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Shares / Re: Offshore broke4s
« Last post by Patrick on Today at 09:23:39 am »
Quote from: gcr on January 17, 2020, 04:26:33 pm
Patrick - the important issue to me is how as a RSA citizen did you manage to open an account with a foreign country bank, my info is that they won't entertain such a request - I even tried Isle of Wight, Scotland, and a French Bank.
Would be interested in seeing your road map
Maybe I should do a blog post on this. I recently opened my second account in Portugal with a bank called Activo Bank. You need to be in Portugal to do this, but you don't need to be a resident.

The only requirement is that you need to find a resident help get you registered for a tax number (this doesn't mean you'll be paying tax though, it's just to get registered).

A lawyer would be the easiest way to do this, but I know people who had friends do this and even some who asked their airbnb host.

I chose Portugal because it's the cheapest place in Europe to fly to, and a really nice place, and chose Activo bank because they have no monthly fees.
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Shares / Re: Offshore broke4s
« Last post by DaavG on January 18, 2020, 10:40:40 am »
Hi All,

A question, which Interactive Broker account does one choose? When opening the account online I get an option of cash, margin, portfolio margin and I think the normal cash account as I'm not trading and shares are not lent out to short sellers?

Then on bank accounts, my old man has an account with Deutsche Bank and I have asked him for a breakdown in his fees per month. He did open this whilst in Germany but they have his address for his SA residence recorded. Will revert in due course.
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Shares / Re: Offshore broke4s
« Last post by gcr on January 17, 2020, 04:26:33 pm »
Patrick - the important issue to me is how as a RSA citizen did you manage to open an account with a foreign country bank, my info is that they won't entertain such a request - I even tried Isle of Wight, Scotland, and a French Bank.
Would be interested in seeing your road map
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Shares / Re: Offshore broke4s
« Last post by Patrick on January 17, 2020, 02:22:13 pm »
These are all the places I've used to transfer cash offshore, and the costs:
https://docs.google.com/spreadsheets/d/1EMgyU0OdmTHQQR4sdgsY0fJzzWvrRV2IOnKE_witg_U/edit#gid=160542905
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Shares / Re: Offshore broke4s
« Last post by gcr on January 16, 2020, 04:10:12 pm »
Hi IG - thanks for the heads up
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Shares / Re: Offshore broke4s
« Last post by IndustryGuy on January 16, 2020, 02:25:03 pm »
Can't speak for Travelwise but I see on Exchange4free's website they have 'all inclusive costs of 2% to 6%' so it seems like they are being creative with the '4free' part. In other words they don't charge commissions on top of what they charge inside the spread like the banks do. That is the '4free' part. But even at the lower end of 2%, it is not really all that much better than the banks. At 6%, rather go to the bank. Even they don't charge that much.
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Shares / Re: Offshore broke4s
« Last post by yozzi on January 16, 2020, 02:07:32 pm »
I've seen a lot of money transfer companies offering free transfers ie Exchange4Free, Travelwise, etc, etc so where do they get their commissions from? Do they get it when you remove funds from their accounts?
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Shares / Re: Offshore broke4s
« Last post by IndustryGuy on January 16, 2020, 01:05:04 pm »
Hi GCR,

You can also open an offshore Saxo (now locally operating as DMA after Sasfin bought shares in the local operation) through us. If you are not happy with the rates Standard Bank are giving you, just let me know. With a DMA account you can easily download the platform and execute your own trades.
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Shares / Re: Offshore broke4s
« Last post by gcr on January 16, 2020, 12:53:48 pm »
There are a number of options that one can follow - to date I have been advised that I could use Credo and then it is also possible to use Saxo through Standard Bank. What I have found is that charges are quite exorbitant, but I will follow up with Standard Bank

What I'm looking for is to externalise funds I London but then I also want to be able to use a company's platform to buy and sell shares as I do with my local broker. This seems like an almost impossible option, yet all local banks have London American and European operations and within these domains they must have trading platforms their retail customers
I am even contemplating flying to London with the express purpose of opening an account, depositing funds and gain a right to access that banks trading platform and then operating the buy/sell instruction over their platform back in RSA. However I need to do further research as I don't want to end up in London without having established all the attributes and pitfalls of establishing accounts and platforms
     
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Off topic / Live chat
« Last post by floydthebarber71 on January 16, 2020, 12:05:38 pm »
Ah ok thanks! So at no point is this supplementing your income? I don't mean to actively rely on it, just wanted to know the thought process on how you guys look at it..
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