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 »

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
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

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. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
JustAGuy
Posts: 5
Joined: Mon Mar 05, 2018 3:55 pm

Post by JustAGuy »

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: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

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. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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