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Discussion Starter · #1 ·
I'm thinking of getting a TD Direct Investing Account.

I can pay any bills such as my credit card and phone bills from my BMO InvestorLine Cash Account.

Can someone please tell me - will I be able to pay bills from my TD Direct Investing Cash Account?
 

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I am with BMO IL and to my knowledge there is no way to pay bills directly from your BMO IL account. What I suspect you are actually using is the MyLink "chequing" account that accesses the net cash from your BMO IL account and from which you can set up Payees under Bill Pay provisions of chequing accounts.

I suspect you'd have to open a TD chequing account to complement the TDDI investment account to do Bill Pay.
 

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No you can't pay bills directly out a TDDI trading account. It is easy however to transfer cash online from it (WebBroker) to our bank account (EasyWeb) and then pay bills from the payees we have set up there.
I wouldn't want to pay bills out of my trading account - it would complicate tracking performance and make it less convenient to capture our spending.
 

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Can someone please tell me - will I be able to pay bills from my TD Direct Investing Cash Account?


only the TD diamond clients can do this. Typically they have accounts of $10M or higher.

at the big green, a diamond client usually has his or her own personal green footman ...

.

 

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^^

yes, it does, via the green bank interface. Same procedure as BMOIL. The diamonds are given bank accounts with virtual transit numbers, ie there is no physical branch at the transit. Transactions on these accounts are debited & credited to TDDI accounts overnight.

i'm not a diamond client but a few of us phartz here & there somehow managed to obtain these accounts .:peach:
 

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Discussion Starter · #7 ·
Thanks for the replies. This info is very helpful for my planning - I'm trying to limit the number of accounts I have in Canada because I'm going nonresident.

I should clarify that I pay bills directly from my BMOIL cash account using the BMO Bank of Montreal Direct Banking interface which shows all my accounts and lets me pay bills from both my BMO bank accounts and my BMOIL accounts.

From OnlyMyOpinion's response, it sounds like TDEasyWeb does not operate the same way insofar as it does not allow you to pay bills from your TDDI accounts.

I suspect this can't be done either but could you please confirm: Can I transfer funds to and from (both directions) a TDDI USD cash account and my TD USD Visa card?
 

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i suppose you are paying the $1 fee per transaction for every transaction above the 2 freebies per month at BMOIL?

i find myself wondering why you'd leave BMOIL. The TD won't allow you to gambit currencies easily & if you are going to become an overseas resident, surely you would be needing US dollars from time to time. Are there really certain advantages that TDDI can offer to you overseas, which BMOIL cannot offer?
 

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I'm thinking of getting a TD Direct Investing Account.

I can pay any bills such as my credit card and phone bills from my BMO InvestorLine Cash Account.

Can someone please tell me - will I be able to pay bills from my TD Direct Investing Cash Account?
They did away with that account many years ago. There was C$ and USD along with cheques for each. When I ran out of USD cheques I discovered that they were not providing any more. The C$ cheques still work but I am hoarding them. I also deposit my pay to this account and they sweep it into my investment account. The cheques are always covered by a reverse sweep each night.
 

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I suspect this can't be done either but could you please confirm: Can I transfer funds to and from (both directions) a TDDI USD cash account and my TD USD Visa card?
Not in my experience. You transfer from WebBroker TDDI $US cash acc to EasyWeb $US bank acc and then pay $US CC from it.

- We have an EasyWeb online banking user interface (screen) and a WebBroker online direct investing screen. You can click back and forth between them once you are logged on.
- Through EasyWeb you access $CDN and $US bank accounts, $CDN and $US credit card statements, pay both CC's and any other payees you have set up, send efunds, etc., and transfer to your WebBroker accounts.
- Through WebBroker you access $CDN and $US trading accounts, RRSP, TSFA, and RESP accs, buy/sell, IPO's, bonds, etc. The trading account can be a cash account or a margin account. You can transfer cash to your Easyweb accounts ($CDN to $CDN, and $US to $US). You cannot pay CC's or bills directly out of the WebBroker accounts.

I'm only a diamond in the rough, so I don't have the super powers of humble_pie. :cool:
 

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Can I transfer funds to and from (both directions) a TDDI USD cash account and my TD USD Visa card?
At least from the US margin account, the answer is no. However it may be different with a non-margin US account; I don't know.

Using Transfer in EasyWeb, if I choose my US Margin account, I can't select the TD US Visa.

