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How To Open An Account With Homechoice?

How can I open broker account abroad?

  • The thing is that I don't live in my home country but I would like to open a broker account. The banks told me that they don't open broker accounts for foreign students. So basically, e.g. how an US student can open broker account in Europe? Is there any website where you can open online broker account and pay for it via pay-pal etc?

  • Answer:

    Open offshore bank account (Isle of Man for example - lots of banks there) and use that bank for trading i.e. brokerage account too). You even do not need to be a student and reside there. Note here that at the end of the year (april 15) if you are US citizen you HAVE TO REPORT any foreign bank account (includes brokerage account too) both to IRS and special institution in Chicago - forgot the name - (H&R Block does that others probably) otherwise you will be harassed and fined. You can not hide it in any way because if you are US citizen NO BANK abroad will open you account without showing your US passport and social security number and they HAVE TO report that to US authorities. Note here that at the end of the year (April 15 latest) you have to file 2 different reports - 1 regular tax report goes to your local IRS office and the other containing only your foreign accounts goes to Chicago (forgot the name of that institution) - So there is just no need to open foreign brokerage account. Most big foreign companies are listed on US markets - that is called American Depository Receipts and they have 5 letters and last prefix Y. For example Nestle is NSRGY. There are so many mutual and index funds that keep only foreign companies in portfolio. You do all trades thru American broker. Also AT ANY TIME if you transfer $ 10,000 or more bank MUST send immediate notification to US authorities so yes you can do it but it is just looking for problems. It is just too complicated to have any account abroad and you come under magnifier by authorities. Just google offshore accounts Isle of Man if you really want it.

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Other answers

A common alternative to opening a foreign currency account operated by a UK bank is to open a bank account in the country you will be trading in. Whether you are buying property abroad or emmigrating you will need an account to transfer your funds to. Before initiating a foreign currency transfer your funds will be held in a local currency; you can wait for the exchange rate to become more favourable or you can convert based on the rate on the day. A bank in the country with which you're trading will also be fully conversant with the rules and regulations regarding transactions in that country as opposed to a foreign bank governed by foreign rules and regulations. One of the limitations about investing abroad is that people often prefer to deal with a bank in their own country and in their own language where they are confident in the knowledge that their funds are secure and easliy available. There are naturally a number of factors to consider when looking for a banking provider overseas.

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