Korean Job Discussion Forums

[Weigookin74]

I'm currently visiting Canada. I thought it would be a breeze to apply for a trading account as I have other Canadian banking (grandfathered in) such as checking accounts, credit cards, etc. But, newer regulations make the banks not want to touch me in that regard and probably wouldn't as a non resident if I were applying for what I already have anew. So, stupid!! Anyways, any of you have experiences investing in stocks and bonds from Korea on some legitimate international web brokerage firm that doesn't care where you live? I'd really like to set myself up and prepare for the future. Don't think there's anything useful in Korea that's in English for online trading for accessing North American and international stocks or bonds. Found this discussion; though, it's dated.

http://www.financialwebring.org/forum/viewtopic.php?t=110802

[Adam Carolla]

[jvalmer]

www.questrade.com

[young_clinton]

TDAmeritrade, Scott trade, any of those companies.

[Weigookin74]

I had tried to set up a TD Waterhouse trade account online from Korea and it wouldn't process. That's only for Canadian residents. RBC bank wouldn't touch me, even though I've banked with them for over a decade.

Fortunately, I also banked with TD Bank for over a decade and they seem less restrictive about things. However, government regulations in Canada, in recent years, make it such a hassle that many don't want to deal with you. (TD Bank seems to have an option for non residents.)

That said, I went in to a local TD bank branch today and met with one of their consultants and they were able to sign me up as a Canadian citizen but non resident. It can't be done over the computer but the forms must be filled out by hand with a signature with all your Canadian and Korean contact info. The lady faxed it to TD Waterhouse and I should be set up online in a couple of days.

So, I guess, I answered my own question. I am partially established with bank accounts, credit cards, credit ratings, etc. That may have made it easier for me.

But, even without a credit rating or at least without negative credit, you might be able to set up a savings account when you are home visiting and then go from there. So far, TD bank seems the most flexible with the investment accounts for non residents.

Hopefully, it will pan out for me. She did call an internal "help desk" to confirm all of this was possible. They guided her through the process of going through my application.

I only signed up for a cash account and not a margin account. Cash is the only one possible without a credit check. Basically, I can only buy stocks and bonds of companies as a non resident. I can't buy RRSP's or have those tax free savings accounts.

[I'm With You]

Weigookin74,

I'm not Canadian, but this guy is: Andrew Hallam, a Canadian English teacher in Singapore and author of Millionaire Teacher.

He recommends that non-residents not bank and invest back home since it could threaten your non-resident status.

He's big on Vanguard ETF stocks. Also recommends DB Vickers, a trading company in Singapore, I think.

Here's his link: http://andrewhallam.com/2013/07/with-u-s-stocks-on-a-tear-our-index-investor-finally-makes-a-trade/

[hellofaniceguy]

So many on line accounts!!!
I use Fidelity.

[atwood]

I'll just third Vanguard. It's a great company to invest with and index funds are perfect for anyone investing.

[Weigookin74]

Thanks guys; I'll check those too. I just opened the TD account but may not use it. Just wanted it as an option.

[itiswhatitis]

Investopedia is a good web site for learning about
investing.

Anyone know of any others?

[kingplaya4]

Try firstrade.com, I don't have any affiliation with them, but they were willing to work with me. I did set up the account several years ago, so things might be different now. Don't set up a margin account though, learned that the hard way ouch. If you're the gambling type I might even suggest getting your shares sent to you in certificate form.

[Adam Carolla]

Woah. I think people have been mis-reading the OP. My take is that he's asking about how to buy stocks form *a* broad, not abroad. In which case, all the advice given is meaningless. I'd advise looking for a rich one who doesn't mind supporting you.

[tran.huongthu]

Isn't it kind of a bad idea to invest right now? How much higher can this ponzi scheme go and how will you feel holding the bag when the next bubble bursts?

If you can afford it you are better off buying housing and renting it out right now.

[thebearofbundang]

Revenue Canada... Canadians living abroad who have ties to Canada such as property, multiple bank accounts, credit cards, health cards and investments can be deemed residents upon their return to Canada. If this is the case, you could be forced to pay back taxes of 20% of your overseas income or more depending on how much you make.

Be careful and check with a professional before investing anything in Canada. Non-residentcy will save you more in taxes than you could ever make by investing your earnings from Korea.