Investing

Switching from RBC to BMO

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  • Feb 10th, 2014 5:46 am
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[OP]
Deal Addict
Apr 21, 2012
1196 posts
403 upvotes
Markham

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
Member
Sep 24, 2012
347 posts
30 upvotes
MISSISSAUGA
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.
[OP]
Deal Addict
Apr 21, 2012
1196 posts
403 upvotes
Markham
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.
Deal Addict
Jul 29, 2004
2875 posts
377 upvotes
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.
Deal Addict
User avatar
Jan 19, 2005
4783 posts
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Vancity
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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Sr. Member
Feb 13, 2008
738 posts
430 upvotes
Edmonton, AB
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?
Jr. Member
Feb 6, 2014
176 posts
80 upvotes
Vancouver
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.
[OP]
Deal Addict
Apr 21, 2012
1196 posts
403 upvotes
Markham
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 +
Deal Addict
User avatar
Jan 19, 2005
4783 posts
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Vancity
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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