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I have a friend who is a citizen of a Commonwealth country and he is considering opening an account in the U.S. to invest here and the bank is making it very difficult.

It's like they don't want his account. One obstacle after another and lots of nosy, irrelevant questions about his financial affairs that are none of their business. For example, they are asking him about other accounts he has in other countries.

Will opening an account with a discount brokerage like Schwab be more straightforward, or will it be the same experience?

Chris W. Rea
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Five Bagger
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1 Answers1

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You definitely do not need human interaction to open an account at Schwab. You just need to provide a social security number and US drivers license.

See http://www.schwab.com/public/schwab/investing/accounts_products/accounts/brokerage_account

You can do it online or through the mail.

They usually have some questions about your level of experience with investing. They are required to ask these questions to ensure that you don't get confused and put your money in inappropriate investments.

Jim Brody
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