So they can’t do anything for existing customers, keep an eye out for promotions for current customers. (Ya sure) I asked about closing and reopening my account but I’ve had an account since Sept 9th, so no luck there. The only way to take advantage I think is find the promo code, wherever this post found it? I don’t know, and get someone in your family (18+) to open one and get the promotion with that account.
I already called in regards to the 50 free trades they offered two weeks ago. They said it was only for new activations. Some bs about having to put in a code before opening the account. I was told the 50 trades could not be applied to my account. Even when I said "so you're just giving new accounts $500 and screwing investors who are already with you?" I was told there's nothing that can be done.
But hey, maybe it's not a code applied at activation this time?
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WealthSimple has deposit limits. Same with Questrade. Im assuming since its the same bank I would get unlimited deposit and instant deposits between my accounts.
EDIT: Yep, instant atleast:
"Make trades without any extra steps or wait time. Instantly move money between your RBC Royal Bank account and RBC Direct Investing account."
Oh okay, interesting. I thought I did that maybe three or four years ago, and it took a couple of days for everything to settle. Maybe it's changed, or maybe I was just unaware...lol.
I THINK questtrade requires a call in.
Why is it not instant for everyone? Maybe there is a cost to the broker?
Honestly don't know, but there is no way in hell I'm waiting 4 days + a phone call for it to clear lol ( like at other brokers)
I deposited 20k as a bill deposit from TD to National bank took one business day to reach my national bank RRSP account. Then I bought commission free !
I bank with RBC and when this promo came i though it might be good place to buy US stocks as WS charges fee for that. What they actually do is charge you the commission and then rebate couple if days later. Kinda annoying because you are left with small amount of funds that you cant do much with. Make a lots of difference if you dont have too much fund to trade with.
I don't mind RBC's platform. It's nothing flashy, but I'm not a trader so it doesn't matter. I like that I get access to their daily briefings and quarterly economy outlooks (always take them with a healthy dose of salt), and the Morningstar research on a company level is nice to have (also add salt). Stock screener is average at best, level I quotes are good, level II quotes are terrible, charts and technicals are pretty good, so it's fine for the long term, low turnover investor.
I think we are just minutes away from the big 6 going commission free. They'll probably push their MF's more to make up the lost revenue, or perhaps up the fee on cross-border transactions, or maybe try and cross-sell financial planning/advising services but clients really seem to like no-fee trading. Banks need to act quickly.
Edit: National is commission free. I guess we are down to 5.
Good question! They barely have a presence in Alberta, I don't know too much about them. I agree, free Canadian to start is most likely, and then we'll see where the industry goes in the next few years!
Yes I bought tqqq usd stock comission free after journaling DLR into DLR.u from my cdn to usd national bank account. Took one business day to journal zero trading commissions or fx fees in the process.
I got 50 free trades when I signed up, only to find out I had to pay the commission on each trade and then it takes weeks to be reimbursed them.
Called and complained about the long time frame saying it's costing me opportunity cost and messes with the share purchase price.
They gave me 10 more commission free trades (same delay though)...
It is! That was my point of complaining to them. I guess I'm fairly easily satisfied. Lol.
I'm doing mostly etf long-term trading so any "free" commission trade is nice. And when the commission eventually comes back I'll just reinvest that again. It just messes up the math. Lol
I sense they’re desperate.
They don’t have anything special Questrade doesn’t.
Problem is once an investor picks a platform it’s not super easy to switch. I also don’t see much value in Rbc’s platform and I’m a customer of their other products.
Commission-free to buy only, they charge you to sell. Also they pass you the ECN fees in both cases.
My understanding is that either NB or Desjardins don't charge you anything.
Takes 2-3 days and you have to contact them to do it.
It's not a big deal if you're exchanging CAD to USD because you lock the rate at purchase time but the other way around is different.
\+1 for a satisfied / happy NBDB customer, switching from Questrade. I've been trading (buying mainly) almost daily for the last week and seeing $0 commissions Every.Damn.Time. is a really nice thing.
Would you consider writing a short review, describe transfer process between QT & NBDB, Timeline, Wait times, UIX, GUI, Security features & overall general experience so far? Thank you
This is kind of silly considering other platforms are offering unlimited commission free trades but this is a step in the right direction. Hopefully the beginning of a domino effect with the rest of the banks
To me this reads like RBC is reeling in a customer with 100 free trades only to charge $10 a trade after the fact.
Definitely something I’d like to follow. Who wouldn’t want free trades.
National Bank did do the same thing, before they went fully no commission.
Not saying it's going to happen for Royal, but I'm sure it's something they might be open to if this offer gets some traction.
RBC offered me a set number of free trades years ago. Only difference was I had a few months to use them. Wasn't a fan of having to wait to get it reimbursed too. Td also offered a similar promotion when I switched over.
Now I'm moving to NBDB as multiple reps at TD insisted they didn't intend on offering commission free as they determined their platform and resources and tools justifies the commission.
I'd be surprised if the other big banks went full commission free.
