(If you want a quick guide for beginners how to start investing in the Philippine stock market, you can download your free ebook here.)
How to open a stocks trading account and invest when outside the Philippines
Opening a stock trading account for your investment in the Philippine stock market can still be possible even if you’re outside the Philippines, as in the case of a working OFW or anyone has decided to stay for good in other country. We’ll show shortly below the step-by-step procedure you can follow if you’re part of those new heroes we have in our present time and want to start investing in the Philippine stock market.
Fortunately, with the advent of internet, you don’t need to be in the Philippines to invest in stocks of companies enlisted in the Philippine Stock Exchange.
There are basically three steps for anyone who wants to invest in the Philippine stock market.
1. First is choosing your stockbroker.
2. Second is opening an account with that stockbroker of your choice.
3. Third is buying your first stock once you’re done funding it.
You can read this blog when choosing your online stock broker. Having online broker is more convenient and less costly especially for beginners who really don’t need yet the service of a live traditional stockbroker.
The second is usually an easy step. You would just need to download the forms from the stockbrokers’ website, fill them up and submit the forms (and initial down payment if necessary) to their office. After few days once your account is approved, your account details will be sent to your email. You can then proceed funding your trading account enough for your first buy transaction.
The third step is when you finally buy your first stock. If you have online broker, then everything can be done online in your computer or any device connected to the internet. And since you only do it with clicks in your computer, you can actually do this without your presence. You can either give your log-on details and password to a person you trust enough and do the transaction for you (but I don’t really encourage that), or take advantage of the order scheduling functionality that may be available in your online broker.
For COL Financial, if you employ their Easy Investment Program (EIP), then all you have to do is to schedule your EIP orders once and all your transactions become automatic. You just have to make sure that your trading account has enough funds to fulfill your scheduled regular transactions.
If you want to make everything automatic, then you can also schedule your funding-your-trading-account activities in the online facility of your bank (via payments) and you’ll have an automatic program of funding your trading account and buying stocks for your investment. Wow!
In this present time where everything is radically transformed by technology, we need to take full advantage of the convenience offered by this change, so you may want to consider doing that and as a result never spend a minute checking or even logging-in in your account. You can focus on your work and at the same time manage your finances without really adding a task in your day. You’ll probably be shocked after several years after finding that your money has actually grown into several millions. Who says investing is never easy?!
What if you’re outside the Philippines?
The usual complications arise when one wants to invest in the Philippine stock market yet resides outside the Philippines. Good thing is that COL financial will be very much willing to help you in your application.
You just need to do the same thing: download the forms from their site, fill-in all the needed information, and send it to their office via a messenger/courier instead of you going to their office personally.
It’s important that the billing address requirement is in your name regardless if it’s in the Philippines or not. Its primary goal is to identify and confirm that you as a person actually exist in this planet. COL just wants to know that there’s a breathing warm-blooded person in your name who’ll do the future transactions. If you have a credit card whose company issues monthly statement of account, or if you have a bank account statement, or any billing statement in your name, you can use and attach it together with the other forms in your application.
If you’re opening with COL Financial, below are useful tips for anyone outside the Philippines aiming to open a trading account and be an investor in the stock market.
- It would still be best if you directly contact first COL Financial help desk to walk you through the process. As a COL employee, they are the best people to know the best means on how to help you in your application.
- You may also want to send first scanned copies of all the requirements via email and check and confirm from COL if they’re already complete. This way, you’ll avoid the risk of sending the documents more than once due to incomplete/inaccurate information and/or forms.
If you know of an affiliated bank with BPI and Metrobank near your area, you can ask them on how to open a trading account under BPI Trade and FirstMetroSec respectively.
Of course it would still be best if the moment you land back in the Philippines, you set aside a day of your vacation to open an account yourself and avoid the hassle of doing all the necessary activities overseas. But in case you really have very short vacation you want to spend solely with your family and close friends, then do above simple steps. Family is always a top priority, right?!
There you have it!
The pain of leaving your loved ones just to be able to provide for the needs of your family is a heroic act in itself. But also make sure that all your investments and sacrifices you do now will serve not just your current pressing needs but also that of the coming future.
You don’t want to get back to the Philippines after many years of working hard and see the same things as before you left. So save a part of everything you make now, (and please, stop making excuses) and you get more prepared in spending the rest of your life in your own sweet land without so much financial troubles.
I really pray that by that time you come back, you’ll really be cherishing the golden years of your life as a result of your hard-work and wise financial management.
Have fun investing!
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