Fidelity brokerage account

[jaywalker2]

Does anyone have a Fidelity brokerage account with a foreign address? I used to a long time ago. They put restrictions on it but let me keep the account so I changed to a U.S. address. I'm wondering what the situation is like now -- do they still let you keep the account or will they threaten to shut it down. I've heard it depends to a certain extent on the size of your account but I don't know if that's true.

 

 

Also, has anyone experienced the implemenation of two-factor authentication with their Fidelity account. I was trying to change my profile and they wanted to send a code to my mobile phone. I'm going to have to call them about it.

 

I'm thinking of switching to the Schwab International One account just to avoid problems in the future.

[CharlieH]

MOVED to Banking

[gargamon]

Vanguard did the same to me. I closed the brokerage account and just use their mutual funds now. Reasonable returns with low fees and very little effort.

 

Their primecap funds have a good long term performance. 

[NoDisplayName]

Yes, Fidelity is the same still.  Their algorithms (?) figured out I'm expat, didn't threaten to close the account, but put restrictions on.  Can no longer buy or sell mutual funds, as they are registered for sale only in the US. 

 

Still have a US address (parent's address) and phone.  Not good enough.  I need to appear personally with proof of residence to have the restriction dropped.

 

Some features, like changing your personal data online, require a text-message code to US phone only.  In those cases, must call and speak to a live agent.

[jaywalker2]

15 minutes ago, NoDisplayName said:

Yes, Fidelity is the same still.  Their algorithms (?) figured out I'm expat, didn't threaten to close the account, but put restrictions on.  Can no longer buy or sell mutual funds, as they are registered for sale only in the US. 

 

Still have a US address (parent's address) and phone.  Not good enough.  I need to appear personally with proof of residence to have the restriction dropped.

 

Some features, like changing your personal data online, require a text-message code to US phone only.  In those cases, must call and speak to a live agent.

So you didn't try switching to your thai address?

[JimmyJ]

16 minutes ago, NoDisplayName said:

 Their algorithms (?) figured out I'm expat,,,

 

Still have a US address (parent's address) and phone.  Not good enough.  I need to appear personally with proof of residence to have the restriction dropped.

 

 

What do you think caused them to catch you?

 

Were you using a VPN always?

 

If so - any ideas?

[NoDisplayName]

3 minutes ago, jaywalker2 said:

So you didn't try switching to your thai address?

No provision for foreign address or phone numbers.

 

I'm not sure what it was.  Maybe an automated review of activity?  Multiple swift transfers to Thailand, little to no domestic activity in the checking account.

[JimmyJ]

 

[SuperSilverHaze]

It's quite easy to identify overseas connection, equipment.

 

New user account, region to US time, VPN. Load browser with all the anti tracking extensions you can.

[JimmyJ]

12 minutes ago, SuperSilverHaze said:

It's quite easy to identify overseas connection, equipment.

 

New user account, region to US time, VPN. Load browser with all the anti tracking extensions you can.

"...region to US time...".

 

That is the one I've never bothered with but it is time to start - Several posts like this recently - All involving Brokerages.

Edited January 15, 2023 by JimmyJ

[Jingthing]

42 minutes ago, NoDisplayName said:

Yes, Fidelity is the same still.  Their algorithms (?) figured out I'm expat, didn't threaten to close the account, but put restrictions on.  Can no longer buy or sell mutual funds, as they are registered for sale only in the US. 

 

Still have a US address (parent's address) and phone.  Not good enough.  I need to appear personally with proof of residence to have the restriction dropped.

 

Some features, like changing your personal data online, require a text-message code to US phone only.  In those cases, must call and speak to a live agent.

Are you sure you can't sell mutual funds that you already have?

 

Can you buy and sell ETFs?

[NoDisplayName]

4 minutes ago, Jingthing said:

Are you sure you can't sell mutual funds that you already have?

 

Can you buy and sell ETFs?

My mistake, you are correct.  You can of course sell them.

 

You can still hold the MUTUAL funds you already own, and receive automatic dividends as shares, but you can no longer purchase new mutual funds, or purchase additional shares of the funds you own.

