Online Stock Broker Without Bank Account?

[Finansjohan]

I would like to open a Thai online brokerage account to pick stocks in the Thai market, if possible. I have looked into opening an account with Kim Eng as they seem to offer a decent service. But the problem is that, as far I as understand, I also need to open a local bank account to use together with the stock brokerage account. This, I am not allowed to do as I don't have a work permit.

Are there any ways around these problems? Like 1) Being able to open a stock brokerage account but without a bank account (the need for a local bank account is not obvious to me in the first place, this is not the normal setup in other countries). Or 2) somehow opening a Thai bank account without work permit.

Any good advice on this would be appreciated.

[sleepyjohn]

You don't need a work permit for a bank account, simple as that.

[udon]

You can have a savings a/c & ATM card without a work permit.

You might be able to get a DEBIT Card too..... not sure!

Apply for one in a farang area, BKK Bank is underneath The Emporium dept store, Kasikorn Bank is on the cnr of Soi 33 and Sukhumvit Rd, opposite Emporium.

[Khun Bob]

Finansjohan - do you have kim engs web site ?

Also is it possible to apply for an account entirey online or will they send docs to an overseas address ?

What has been your experience with them so far - or are you wating to get a thai bank account before you can go any further ?

[Khun Bob]

Finansjohan - do you have kim engs web site ?

Also is it possible to apply for an account entirey online or will they send docs to an overseas address ?

What has been your experience with them so far - or are you wating to get a thai bank account before you can go any further ?

Bump - any takers ?

[eljeque]

Find out which banks Kim Eng has accounts, and then make sure to get your account in one of the same banks.

Seamico Brokerage had accounts in Siam Commercial Bank and also Bangkok Bank.

It makes it easier for you to send them money and for them to send it to you as well.

[Khun Bob]

Find out which banks Kim Eng has accounts, and then make sure to get your account in one of the same banks.

Seamico Brokerage had accounts in Siam Commercial Bank and also Bangkok Bank.

It makes it easier for you to send them money and for them to send it to you as well.

Thanks for the reply eljeque - do you have the URL for seamico - also what is your experience with them - what is good/bad, what do you like/dislike...

Cheers

[dashf trader]

Find out which banks Kim Eng has accounts, and then make sure to get your account in one of the same banks.

Seamico Brokerage had accounts in Siam Commercial Bank and also Bangkok Bank.

It makes it easier for you to send them money and for them to send it to you as well.

Thanks for the reply eljeque - do you have the URL for seamico - also what is your experience with them - what is good/bad, what do you like/dislike...

Cheers

www.seamico.com Seamico service is very good and I think Zmico has most retail foreign clients among thai brokerage firms. It also has a forum for Farang investor to talk but it is closed now and I don't know when it will come back again . <<EDIT/SAMRAN>> Link to website removed.

[Finansjohan]

Yes, I have been in contact with Kim Eng a few times and prepared to open an internet broker's account. When in Bangkok last summer, I walked into a Siam Commercial Bank office and asked to open a bank account with them but was not allowed since I had no work permit. This seems to be "official" Thai rules as far as I can understand. So, then I gave up on opening the stock broker's account, at least for then.

I tried a "demo" account with Kim Eng for two weeks and found that the investment information was quite decent (financial reports from companies written in English for instance, good trading platform) and they responded promptly to my questions. If I remember right, I would have to download some paper forms, fill in and send it to them physically.

Guess I should make another try at opening a bank account anyway?

[Finansjohan]

Here's the link to Kim Eng's website

[Khun Bob]

Yes, I have been in contact with Kim Eng a few times and prepared to open an internet broker's account. When in Bangkok last summer, I walked into a Siam Commercial Bank office and asked to open a bank account with them but was not allowed since I had no work permit. This seems to be "official" Thai rules as far as I can understand. So, then I gave up on opening the stock broker's account, at least for then.

I tried a "demo" account with Kim Eng for two weeks and found that the investment information was quite decent (financial reports from companies written in English for instance, good trading platform) and they responded promptly to my questions. If I remember right, I would have to download some paper forms, fill in and send it to them physically.

Guess I should make another try at opening a bank account anyway?

