Best Brokerage for NON-US and NON-EU resident

[speedster]

Has anyone here had any experience with Easy Equities as a broker?

 

[moneyhoney]

It is dependent on the table below what they may ask for. In some countries National ID number is the TIN.

http://www.oecd.org/tax/automatic-e...on-and-assistance/tax-identification-numbers/

Not my case. I need to fill the form from scratch, maybe I made a mistake...

 

[JohnLocke]

Guys would you elaborate on what you found if you found any brockerage ?

 

[BlueMist]

[...]
They will ask you for source of funds and proof. BNP Paribas is a "A" rated bank and not a near junk rated firm like IB has become so expect some hassle and just work around it. The service is focused on foreigners so they won't treat you like a leper for coming to them.

As far as I can see their annual custody fees are 0.20% up to €500,000, the trading fees are on the higher side as well it seems, however it seems to be possible to open international multi currency (investment) account with min. €50,000 deposit remotely: Become a client - BGL Direct Invest

 

[Martin Everson]

As far as I can see their annual custody fees are 0.20% up to €500,000, the trading fees are on the higher side as well it seems, however it seems to be possible to open international multi currency (investment) account with min. €50,000 deposit remotely: Become a client - BGL Direct Invest

Yes I have the self invest international account it is a flat 0.20% a year and you get a multi currency account. Trading fees are very high so just buy on Saxo or IB and DVP them to BGL to hold . However if you drop a couple of mil with them like 5m+ you get private banking style fee negotiations

 

[moneyhoney]

Why don't you say you don't have one in your home country? Are you sure they are asking about TIN in both countries? I just checked my application form and for home country they just ask for national identification number, but that's different than TIN.

I've checked again and for my country they ask specifically the TIN for the identification number and later on they ask the TIN for the Tax Residence...

 

[BlueMist]

Yes I have the self invest international account it is a flat 0.20% a year and you get a multi currency account. Trading fees are very high so just buy on Saxo or IB and DVP them to BGL to hold . However if you drop a couple of mil with them like 5m+ you get private banking style fee negotiations

I am not sure what platform do they use for trading? Which markets do they have? They are not very precise about it. Yes I heard about cases when people just buy via IB and transfer it out for safekeeping somewhere else (and vice versa for selling...). It is free on IB side I heard to transfer positions out. With 5m+ holdings, you can also get Julius Baer (CH) at 0.1% and they don't apply negative interest to cash balances above €1m. But as we have already checked, Saxo for 1m+ investments have 0.05% custody fees (for MENA region), while Internaxx has flat maximum €180, which just beats them all.

I would normally use Standard Chartered Singapore for shares holding (no custody fees at all) and trading (0.2% is acceptable I think), however similar to Saxo, they miss one position from my ETF portfolio, which Internaxx and IB have, but out of those two I prefer Internaxx.

I always wonder how (apart from jurisdiction law) are these international group of banks like Paribas, Citibank, HSBC dependent on each other's location. For example would US/FR/UK allow Citibank/Paribas/HSBC to go bankrupt on one of their international markets? Or this is extremely unlikely.

 

[Martin Everson]

For example would US/FR/UK allow Citibank/Paribas/HSBC to go bankrupt on one of their international markets? Or this is extremely unlikely.

Very very unlikely. Citibank is the 13th biggest bank on the planet, BNP Paribas the 8th and HSBC the 7th. These are not just normal banks they are systematical important banks in the role they play in terms of custody, international trade, financial markets and the underwriting of global financial system of commerce. They will be bailed out no matter what as they are simply too big to fail period with branches and tentacles spanning the globe. Most smaller banks require them for things as simple and understandable as corresponding banking.

 

[BlueMist]

It came to my attention that ABN AMRO has pretty good pricing when it comes to ETF purchases and custody fees 0.06% above €400,000. That's not bad considering it's a reputable bank. Private banking relationship requirement is €500,000.

 

[BlueMist]

Any experience with ABN AMRO private banking or any other solid bank which would have reasonable trading and custodian fees apart from SQ and Saxo?

Yes I have the self invest international account it is a flat 0.20% a year and you get a multi currency account. Trading fees are very high so just buy on Saxo or IB and DVP them to BGL to hold . However if you drop a couple of mil with them like 5m+ you get private banking style fee negotiations

Wouldn't BCEE be a better choice than BGL for trading and holding? BCEE Selfinvest platform has fixed fees of buying shares, ETFs with custody fee of 0.125%.

I like ABN AMRO 0.06% custodian fee more (for investments above €400.000) but I guess keeping assets with BCEE may be a wiser choice long term, considering both the jurisdiction and the bank itself?

 

[Martin Everson]

Any experience with ABN AMRO private banking or any other solid bank which would have reasonable trading and custodian fees apart from SQ and Saxo?

No experience with ABN AMRO.

Wouldn't BCEE be a better choice than BGL for trading and holding? BCEE Selfinvest platform has fixed fees of buying shares, ETFs with custody fee of 0.125%.

I hold gold and a fixed deposit with BCEE. My account was closed a few years after I left work in Lux. BCEE is a very safe bank. I don't know if they allow you to open an account now as a non-resident with no connection to Lux.

 

[rowena]

BCEE is the safest bank in Lux(also one of the safest in the world) but they're opening accounts for only customers that have a link with Luxembourg(place of work or place of residence).

 

[BlueMist]

Yep, no love from either. Both BCEE and ABN AMRO focus on their markets only.