To open an account, just follow these three simple steps:
- Download and fill out forms.
- Submit forms and requirements.
- Fund your account.
Step 1 – Download and fill out forms.
The application form consists of three parts:
- Customer Account Information Form (CAIF)
- Foreign Account Tax Compliance Act (FATCA)
- The Online Securities Trading Agreement (OSTA)
Click here to download COL Account Opening Form.
Fill out both CAIF and FATCA forms and keep the OSTA form for reference.
Personal information, employment, disclosures, financial and investment profile, and FATCA questions should be completely answered.
Enter your details as the primary account holder. If opening a Joint or In-Trust-For (ITF) account, enter details for both primary and secondary account holders.
You also need to provide a Taxpayer Identification Number (TIN).
Click here to learn how to apply for a TIN.
For withdrawal purposes, enter your local bank details. This will serve as your settlement account and save you the hassle of picking up a check when you withdraw funds from your account.
Sign the forms. Make sure the name on the forms exactly match your ID and the email you provide is correct since all passwords, receipts, and communication with COL Financial will be done through email.
For COL account type, choose the minimum initial investment amount you can afford. You can start investing for as low as P5,000 with a COL Starter account.
But if you have P25,000, I recommend opening a COL Plus account. This gives you access to better account features and allow you to maximize trading fees when buying your first stock.
Step 2 – Submit forms and requirements.
Include a copy of your ID (must be a valid government issued ID) with your application.
If opening an ITF account, include a copy of the child’s birth certificate as well.
You can submit the original documents in person to COL Financial or through selected iRemit branches. Otherwise, just send it by post.
Here are the addresses…
COL Financial Business Center
2403B East Tower, PSE Center
Exchange Road, Ortigas Center
Pasig City 1605, Philippines
COL Financial Makati Investor Center
Ground Floor, Citibank Tower
Valero corner Villa Streets
Makati City 1227, Philippines
Click here for a list of their branch offices.
Use a standard letter envelope when sending by post to avoid unnecessary delay and charges.
Once all requirements are received, a sales officer will review your application and contact you via call or email to inform you of the status of your application and your COL account number.
The account opening process usually takes about three to five working days. You might also be scheduled for a video conference call to verify your identity.
Here’s a sample account activation email from COL…
Step 3 – Fund your account.
Once your account has been activated, make sure to fund the account within three months. Otherwise, you’d have to re-apply.
Here are your funding options….
Your best option is to fund the account online through the accredited banks listed above.
Here are the banking fees per transaction…
If you’d like to know more, visit colfinancial.com and click “Open an Account.”
In this article, you’ve learned how to open an online trading account with COL Financial. If you have some questions, feel free to drop me a comment below.
Thanks for reading!