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Brokerage account in Canada closing

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Post by gatosigi Fri Sep 24, 2021 1:46 pm

My brokerage account in Canada has just informed me that after 16 years, because of "regulations" they are going to close my account before the end of October. Thanks a lot, client unfriendly TD.
Has anyone opened a new brokerage account in Canada while located in Mexico or does anyone know what options are available for opening a new account there?
Thanks in advance.

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Post by CanuckBob Fri Sep 24, 2021 2:18 pm

TD also punted me when I informed them I was living in Mexico 10 years ago. I use RBC securities now. They have no problem. If you want the contact info for my guy there let me know.

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Post by SunFan Fri Sep 24, 2021 2:42 pm

I too am with RBC Action Direct and am very satisfied. They have a very impressive investing site with a ton of information.

You'll have to apply in Canada unless things have changed recently.

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Post by gatosigi Sat Sep 25, 2021 1:56 pm

Thanks for the recommendations. I tried to apply for an account with RBC yesterday and today using their verified.me app. Yesterday a few codes were shared and then there was an error. Today it did not get that far before the error message said they were having problems with verified.me and advised trying again later.
Some other googled options available for residents of Mexico:

Charles Shwab, https://www.schwab.com/    trade US securities with no commission charge.

Interactive Brokers,  https://www.interactivebrokers.com/en/home.php  can trade Canadian securities, commission $0.01 per share with a maximum of 0.5% of trade value. Will issue a debit card.
At https://www.interactivebrokers.ca you will find details for US trading.

Swissquote (formerly TD Direct International and Internaxx),  https://en.swissquote.lu/trading-account   can trade Canadian securities.  At 1.5 euros/CAD$1  the minimum commission is CAD$22.43, trade value over about $22,400 -- the commission is 0.1%.

Firstrade,  https://www.firstrade.com/content/en-us/international   can trade US securities with no commission.  They advise "...most of the foreign investors can take advantage of certain tax benefits where they will not have to pay taxes on capital gain by filling out the W-8Ben form. In most cases, foreign investors can apply through Internal Revenue Service for the tax refund that was previously charged on the dividends earned." and I guess this applies to Charles Schwab as well.

There are other potential charges like for inactivity, holding penny stocks and transfer charges for some of these brokerages and you will find more information at the web pages.

https://brokerchooser.com/best-brokers/best-international-online-brokers-for-citizens-in-mexico  has lots of information including a table comparing fees.
      "1. Interactive Brokers is the best international online broker in 2021. Low trading fees. Wide range of products. Many great research tools.
      2. Saxo Bank takes second place. Great trading platform. Outstanding research. Broad product portfolio.
      3.TradeStation rounds out the top three. Great web and mobile trading platform. Low stock and ETF fees. High-quality educational tools.
      4. tastyworks, numero quattro. Low trading fees. Great educational materials. Good research tools.
      4. eToro just made it to the list at in fifth place. Free stock and ETF trading. Seamless account opening. Social trading experience."

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Post by gatosigi Sat Oct 09, 2021 3:25 pm

Questrade (www.questrade.com) will accept Canadian ex pats living in Mexico as clients. You can get an account from Mexico online by submitting scans of documents like your passport and bank statement etc. and sending codes back and forth. Funds sent with no charge from your bank account appear the next weekday morning in Questrade. There is lots of helpful information on their web pages and phone, email & online chat has prompt answers from knowledgeable people. Min - max trade commissions $4.95 - $9.95 but there is a possible additional exchange "fee" of $0.0035/share that the exchange might charge if it decides the trade diminishes liquidity. For example a market order, according to them, diminishes liquidity -- go figure. Transferring your brokerage account over involves sending them a scanned request form or filling out an online form with electronic signing. Questrade has had good reviews but I do not much like their web design that seems oriented a bit to the small phone screen.

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Post by Rosa Venus Sat Oct 09, 2021 4:06 pm

When you guys say "TD" are you referring to TD Ameritrade?
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Post by CanuckBob Sat Oct 09, 2021 5:29 pm

No, Toronto Dominion Bank. Not sure if they are the same but may be.

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Post by mudgirl Sat Oct 09, 2021 7:15 pm

No, a quick Google search shows that the outfit Rosa Venus mentioned is based in the US.

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Post by rckrckr Sat Oct 09, 2021 7:58 pm

TD Ameritrade is a subsidiary of Charles Schwab since 2020.

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Post by Rosa Venus Sun Oct 10, 2021 6:54 pm

When I opened these accounts a million years ago they were with a small California based brokerage called Waterhouse. Then it became TD Waterhouse, then TD Ameritrade. I know the TD came from Toronto Dominion Bank. Given the post that started this thread, I just wondered if I was about to get walked out the door. but I guess TD Amertrade is a separate thing. And yes, I remember hearing that Charles Schwab bought it last year, so I guess their name will show up some day.

I can't keep up. And money stuff doesn't interest me very much, which is probably why I have so little of it.

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Post by ferret Sun Oct 10, 2021 7:27 pm

I can't keep up either. Our original TD bank account was in a branch that closed and moved to another location. Then that one closed and got moved to another location which I have never set foot in. Still using it... or rather still using all the same account number and routing numbers.
Using a private brokerage company in Ottawa that was started by a childhood friend of my hubby that his mother used. Even that guy sold the company and retired about 10 years ago. But, the personal service lives on and I love them. A real live receptionist (who was delivered by my hubby's father) will connect you to a real live person who knows you and your history. I even get Christmas cards from them... in March. I consider myself very lucky.
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