U.S. broker for foreigners? any recommendation?

[daniels27]

Yes, and they even do it with an ITIN only. For the⁠ non-US ones, I guess they open it for all those with FACTA reporting. This is⁤ owned by Morgan Stanley. Their compliance is hard.

- Ok you want to open an⁣ account. Where is your wealth from?
- I have been investing for 30 years and⁢ paid taxes on gains. See here.
- Yes, ask good. But where has the initial︀ money from?
- You mean the 150k when I was 30?
- Yes. Those.

You can get an ITIN on fiverr and open the account. Just don't come cry when︁ IRS matches your passport and reports to Germany.

 

[daniels27]

Then just ask what is being reported back to Germany from the US.. We⁠ Will explain you in detail.

 

[Xshore]

Do you mean they require︁ ITIN now? They didn't when I opened a few years ago, was probably 2018 or︂ 2019. Also they didn't ask any complicated questions like that. But this was before Morgan︃ Stanley bought them.

The great thing with etrade is that you get a dedicated account︄ number in your name that can receive third party wires, ACH and everything without any︅ "further credit to" etc.

 

[daniels27]

Yes, you need an ITIN for the normal US account when you open it online. For⁣ the non-US they won't but I don't expect them to open an account for anything⁢ where there is no reporting. It is Morgan Stanley, they are very, very careful and︀ have zero interest in having accounts where tax evasion or money laundering happens. They know︁ what fines it entails and they have seen Swiss banks to go down because of︂ it.

The BS questions are from Morgan Stanley itself when you open a brokerage account︃ with their 10M USD minimum. I don't expect them to ask those with etrade if︄ you only put 50k. But they certainly will when you put over 1M USD.

 

[Xshore]

To apply as a non resident you have mail them︂ the paper application.

 

[Clank]

You need to provide your︁ passport to get an ITIN.

 

[daniels27]

Yes, that why I wrote: "You can get an ITIN on fiverr and open the‍ account. Just don't come cry when IRS matches your passport and reports to Germany."

 

[jkl197]

You could try with Fidelity

 

[orcada]

Charles Schwab does not, in practice,‍ require 25K deposit. At least this is what I was told.
I am in the⁠ process of opening an account.

 

[Kristofferson]

@orcada Yes, Charles Schwab wants min. 25k from foreigners ( US-citizens don't have to meet‌ this requirement ).

 

[Clank]

Very low requirement, most of US banks‍ if you want international remote account opening they ask at least 200,000$

I think you⁠ won’t find anything similar. They give you a debit card and checking account as well.⁤

 

[gyorgy]

TradeStation

 

[Houdini]

What's their minimum requirement if you don't mind to‌ share a little more than just a link ?

 

[gyorgy]

I think $2000 deposit

 

[Xshore]

Do you know if you still get a debit card and checks if your‍ account is opened via the Singapore branch?

 

[Clank]

You need to open‍ it online.

 

[Xshore]

Of course. But if‌ you live in Asia the account will be opened with their Singapore branch.

EDIT: Maybe‍ this is (no longer) the case, it appears that only Singapore address will be opened⁠ with the SG branch, while other asian countries will be opened directly with the US.⁤

 

[Clank]

In Asia is usually done in⁤ Schwab HK, and it's remote.

 

[Xshore]

If your open with schwab hk do you get a debit card and checkbook?‍

 

[Clank]

No