I went to ICBC and asked them if i could join a monthly plan to invest in mutual funds which invest in BRIC countries and japan and other countries etc.
The dealing manager’s english was really bad but one thng i could understand was that its possible.
Now my question is
1.What happens when i leave taiwan and dont want to take out the money from the funds, can i still get to keep them.
2.If i can keep them then how can i sell them from outside of taiwan.
3.Is this thing possible or the manager was just making fun of me.
ANy one has done this before or has comments.
Hsinc
I would keep talking with the manager at the bank you mentioned. You might also consider a couple of other banks until you find a person with better English skills (how about HSBC?). You might also consider asking for an email address and writing your notes in a very simple manner since written English is something many are okay at.
My experience: I had an account in South Korea with one of the local stockbrokers. Before leaving I asked if I could just leave things even though my work permit would expire and I would no longer be a resident. I was told it was okay and it was. I went back a couple of years later and it was really nice having to only pay for my airplane ticket and having some money there for me to blow during a reunion with old friends!
I had an account with HSBC and the people I dealt with didn’t speak English very well. Maybe you can insist on having a contact that is fluent in English, if such a person is employed there (I mean a person that also works in the customer relations department / in the respective function).
Alternatively why not open an account with a broker in your home country? I have a couple of on-line accounts, cheap and easy to manage via the internet from anywhere in the world, and governed by the laws of my home country rather than the country where I currently reside in. Having my money invested in a foreign country where I don’t speak the language and where I don’t know nor trust the laws & regulations is just too risky IMO.
[quote=“Rascal”]
I had an account with HSBC and the people I dealt with didn’t speak English very well. Maybe you can insist on having a contact that is fluent in English, if such a person is employed there (I mean a person that also works in the customer relations department / in the respective function).
Alternatively why not open an account with a broker in your home country? I have a couple of on-line accounts, cheap and easy to manage via the internet from anywhere in the world, and governed by the laws of my home country rather than the country where I currently reside in. Having my money invested in a foreign country where I don’t speak the language and where I don’t know nor trust the laws & regulations is just too risky IMO.[/quote]
Indeed. Fees in Taiwan will kill you. They charge 2-5% up front, and annual management fees of 1-2%. You could open an online account w/ Fidelity, Schwab, Scott and buy ETFs for $5/trade for identical funds at 1/10th of the cost.
I went to ICBC and asked them if i could join a monthly plan to invest in mutual funds which invest in BRIC countries and japan and other countries etc.
The dealing manager’s english was really bad but one thng i could understand was that its possible.[/quote]
Open an account with HSBC or another international bank
Log in to Internet banking
Browse through the hundreds of funds available
Click on buy fund/Monthly Investment Plan
[quote=“Hsinc”]Now my question is
1.What happens when i leave taiwan and dont want to take out the money from the funds, can i still get to keep them.[/quote]
Of course. You own an international fund and can choose to live wherever you want.
Log into Internet banking
Browse to fund
Click ‘Sell fund’
[quote=“Hsinc”]3.Is this thing possible or the manager was just making fun of me.
Hsinc[/quote]
1.What happens when i leave taiwan and dont want to take out the money from the funds, can i still get to keep them.[/quote]
If you leave Taiwan, technically you have to sell. Taiwan domiciled funds are available only to Taiwan residents. So if you can maintain am address in Taiwan - friend, inlaws, etc. - you could keep these funds. Again, the expenses are such that by owning them in Taiwan (vs US/Canada/Aus/UK) you are only subtracting a heavy layer of fees from your returns.
The other wrinkle is that if you are a US citizen, many banks will not let you invest at all. HSBCDirect told me my mutual fund business was not welcome, due to increasing US reporting requirements for all banks wishing to remain in the US government’s good graces. US citizens face severe restrictions on the foreign markets in which they are allowed to own securities. Expect limitations like this on US citizen banking activity to increase.