Switching from RBC to BMO

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Feb 10th, 2014 5:46 am

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Feb 5th, 2014 9:46 am

Uranium101 [OP]: Deal Addict; Apr 21, 2012; 1196 posts; 403 upvotes; Markham

Feb 5th, 2014 9:46 am

Switching from RBC to BMO

Very long story why I wanted to switch from RBC to BMO, so I will skip that for now.

I like RBC's Direct Investing account because I can exchange USD to CAD and vise versa automatically using Norbert's Gambit. I notice that RBC DI's service is getting worse. Also, they don't have a line of credit that can be used as a Chequing account.

Here is what I know. BMO's Investor Edge has similar feature as RBC's DI. I am now just wondering if BMO's line of credit accounts can be used as a chequing account like TD's and CIBC.

8 replies

Feb 5th, 2014 11:50 am

MehtabSingh: Member; Sep 24, 2012; 347 posts; 30 upvotes; MISSISSAUGA

Feb 5th, 2014 11:50 am

Uranium101 wrote: ↑Very long story why I wanted to switch from RBC to BMO, so I will skip that for now.

I like RBC's Direct Investing account because I can exchange USD to CAD and vise versa automatically using Norbert's Gambit. I notice that RBC DI's service is getting worse. Also, they don't have a line of credit that can be used as a Chequing account.

Here is what I know. BMO's Investor Edge has similar feature as RBC's DI. I am now just wondering if BMO's line of credit accounts can be used as a chequing account like TD's and CIBC.

Nope, you need chequing account. Only BNS, TD, National Bank and CIBC offer loc chequing account.

Feb 5th, 2014 5:42 pm

Uranium101 [OP]: Deal Addict; Apr 21, 2012; 1196 posts; 403 upvotes; Markham

Feb 5th, 2014 5:42 pm

MehtabSingh wrote: ↑Nope, you need chequing account. Only BNS, TD, National Bank and CIBC offer loc chequing account.

Scotia's iTrade, TD's DI, CIBC Investor Edge and National Bank's DI doesn't have the automated feature of converting USD and CAD.
Oh well.

Feb 5th, 2014 11:19 pm

komal: Deal Addict; Jul 29, 2004; 2875 posts; 377 upvotes

Feb 5th, 2014 11:19 pm

I gotta ask, how does RBC allow this directly?

Also, people on here have reported that TD will journal equities from TSX to NYSE and vice versa but you have to call in. I'm not 100% sure if that is still possible.

Feb 6th, 2014 2:19 am

recordman: Deal Addict; Jan 19, 2005; 4783 posts; 1923 upvotes; Vancity

Feb 6th, 2014 2:19 am

How is RBC DI's service getting worse? I don't notice the difference, but then I only buy/sell once a while.

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Feb 9th, 2014 8:28 am

cocotheparrot: Sr. Member; Feb 13, 2008; 738 posts; 430 upvotes; Edmonton, AB

Feb 9th, 2014 8:28 am

I have been with RBC DI since I think 1997 and I have had no problems with them. I make eight to ten trades a month and I also trade options.

Does BMO charge commissions to buy and sell it's own ETF's?

Feb 9th, 2014 11:40 am

minotaur3: Jr. Member; Feb 6, 2014; 176 posts; 80 upvotes; Vancouver

Feb 9th, 2014 11:40 am

recordman wrote: ↑How is RBC DI's service getting worse? I don't notice the difference, but then I only buy/sell once a while.

I'm also interested in why RBC's service is getting worse. I'm considering opening a US RRSP account with them, now that they went to a $10 flat commission.

Feb 9th, 2014 12:09 pm

Uranium101 [OP]: Deal Addict; Apr 21, 2012; 1196 posts; 403 upvotes; Markham

Feb 9th, 2014 12:09 pm

recordman wrote: ↑How is RBC DI's service getting worse? I don't notice the difference, but then I only buy/sell once a while.

Just the hold time have increased from 5 minutes to 15 minutes +

Feb 10th, 2014 5:46 am

recordman: Deal Addict; Jan 19, 2005; 4783 posts; 1923 upvotes; Vancity

Feb 10th, 2014 5:46 am

Uranium101 wrote: ↑Just the hold time have increased from 5 minutes to 15 minutes +

How does that wait time compare to other brokerages? I've been with RBC DI for over 10 years and I've never had to call in for anything. If I have a non-urgent question, I send them an email and I would get a response within 48 hrs.

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