However, I can transfer from US Margin to Borderless (a USD chequing account). And then separately from Borderless to US Visa.
 

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Discussion Starter · #12 ·
i suppose you are paying the $1 fee per transaction for every transaction above the 2 freebies per month at BMOIL?

i find myself wondering why you'd leave BMOIL. The TD won't allow you to gambit currencies easily & if you are going to become an overseas resident, surely you would be needing US dollars from time to time. Are there really certain advantages that TDDI can offer to you overseas, which BMOIL cannot offer?
Re the fees, yes, there are only two withdrawals out of the account free per month but an unlimited number of queries and deposits. I don't usually do more than two withdrawals per month so I avoid the fees. (You may be able to buy a bank plan that gives you unlimited withdrawals but I'm not sure.)

Unfortunately BMOIL will not allow me to maintain my accounts there when I move overseas and become non-resident. I wish they did because I would definitely stay with them.
 

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Unfortunately BMOIL will not allow me to maintain my accounts there when I move overseas and become non-resident. I wish they did because I would definitely stay with them.

i believe the TD might be a little sticky about the NR issue as well ...

although it sounds as if, in some respects, you will continue to maintain canadian taxpayer status, ie not severing important financial ties with this country.

i don't wish to intrude, but one cannot help wondering if you will be paying canadian taxes? if so, then wondering why BMO would refuse your account? if not, would you not be taking the management locus of your portfolio out of this country, over to the new country of your residence?

in many cases offshore canadians have found it useful to maintain accounts in offshore jurisdictions that are, say, less difficult than other countries might be. Some overseas states have strict capital controls, this could certainly be a big negative for any canadian working in such a country for a number of years.

to serve overseas clients, the TD has a branch in luxembourg. It's supposedly a discount broker branch, however their commissions are said to be far higher than the standard domestic 9.95 we are all used to.

then there's the HSBC premiere client program (might be called world premiere.)

then there's Interactive Brokers, a US discount broker with a canadian subsidiary plus subsidiaries in most of the world's biggest cities.
 

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Discussion Starter · #14 · (Edited)
...although it sounds as if, in some respects, you will continue to maintain canadian taxpayer status, ie not severing important financial ties with this country.
No, we are cutting ties with Canada, going non-resident here and will be resident where we are moving (so income from any remaining Canadian financial accounts will be subject to non-res withholding tax, our final obligation to CRA). I guess BMOIL is not set up to accommodate the different tax admin etc. requirements of non-resident clients. I'm disappointed but not shocked, that's why we checked with BMOIL as part of our planning for the move. We checked with TDDI and they said it's ok if we go non-res but CDN mutual funds cannot be purchased.

So we're cutting financial ties but will keep a minimal number including our RRSPs (as non-residents) at least for a while. I think it's not unusual for people keep their RRSPs in Canada even after they move.

Re transferring our funds to TDDI, we have 7 accounts (cash investment, two TFSA, two RSP, one LIRA, one spousal RSP) each account has between 40K & 200K+. Should I expect TDDI will reimburse my transfer fees for all 7 accounts (like BMOIL and Wealthbar do)? There are no published promos at the moment.
 

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So we're cutting financial ties but will keep a minimal number including our RRSPs (as non-residents) at least for a while. I think it's not unusual for people keep their RRSPs in Canada even after they move.

Re transferring our funds to TDDI, we have 7 accounts (cash investment, two TFSA, two RSP, one LIRA, one spousal RSP) each account has between 40K & 200K+. Should I expect TDDI will reimburse my transfer fees for all 7 accounts (like BMOIL and Wealthbar do)? There are no published promos at the moment.


re reimbursement of transfer fees, you would want to negotiate directly with the TD on these. Normally they have a $25k threshhold per account before they'll reimburse transfer fees. However, i imagine that what will drive the terms of your package is the aggregate value of all your accounts.

you might consider asking for some free trades as well. Just because a promotion isn't happening right now doesn't mean the TD will not offer a few similar attractive features.

it seems unusual to me that the big green can now handle offshore resident clients, but my knowledge was dated. In the past, overseas clients had to be referred to a TD "discount" brokerage in luxembourg, itself connected to TD waterhouse out of london england. The commissions were said to be on the high side.

being able to maintain your canadian accounts as canadian accounts while you're domiciled overseas is a real advantage, i think. Does that mean you will continue to receive $9.99 commissions? these would really make the setting attractive!

best of luck with the TD.
 
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