This morning I went down to Citibank branch at Ang Mo Kio Hub to open a brokerage account with them. I intended to open a USD trading account as well to trade in the US market. However I don't have the intention yet to buy US stocks at the moment.
To my surprise, the consultant told me that I will be imposed a minimum custodian fees of US$5 regardless whether I am holding any US shares or not. Initially I thought the custodian fee is imposed only if I hold US shares but I was wrong. In other words, you need to pay custodian fees if you wish to see live US stock prices in Citibank even though you are not trading yet. So I decided not to open the USD trading account with them at the moment.
I believe the definition of custody fees is similar across all brokerages. As far as I know, DBS Vickers does not impose any custodian charges on US Shares. So for those who wish to see live US stocks prices but have no intention to trade yet, it is worthwhile to open a USD trading account with DBS Vickers.
Friday, January 11, 2008
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