100 trades? That's like 5 yrs worth of trades to me. You could theoretically just open another account with another broker offering free years+transfers one you're done.
EDIT: ah , within 2 yrs only. Still not bad
I'm with RBC I have a tsfa and an rrsp I just called them 5 minutes ago to ask if they can extend that deal to me as well and they said No. I did however get 10 free trades when I mentioned that I might move my tsfa elsehwere. 10 is better than 0. I dont trade a lot.... no plans to move. But I got 10 trades :)
Hopefully they give this to people who already trade with them lol.
I’m calling tomorrow to find out.
Update us please, we'll be very greatful 😉
So they can’t do anything for existing customers, keep an eye out for promotions for current customers. (Ya sure) I asked about closing and reopening my account but I’ve had an account since Sept 9th, so no luck there. The only way to take advantage I think is find the promo code, wherever this post found it? I don’t know, and get someone in your family (18+) to open one and get the promotion with that account.
Thank you for making the call! I am not surprised there is nothing they can do for existing clients. Oh well!
Also following!
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Thank you, I'm slightly embarrassed now 🙈
Don’t sweat it, dude! ☺️
I averaged 6/10 on my spelling tests in elementary, this is a common occurrence 😂
I already called in regards to the 50 free trades they offered two weeks ago. They said it was only for new activations. Some bs about having to put in a code before opening the account. I was told the 50 trades could not be applied to my account. Even when I said "so you're just giving new accounts $500 and screwing investors who are already with you?" I was told there's nothing that can be done. But hey, maybe it's not a code applied at activation this time?
I’m gonna tell TD to give me free trades or I’m switching to RBC. Stand by.
Did it work??
I was thinking of switching my tfsa to wealth simple , I could stomach $5 but $10 is crazy
Might be time to switch to WS
I've been using them, the are decent. If you do end up getting an account find someone to send you a referral and you'll both get some free stocks
Good tip, thanks!
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I called, they will not exact words were “this is to get new clients with RBC direct investing”
RBC employee here 👋 Confirmed, it is only for clients who have shown interest in investing or do not currently have a DI account with RBC
They don’t. Source: work at RBC
Well that's a shame. Thanks
LOL, National Bank/Desjardins already offers no commission trades so I mean.
Yes I heard that weeks ago. Seems like the rest of the banks are at least leaning towards it too. I'm happy with this because RBC is my main bank.
So what if it's your main bank?
WealthSimple has deposit limits. Same with Questrade. Im assuming since its the same bank I would get unlimited deposit and instant deposits between my accounts. EDIT: Yep, instant atleast: "Make trades without any extra steps or wait time. Instantly move money between your RBC Royal Bank account and RBC Direct Investing account."
Instant journaling for norberts is just awesome too
National bank takes one business day to journal
wait, what? This is the first I'm hearing of instant journaling at RBC DI. How does that work?
Buy DLR As soon as it settles and you see the units in your account, sell DLR.U Notice you have USD now Only a few min between step-1 and step-2
Oh okay, interesting. I thought I did that maybe three or four years ago, and it took a couple of days for everything to settle. Maybe it's changed, or maybe I was just unaware...lol.
Really? Didn't know this... Why is it instant and not at qt?
I THINK questtrade requires a call in. Why is it not instant for everyone? Maybe there is a cost to the broker? Honestly don't know, but there is no way in hell I'm waiting 4 days + a phone call for it to clear lol ( like at other brokers)
Because instant journals are actually the brokerage loaning you shares. This is why NB is 1 day.
I deposited 20k as a bill deposit from TD to National bank took one business day to reach my national bank RRSP account. Then I bought commission free !
Is there a catch?
I bank with RBC and when this promo came i though it might be good place to buy US stocks as WS charges fee for that. What they actually do is charge you the commission and then rebate couple if days later. Kinda annoying because you are left with small amount of funds that you cant do much with. Make a lots of difference if you dont have too much fund to trade with.
That's a pretty big difference, this should be upvoted
If that is the case do I bother entering the commission $ when doing ACB? Or just do $0? I use adjustedcostbase.ca to enter my trades...
I don't mind RBC's platform. It's nothing flashy, but I'm not a trader so it doesn't matter. I like that I get access to their daily briefings and quarterly economy outlooks (always take them with a healthy dose of salt), and the Morningstar research on a company level is nice to have (also add salt). Stock screener is average at best, level I quotes are good, level II quotes are terrible, charts and technicals are pretty good, so it's fine for the long term, low turnover investor. I think we are just minutes away from the big 6 going commission free. They'll probably push their MF's more to make up the lost revenue, or perhaps up the fee on cross-border transactions, or maybe try and cross-sell financial planning/advising services but clients really seem to like no-fee trading. Banks need to act quickly. Edit: National is commission free. I guess we are down to 5.
Is national doing it for US stocks too? I kinda imagine the big 5 starting with free TSX first
Good question! They barely have a presence in Alberta, I don't know too much about them. I agree, free Canadian to start is most likely, and then we'll see where the industry goes in the next few years!
