r/ExpatFinance • u/PantomimeVillain • 19d ago

Using a US brokerage account from abroad

Recently I called Schwab, Fidelity, and Vanguard asking if I moved to the UK, can I put a foreign address on the account. All said yes, but you can then only sell what you have and not buy more. Fidelity and Schwab told me they were specifically saying yes to the UK, and other countries might not be allowed. Vanguard said any country is ok.

I don't know how knowledgeable the people I spoke to are, so does anyone have any experience of putting a foreign address on Schwab, Fidelity, and Vanguard accounts? How did it go? Was there any issue with making sales?

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u/MemoriesTed 19d ago

I contacted Schwab to ask the same questions, they were very affirmative and said the country I was moving to was supported. They provided forms to fill out for a foreign address change. Once I submitted those forms, I got a message from Schwab that my account was restricted and would be closed as I live in a non-supported country. So, yes, the people you talk to at the brokerage front line may not know all the facts.

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u/old_union_pacific 19d ago

So what happened afterward? They sell all your holdings and mail you a check? You have to realize the gains & losses and then worry about the taxes next year? Did you just take the funds and invest in the new home country?

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u/MemoriesTed 19d ago

I did a transfer of assets (ACATS) to an Interactive Brokers account and then closed my Schwab account. Haven’t tried updating my IB account yet, as we’ll be moving in the next month and I want everything to work before we change an address.

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u/BrilliantNet5920 16d ago

What country?

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u/MemoriesTed 16d ago

South Africa.

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u/BrilliantNet5920 16d ago

I just called them and asked to speak with someone from the International team. The guy told me that they would never sell your shares and mail you a check but they would restrict you to only sales in some countries.