My non-us resident son (living in Canada) has about $20000 US invested in IRA's and a simple interest bearing account invested at Wells Fargo. He went to change the funds and Wells Fargo said no you no longer have a US address you cants change the funds.
What are some companies that will accept my son as a non us resident and assist him in moving his money from Wells Fargo. I know the answer is on this board but I am unable to find that thread.
Thanks Don
Moving Ira and other U.S. investments
Moderator: Mark T Serbinski CA CPA
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DonMurphyCanada
- Posts: 73
- Joined: Sat Mar 01, 2014 11:41 pm
TD Ameritrade.
We recently moved my wife's and my IRAs there from another custodian broker, as they would no longer allow trading with us living in Canada. The transfers did not go entirely smoothly; you need to keep calling to see what is holding things up, as they don't initiate calling to you when they hit a stumbling block. (To be fair, my wife, who was an investment analyst and money manager for about 30 years, says that transfers are generally the biggest problem area anyway, regardless of any residency issues.)
TD Ameritrade works well, and they both allow active trading on our part and deduct the correct 15% on monthly payments to us. Their telephone support is very good. Trading costs are low.
I believe that TD Ameritrade is able to do this because they are part of the TD Group focussed around TD Bank in Canada.
You open an account with TD Ameritrade, and file a transfer form to them to get the account from Wells Fargo. They will initiate the transfer.
We recently moved my wife's and my IRAs there from another custodian broker, as they would no longer allow trading with us living in Canada. The transfers did not go entirely smoothly; you need to keep calling to see what is holding things up, as they don't initiate calling to you when they hit a stumbling block. (To be fair, my wife, who was an investment analyst and money manager for about 30 years, says that transfers are generally the biggest problem area anyway, regardless of any residency issues.)
TD Ameritrade works well, and they both allow active trading on our part and deduct the correct 15% on monthly payments to us. Their telephone support is very good. Trading costs are low.
I believe that TD Ameritrade is able to do this because they are part of the TD Group focussed around TD Bank in Canada.
You open an account with TD Ameritrade, and file a transfer form to them to get the account from Wells Fargo. They will initiate the transfer.