Does Kim Eng insist on an account being with Siam Commercial bank or will thay accept others ?

I had a look at their website breifly and it seems to be better than seamico ( which seems to have news from a select group of companies and only good news - suspicious ?)

When I get myself sorted will apply for a trail account and give it a good go. Looks like Kim Eng accepts overseas applications, as seamico appears to do.

seperate related question - after reading seamicos website it seems very cheap to buy and sell shares in thailand - i recall they state trades are something like 0.0021% of the value of the trade ? is this so or is there some hidden charges ot minimums placed. For example I could do a trade for 1000bht and the fees would be 2/3 baht !

Also has anyone come across an ETF for the top n shares in Thailand or follows some thai index ? I've heard of funds, but not come across any ETF's - but not really looked that hard...

(maybe this should be or all ready is in a seperate thread as I'm deviating well away from the original topic)

[tingtong]

KIMENG doesnt insist on SCB, in fact my account at BKK bank, and work just as fine. As i recall I didnt need work permit to open it.

About research, well, it is always biased toward good. KIMENG doesnt really different. I liked when they set up a demo portfolio with their recommendation, which they changed weekly, and benchmarked to the SET index. They did good mostly, however they stopped( who knows why?).

In my oppinion check the others too for recommendations, but mostly I fint they move in tandem, interestingly...

The commission is indeed 0.21%, for internet trading, and as far as I know that is same with all brokerage. The daily minimum is different, with KIMENG it is 50 baht...some has 100.

They have ETF in SET I think, like KASET. Index fund you can find in banks, ask there.

[Khun Bob]

KIMENG doesnt insist on SCB, in fact my account at BKK bank, and work just as fine. As i recall I didnt need work permit to open it.

About research, well, it is always biased toward good. KIMENG doesnt really different. I liked when they set up a demo portfolio with their recommendation, which they changed weekly, and benchmarked to the SET index. They did good mostly, however they stopped( who knows why?).

In my oppinion check the others too for recommendations, but mostly I fint they move in tandem, interestingly...

The commission is indeed 0.21%, for internet trading, and as far as I know that is same with all brokerage. The daily minimum is different, with KIMENG it is 50 baht...some has 100.

They have ETF in SET I think, like KASET. Index fund you can find in banks, ask there.

Thanks for the reply tingtong - is the minimum (50 baht for kim eng) per trade or per trading day ?

Just googled on thai etf's and got this link :

http://www.sec.or.th/th/infocenter/pub/other/ct/no0648.htm

in there states :

4. ASSET MANAGEMENT UPDATES

Exchange-Traded Fund

To increase investment alternatives, the SEC has issued rules and regulations on the establishment and the management of a new type of financial instruments, Exchange-Traded Fund (ETF).

Main characteristics of ETFs are as follows:

•

ETFs are managed by way of representative sampling to achieve returns on the fund assets that closely track the returns of the reference index.

•

ETF units are tradable on an exchange, created and redeemed principally in-kind at the net asset value (NAV). These in-kind creation and redemption arrangements will protect ongoing investors from adverse effects on the fund portfolio that could arise from frequent cash creation or redemption transactions.

•

Only authorized participants who sell or buy units worth more than 10 million baht (approximately USD 243,902) are allowed to request the asset management company to create and/or redeem fund units.

•

Retail investors may buy or sell the units listed on an exchange at the market prices or may create or redeem units through an authorized participant. They are, however, subject to the terms and conditions of the fund project and procedures set by the authorized participant.

Asian Bond Fund 2

Following the successful launch of Asian Bond Fund 1 in June 2003, 11 central banks and monetary authorities in the East Asia and Pacific regions including Thailand agreed to issue USD 2 billion Asian Bond Fund 2 (ABF2) in May 2005. In this connection, the Thai ABF2 called the “ABF Thailand Bond Index Fund,” managed by Kasikorn Asset Management Co., Ltd., was approved by the SEC on August 31, 2005. Established as the first ETF in Thailand, the ABF Thailand Bond Index Fund is scheduled for an official launch in December 2005.

So looks like there are some - need to find out more details about this - or anyone care to mention here...

[tingtong]

the 50 baht is per trading day, not per trade. if the total commission reach the 50 baht, then the 0.21% apply.