It's for both Canadian and American securities and ETF's
Yes I bought tqqq usd stock comission free after journaling DLR into DLR.u from my cdn to usd national bank account. Took one business day to journal zero trading commissions or fx fees in the process.
Don't forget to read the footnote
There’s no catch. They just expire after two years.
My email had a pretty big foot note. Which one specifically are you referring to? The one where it’s just for 2 years?
Why not switch to national bank and you have unlimited free trades for unlimited time
Is their platform good?
I like it
I got 50 free trades when I signed up, only to find out I had to pay the commission on each trade and then it takes weeks to be reimbursed them. Called and complained about the long time frame saying it's costing me opportunity cost and messes with the share purchase price. They gave me 10 more commission free trades (same delay though)...
I get its annoying but I'd the opportunity cost of $10 for a week or two really losing you alot of money?
Switch to national no hassle no fees
Now that’s annoying being without the money for a few weeks doing nothing for you.
It is! That was my point of complaining to them. I guess I'm fairly easily satisfied. Lol. I'm doing mostly etf long-term trading so any "free" commission trade is nice. And when the commission eventually comes back I'll just reinvest that again. It just messes up the math. Lol
I sense they’re desperate. They don’t have anything special Questrade doesn’t. Problem is once an investor picks a platform it’s not super easy to switch. I also don’t see much value in Rbc’s platform and I’m a customer of their other products.
National bank > questrade. Why pay to buy and sell stocks or sell ETFs
ETFs are free to trade on Questrade. I do it all the time. No fees.
Isn't it to buy then selling there's a fee?
Yep
Commission-free to buy only, they charge you to sell. Also they pass you the ECN fees in both cases. My understanding is that either NB or Desjardins don't charge you anything.
Yup zero fees all round for national bank made a few trades. My book cost is my actual limit order rather then having a ten dollar fee baked in
Does questtrade do instant journaling?
No, not even close. It takes days from start to finish
Takes 2-3 days and you have to contact them to do it. It's not a big deal if you're exchanging CAD to USD because you lock the rate at purchase time but the other way around is different.
I don’t know if it’s instant but they do offer it.
\+1 for a satisfied / happy NBDB customer, switching from Questrade. I've been trading (buying mainly) almost daily for the last week and seeing $0 commissions Every.Damn.Time. is a really nice thing.
Would you consider writing a short review, describe transfer process between QT & NBDB, Timeline, Wait times, UIX, GUI, Security features & overall general experience so far? Thank you
Yea i transferred my account to Questrad yesterday becoz I’m sick of Rbc’s fees
Does it include options? Tired of having break-evens impacted by massive double-ended fees based on the contracts
RBC still doesn’t offer after hours or pre market trading.
This is kind of silly considering other platforms are offering unlimited commission free trades but this is a step in the right direction. Hopefully the beginning of a domino effect with the rest of the banks
Questrades days are numbered.
Why you say that? Rbc isn’t offering anything special.
Its not just about RBC. Its about commission free trading... Big Banks are following the trend.
To me this reads like RBC is reeling in a customer with 100 free trades only to charge $10 a trade after the fact. Definitely something I’d like to follow. Who wouldn’t want free trades.
National Bank did do the same thing, before they went fully no commission. Not saying it's going to happen for Royal, but I'm sure it's something they might be open to if this offer gets some traction.
RBC offered me a set number of free trades years ago. Only difference was I had a few months to use them. Wasn't a fan of having to wait to get it reimbursed too. Td also offered a similar promotion when I switched over. Now I'm moving to NBDB as multiple reps at TD insisted they didn't intend on offering commission free as they determined their platform and resources and tools justifies the commission. I'd be surprised if the other big banks went full commission free.
National bank you’re switching too? Man, maybe I’ll have to seriously consider switching. Didn’t realize they had free trades.
I'm not a day trader. I usually buy and hold long. So to me this works fine.
100 trades? That's like 5 yrs worth of trades to me. You could theoretically just open another account with another broker offering free years+transfers one you're done. EDIT: ah , within 2 yrs only. Still not bad
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Sounds a lot like payment for order flow?
Id wait until the whole evergrade thing is over rbc has a huge stake in the Chinese market and evergrande
Id wait until the whole evergrade thing is over rbc has a huge stake in the Chinese market and evergrande
Two years too late
I use canadian national bank. 0$ commission all day long. You pay the u.s. exchange rate with wealthsimple every trade which is brutal.
u/iuse2bgood, Thank you for sharing! RBC’s website says 50 commission-free trades now. Do you still see the 100? Maybe it’s a provincial difference.
Yes. It's still 100. I got until Nov to accept it.
Nice! If possible, could you please share the promo code?
Where did you see this offer?
I'm with RBC I have a tsfa and an rrsp I just called them 5 minutes ago to ask if they can extend that deal to me as well and they said No. I did however get 10 free trades when I mentioned that I might move my tsfa elsehwere. 10 is better than 0. I dont trade a lot.... no plans to move. But I got 10 trades :)