ source of funds etc etc etc

Cheers

Fletch

[SantiSuk]

I can see the merits of picking a broker that is part of your Thai bank's group in terms of relationship consolidation and possibly some paperwork reduction, but I would be wary of putting too many financial eggs in one basket. Presumably that would mean that any trading cash balances or funds held on deposit waiting for reinvestment would be in the same insured pot as your regular banking current and savings account.

Depends of course what levels of investment and potential exposure you are looking at, but look at all the angles and don't just default to convenience

[AyG]

I can see the merits of picking a broker that is part of your Thai bank's group in terms of relationship consolidation and possibly some paperwork reduction, but I would be wary of putting too many financial eggs in one basket. Presumably that would mean that any trading cash balances or funds held on deposit waiting for reinvestment would be in the same insured pot as your regular banking current and savings account.

Depends of course what levels of investment and potential exposure you are looking at, but look at all the angles and don't just default to convenience

AFAIK, the deposit protection scheme only covers funds held with banks - not that with brokers.

[bananafarang]

Thanks guys for the input. After reviewing some brokers, I am planning to open with KT Zimico. Any advice regarding this broker?

Thanks

[AyG]

Thanks guys for the input. After reviewing some brokers, I am planning to open with KT Zimico. Any advice regarding this broker?

Thanks

I'm not familiar with KT Zmico (sp.). What made you plump for them?

Incidentally, Krung Thai bank is one of the more bureaucratic bank in the Kingdom, and at times a pain to deal with. I'm not sure I'd be rushing to deal with an associated brokerage, even though the relationship only dates back to 2009.

[bananafarang]

Thanks guys for the input. After reviewing some brokers, I am planning to open with KT Zimico. Any advice regarding this broker?

Thanks

I'm not familiar with KT Zmico (sp.). What made you plump for them?

Incidentally, Krung Thai bank is one of the more bureaucratic bank in the Kingdom, and at times a pain to deal with. I'm not sure I'd be rushing to deal with an associated brokerage, even though the relationship only dates back to 2009.

For one, I don't have to visit the office in person to apply. Also they seemed to have very good software for online trading..