Morgan Stanley closure of non US account - UK investment

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seriously2019
Posts: 2
Joined: Tue Apr 09, 2019 3:26 pm

Morgan Stanley closure of non US account - UK investment

Post by seriously2019 » Tue Apr 09, 2019 3:43 pm

I've only just received info that Morgan Stanley has closed my US account since it has stopped servicing the accounts of non US residents. Doesn't matter whether you are a US citizen and doesn't matter that you didn't get any notification that this was happening. Anyway - does anyone have any advice for transferring funds either to the US for investment (recommendation of fund managers) or to alternatives in the US who don't have such policies. thanks

vu8
Posts: 260
Joined: Tue May 29, 2018 10:15 am
Location: Columbus, Ohio

Re: Morgan Stanley closure of non US account - UK investment

Post by vu8 » Tue Apr 09, 2019 3:56 pm

Absolutely! Open an account at expat friendly brokerages such as Interactive Brokers (watch out their meticulous fee schemes) or Charles Schwab, transfer your assets over, and you're golden! It's chilling that large brokerages like Chase and BOA would reject the expat community.

Stay away from high fees, fund managers cannot outperform and can suck a lot of money off of your investments by charging obscene expense ratios.

Watch out the transfer fees, ask your new, expat friendly brokerage provider if they would reimburse the transfer. Chase should give you maybe like 2 weeks or 3 weeks to transfer your assets, so you request a FULL account transfer from your new brokerage after you have established your new brokerage account, your assets and the cash in your account shall transfer over to your new expat friendly brokerage account in 4-5 business days.

Topic Author
seriously2019
Posts: 2
Joined: Tue Apr 09, 2019 3:26 pm

Re: Morgan Stanley closure of non US account - UK investment

Post by seriously2019 » Wed Apr 10, 2019 1:05 am

Thank you.

QuantOfAsia
Posts: 10
Joined: Sun Apr 14, 2019 7:57 pm
Location: Hong Kong

Re: Morgan Stanley closure of non US account - UK investment

Post by QuantOfAsia » Sun Apr 14, 2019 8:30 pm

Seems like a popular enough topic we should have a green list of brokers that maintain accounts for US expats and a red list for those that don't. I've recently confirmed Schwab is still on the "green list", along with a few others, but would like to see a longer list.

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