 

No restrictions of ETF's.

[jaywalker2]

13 minutes ago, JimmyJ said:

"...region to US time...".

 

That is the one I've never bothered with but it is time to start - Several posts like this recently - All involving Brokerages.

I always a VPN and set the regional time to U.S. time. The one time I forgot, it was flagged somehow. I forget how exactly, maybe I had to answer a secuity question next time I logged in.

[jaywalker2]

6 minutes ago, NoDisplayName said:

My mistake, you are correct.  You can of course sell them.

 

You can still hold the MUTUAL funds you already own, and receive automatic dividends as shares, but you can no longer purchase new mutual funds, or purchase additional shares of the funds you own.

 

No restrictions of ETF's.

Unless its changed, you could buy some mutual funds but only those that had been registered for international sales. At the time, I was allowed to keep my Janus funds but I had to sell some other funds.

[jaywalker2]

1 hour ago, NoDisplayName said:

Yes, Fidelity is the same still.  Their algorithms (?) figured out I'm expat, didn't threaten to close the account, but put restrictions on.  Can no longer buy or sell mutual funds, as they are registered for sale only in the US. 

 

Still have a US address (parent's address) and phone.  Not good enough.  I need to appear personally with proof of residence to have the restriction dropped.

 

Some features, like changing your personal data online, require a text-message code to US phone only.  In those cases, must call and speak to a live agent.

As far as I've been able to tell, the only VOIP that receives OTPs is Google Voice and to get that you need someone in the U.S. to open an account for you.  I tried one of the workarounds given on youtube and had my account suspended.

[jaywalker2]

1 hour ago, gargamon said:

Vanguard did the same to me. I closed the brokerage account and just use their mutual funds now. Reasonable returns with low fees and very little effort.

 

Their primecap funds have a good long term performance. 

What do you use for a brokerage?

[NoDisplayName]

Just now, jaywalker2 said:

Unless its changed, you could buy some mutual funds but only those that had been registered for international sales. At the time, I was allowed to keep my Janus funds but I had to sell some other funds.

That may be, but was not mentioned by the rep over the phone.  I would assume Fidelity chose the simplest method of prohibiting all online mutual fund sales.  I never asked if it were possible to purchase internationally-registered funds over the phone with broker assistance.

 

I was allowed to keep all the mutual funds currently held, but could not make additional purchases.  I have since sold all the mutuals and only hold ETF's or individual securities.

[jaywalker2]

Has anyone made the switch from Fidelity to Schwab International?

[SuperSilverHaze]

55 minutes ago, Jingthing said:

Are you sure you can't sell mutual funds that you already have?

 

Can you buy and sell ETFs?

They will lock you out if trading and hold any interim funds in suspended animation as though the trade never settles. You need to call them on an old landline, working hours in US. They'll unfreeze but at that point I'd start thinking about fewer trades and exit strategies

[Thailand J]

3 hours ago, jaywalker2 said:

Has anyone made the switch from Fidelity to Schwab International?

Vanguard and Fido let me keep  my accounts when I changed to my Thai address. I dont mind not trading mutual funds. In additional to those, I opened Schwab Int with smaller balance and use that when I am in Thailand. I am keeping the bulk of my assets in Fido and Vanguard because I can't designate beneficiaries at Schwab Int.

[jaywalker2]

2 hours ago, Thailand J said:

Vanguard and Fido let me keep  my accounts when I changed to my Thai address. I dont mind not trading mutual funds. In additional to those, I opened Schwab Int with smaller balance and use that when I am in Thailand. I am keeping the bulk of my assets in Fido and Vanguard because I can't designate beneficiaries at Schwab Int.

If Fidelity lets you keep your account with a Thai address, why the need for the Schwab account? You can still trade from Thailand with Fidelity, can't you?

[gargamon]

13 hours ago, jaywalker2 said:

What do you use for a brokerage?

I don't any more. No need. I'm ok with the over 9% average annual return I've averaged over the last 40 years with mutual funds. Why waste all that time and energy trading stocks?

