Korean Job Discussion Forums

[hongdae2]

thanks for taking the time to inform us about your experience with zecco. please let us know how it went with your wife and the tax issues.

[Soccerstar]

Well, a little over one week now and not a word from Zecco trading.

It amazes me how many companies delay so long communicating with future customers. We applied for an online masters with Providence Seminary a few months ago, and even though we were accepted and they have cashed a bunch of our application checks, we have yet to hear any word about transferring our previous credits, what courses we must take, or even when we can start.
They stand to make over $60,000 from us in the next few years, but they haven't bothered to answer five e-mails I sent various departments asking for information.
In contrast, Global Tesol College answered e-mails and phone calls in seconds. That's why we took lots of courses from them and we have highly recommended this company to all our friends.

[hongdae2]

update:

Vanguard can only establish accounts for US residents.

Scottrade can only establish accounts for U.S., China, Taiwan and Hong Kong residents. This includes the 50 U.S. States, Puerto Rico, Guam and the U.S. Virgin Islands.

TD Ameritrade can establish overseas accounts.
Opening a foreign brokerage account requires: an application; a W-8BEN (Certificate of Foreign Status) form; a copy of a bank/financial statement, translated into English, with the name and address matching the ones on the application; and a copy of each account owner?s current, valid passport. Each account owner must fill out a separate W-8BEN form. You can use our Internet online application, or reply to this e-mail with your name, mailing address and a request to open a foreign account, and TD Ameritrade will send the forms to you. All account applications are subject to review and TD Ameritrade reserves the right to deny any account application. Submission of an application does not guarantee that an account will be established.

A minimum initial deposit of $1,000 in United States currency is required to open an Individual or Joint cash account. For margin and option accounts, the minimum is $2,000 in United States currency, and a valid e-mail address. All checks or money orders must be made payable in U.S. dollars and payable through a U.S. bank.

Typically, TD Ameritrade account applications sent by regular U.S. mail are opened 1 to 2 business days after the paperwork has been received. Checks are deposited 1 to 2 business days after the account has been activated. Once the account has been activated, TD Ameritrade will send your account number and Personal Identification Number (PIN) via the U.S. mail. If you open an account online, you will be required to create a PIN during the application process; therefore, your PIN will not be mailed to you. Once you have your PIN, account number, and have funded the account, you are ready to trade online. Orders can also be placed over the phone with a live broker using just an account number.

FOREIGN WITHHOLDING TAX:

TD Ameritrade does not report capital gains to the Internal Revenue Service, only earned interest, paid dividends, and foreign withholding tax. The withholding rate is 30%, unless your country has a lower treaty rate with the United States, and you have filled out the W-8BEN form correctly. This is reported on IRS Form 1042S, which will be mailed to you on or before March 15 of each year. You can file a 1040-NR tax return with the U.S. Internal Revenue Service to recover this withholding.

TD Ameritrade does not provide tax advice. To learn more about the U.S. tax regulations for aliens, click on or copy and paste the following web link:

http://www.irs.ustreas.gov/sitemap/index.html


Does anyone know what the foreign withholding tax is and how it works?

Does anyone have any experience with the W8BEN form?

[Soccerstar]

Avoid Zecco. Their trading is indeed free for traders within the US, but the service you get is EXACTLY what you pay for. After wrestling with them to get them not to lose our applications for the third time, repeatedly faxing them the same information, and being told they don't deal with taxes, they haven't responded to any more of my requests for 3 weeks. Their customer service reps are 16-year old boys who probably failed the IQ test to work at Mcdonalds.

[gmat]

www.interactivebrokers.com

[hongdae2]

interactive brokers requires a $10 000 US minimum for opening an account. a little to much for me to wire transfer into an account. any other suggestions? anymore info on the w8 ben?