Self directed IRA account with Charles Schwab

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JustAGuy
Posts: 5
Joined: Mon Mar 05, 2018 3:55 pm

Self directed IRA account with Charles Schwab

Post by JustAGuy » Tue Mar 13, 2018 2:37 pm

Hello,

I am thinking of moving my 401K to Self-directed IRA and was reviewing Charles Schwab (CS) . Wanted to check if there are other Canadians who have experience with CS retirement accounts -

1. Ease of handling the account by sitting in Canada
2. Customer service and turnaround time
3. Ease of transfers/withdrawals (post retirement)

Are there any other firms who have experience with non-US residents' retirement accounts in the US? (TD Ameritrade is similar but has higher transaction fees than CS)

Are there any caveats one should be wary of in making this 401K-IRA move?

Thanks in advance.

nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Tue Mar 13, 2018 2:41 pm

It is best to get some form of WRITTEN confirmation from the brokerage that you will be moving to, as the knowledge on the corporate policies varies greatly between agents/offices.

And, if possible, it is best to do this BEFORE leaving US, as there have been instances where a brokerage will accept CURRENT clients moving to Canada, but not new clients already having moved.
Nelsona Non grata. Non pro. Search previous posts.

JustAGuy
Posts: 5
Joined: Mon Mar 05, 2018 3:55 pm

Post by JustAGuy » Tue Mar 13, 2018 2:46 pm

Thanks Nelsona.

I am already in Canada.
I already called and confirmed with both - TD Ameritrade and CS and explained that I am a NON-US resident with NO US address. They both said they have handled similar cases and allow opening of rollover IRA account. CS asked for W8-BEN form. TD Ameritrade didnt even ask for that.

Hence I would like to do due diligence prior to any move. Wanted to know if anyone else have already gone thru this.

Thx

nelsona
Posts: 15287
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Tue Mar 13, 2018 3:43 pm

If you search on here for Schwab and Ameritrade you should get some recent posts about this issue.

Always get a name and office location when spaking to someone on this.
Nelsona Non grata. Non pro. Search previous posts.

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