 

People need to realize investing is a long term game. You have the rest of your life. Too many treat it like they are in Vegas and they only have until they fly home on Tuesday to win it all.

[FarangRimPing]

Sorry... original post deleted.

Edited January 16, 2023 by FarangRimPing
decided not to post personal info

[FarAngMoh]

I have been with TD Ameritrade since it was TD Waterhouse. Moved overseas in 1996 and kept my parent’s US address on record ever since. Never had a problem. I don’t use a VPN most of the time, but I only log in once or twice a year. I have only ever bought ETFs and individual shares.
 

A couple years back I opened custodial accounts with Schwab for my two kids, and used my parent’s address for them too. I didn’t use VPN for any of it and had no issues. It was a relatively quick and painless process. I then pulled money into their account from my credit union in the US via ACH and have bought ETFs and individual shares. No issues at all.
 

I really think it depends on the broker in terms of how fussy they are. I believe Schwab (who recently bought TD) is less fussy. As long as you keep it all US, you don’t need to go to Schwab International. That has been my experience. Keep it simple, keep only US indicia on the account. I believe the broker can then use that to protect themselves legally from claims from your jurisdiction of residence about not complying with foreign consumer protection, tax laws, etc….

Edited January 16, 2023 by FarAngMoh

[bamnutsak]

I have a Fidelity Brokerage account, I maintain a U.S. address.

 

For 2FA on the web platform, the only options are call or text. I have three numebrs registered, with Google Voice as my primary. That works 100% of the time.

 

For me anyway, there is no 2FA when using the mobile app.

 

 

[jaywalker2]

6 hours ago, gargamon said:

I don't any more. No need. I'm ok with the over 9% average annual return I've averaged over the last 40 years with mutual funds. Why waste all that time and energy trading stocks?

 

People need to realize investing is a long term game. You have the rest of your life. Too many treat it like they are in Vegas and they only have until they fly home on Tuesday to win it all.

I don't quite understand. You also need a brokerage account to purchase and hold mutual funds.

[Thailand J]

16 hours ago, jaywalker2 said:

If Fidelity lets you keep your account with a Thai address, why the need for the Schwab account? You can still trade from Thailand with Fidelity, can't you?

Schwab is more user friendly for money management. Add a bank without Medallion signature, free wire transfers, ATM card fee rebate etc.

Keep your Fido and make sure it is Transfer on death (TOD).

Edited January 16, 2023 by Thailand J

[jaywalker2]

T.O.D.?

[FarAngMoh]

6 hours ago, jaywalker2 said:

I don't quite understand. You also need a brokerage account to purchase and hold mutual funds.

Exchange Traded Funds (ETFs) are actually mutual funds that are traded on the stock exchange. Other than being exchange traded, they are basically one in the same. You can buy ETFs like shares of stock, and you can hold onto them as long as you like. The expenses on ETFs are usually as low or lower than traditional mutual funds. VTI is probably the most widely held ETF on the planet and for good reason. It is the Vanguard Total Market Index, the annual expenses are almost nothing, and you get the entire US stock market in one easy investment. Over half of my portfolio is in VTI.

Edited January 16, 2023 by FarAngMoh

[FarAngMoh]

6 hours ago, bamnutsak said:

I have a Fidelity Brokerage account, I maintain a U.S. address.

 

For 2FA on the web platform, the only options are call or text. I have three numebrs registered, with Google Voice as my primary. That works 100% of the time.

 

For me anyway, there is no 2FA when using the mobile app.

 

 

I use Google Voice for 2FA on many US based accounts and it works well. The only issue I’ve ever had was with Citibank, but they also had an option for call back with a code, and that worked with Google Voice. 
 

To set up Google Voice from outside the US, you need a US VPN to sign up, and someone in the US ready to pick up their phone and message you the code to activate it. Once activated, Google Voice works without a VPN from then onwards.
 

It’s well worth the effort to get it set up, have been using it for the last 8 years or so… haven’t paid a single cent. I have logged countless hours of free US talk time (both in and outbound calls), thousands of texts, hundreds of voice mails. Of all the things a US expat should have, this should be right at the top of the list.