BMO was the only Canadian broker to offer DRS transfers for free, but from April 1st 2023 they introduced a $100 fee per security DRS transferred, although the fee may be partially, or even fully, rebated depending on your portfolio size (including your cash balance). Ask the support agent about the "updated standards document" if you wish to see your eligibility.
It's also a $150 fee to transfer to another broker. If you're already in BMO then your cheapest option (without selling and repurchasing) is to DRS transfer.
If you have come to see how to transfer into BMO first, you may want to consider IBKR instead as they can DRS transfer for $5. If you want to use a Canadian institution then CIBC or RBC are now the most affordable, as they can DRS transfer for $50.
To transfer to Computershare, skip to the DRS guide below.
How to transfer into BMO:
Open an investing account with BMO (cash account). You do not need to open a bank account with them.
Also open a TFSA with BMO if you wish to transfer TFSA shares. It will save you time in the long run.
Wait for a few days for BMO to set up the account(s) for you.
While you wait for your BMO account, get an account statement from your old broker, and make sure you have $25 in that account. Just in case they charge you a fee for the transfer.
QuestTrade and Wealthsimple threaten a $25 transfer fee, but do not seem to charge it. Questrade also threaten a $150 fee if you transfer the full account. It's always best to double check fees with your broker.
Log in to BMO's website and from your account select the "Request" tab.
Select this document to request a share transfer into BMO.
Enter your other broker account details and what shares you want transferred.
You can transfer specific shares, or the full account. Be careful if transferring the full account, as they may close your account afterwards. Removing access to your account statements and contract notes. (You will need these documents to prove costs when it comes to your tax return). So a partial transfer is usually the safer route.
Email the filled in form and a copy of your old broker's account statement to BMO at "info@bmoinvestorline.com".
For the subject line write: “Authorization to Transfer Account”
For the message write: “Hello, Enclosed is the form to transfer securities in kind from (Old Broker) TFSA and/or Cash to BMO TFSA and/or cash, as well as the most recent statement from (Old Broker). Thank you”
Once the request is submitted, it can take up to 2-3 weeks for the transfer to complete. If you are feeling uncertain, you can contact both brokers to ensure they are communicating with each other.
If you want to DRS shares from a TFSA, BMO can DRS them directly to Computershare, but the tax advantaged status will be removed from those shares.
How to transfer from BMO to the direct registration system:
Once your shares are settled in BMO Investorline:
Call BMO Investorline on 1-888-776-6886 and ask to talk to someone for a stock transfer, specifically an "Outbound DRS Transfer".
When you are connected to the correct department, ask: “I want an outbound DRS transfer of my GME shares to Computershare”.
You may then be asked for the following information:
The stock (GameStop), its ticker (GME), and its CUSIP (36467W109).
How many shares you want to transfer.
The Transfer Agent's name, DTC number, and address. In GameStop's case that's: Computershare US. DTC# 7807. Computershare Trust Company, N.A., P.O. Box 505005, Louisville, KY 40233-5005.
Optional: Your Computershare account number. If you want the shares ordered in Last In First Out (newest shares transferred first), or First In First Out (oldest shares transferred first).
Once you have provided all of the info, the agent will submit the request for you.
The transfer will take 3-10 business days to process. If you're feeling uncertain, you can check in with them by calling BMO Investorline on 1-888-776-6886.
If you don't have an existing Computershare account:
Your broker and Computershare will take care of the transfer and open a Computershare account for you. This will take another 2-3 business days.
If you have an existing Computershare account:
Your broker will transfer the shares in your name. As a result, a second account may be created for you. This can be for a few reasons, such as a middle initial existing on one account, but not the other. If your name matches exactly, then the transfer will process within the normal amount of time. If not, then it will take another 2-4 weeks for the account to be made and the DRS Account Statement sent out to you.
Your broker may ask you for a Computershare account number. For security reasons we do not recommend giving this information to your broker. With Computershare accounts, the account number is the "key" that allows brokers to authorize a transfer of shares out of the DRS and back to the broker.
After your shares leave your broker:
Now you will need to wait for the first Computershare letter to arrive.
This letter is the DRS Account Statement.
It will take another 2-6 weeks after your shares have left your broker.
If you don't want to wait around 4 weeks, you have a couple of options:
If you have transferred less than 10 shares, Computershare can give you your account number over the phone. Skipping the need for the first letter.
You can expedite the letter for $45 by giving payment details to Computershare over the phone. The letter will arrive within a week.
Computershare's non-US GME contact number is +800-3823-3823. This is a free number that can only be called from landlines in the following countries: Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Ireland, Israel, Netherlands, New Zealand, Norway, Poland, Spain, Sweden, Thailand, and the UK.
Please note: The number is only available between 08:00 and 14:00 (GMT). Otherwise you will be put through to Computershare headquarters in the USA without notice.
Otherwise, the US toll-free number is: +1 800-522-6645 and the US toll number is: +1 (201) 680 6578 (taxes may apply). If you're outside the US, you can get a free trial month of Skype to call these numbers.
If you don't hear any relevant options with the automated menu, you can keep pressing 0 to get through to a human.
If you are asked to verify your address and live outside of the US, you will have to use an ISO code instead of your country. For example, London in the UK is GB-LDN and Barcelona in Spain is ES-B. You can find your country's ISO codes through this wikipedia page.
When you have the DRS Account Statement:
Go to Computershare.com/us.
Click on “Login to Investor Center”.
Click on “Register Now”.
Make sure to select the “Holder Account Number” tab, instead of “Social Security Number”.
Select “I am not a U.S. Resident”.
Provide the Computershare account number that is on your DRS Account Statement (starts with “C”).
Provide your last name, surname, or business name.
Enter the name of the stock that you hold (GameStop).
Computershare will then prompt you to create your username, password and security questions.
Once your account is created, Computershare will send you a verification letter in the mail. This will arrive in 1 to 3 weeks.
If you'd like it sooner you can call Computershare and pay a $30 fee to get the verification code via email within 48 hours.
Computershare's non-US GME contact number is +800-3823-3823. This is a free number that can only be called from landlines in the following countries: Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Ireland, Israel, Netherlands, New Zealand, Norway, Poland, Spain, Sweden, Thailand, and the UK.
Please note: The number is only available between 08:00 and 14:00 (GMT). Otherwise you will be put through to Computershare headquarters in the USA without notice.
Otherwise, the US toll-free number is: +1 800-522-6645 and the US toll number is: +1 (201) 680 6578 (taxes may apply). If you're outside the US, you can get a free trial month of Skype to call these numbers.
If you don't hear any relevant options with the automated menu, you can keep pressing 0 to get through to a human.
If you are asked to verify your address and live outside of the US, you will have to use an ISO code instead of your country. For example, London in the UK is GB-LDN and Barcelona in Spain is ES-B. You can find your country's ISO codes through this wikipedia page.
When you receive the verification code letter:
Return to Computershare.com/us.
Click on “Login to Investor Center”.
Login using the username, and password you have created.
Then you can enter the verification code.
You now have full access to your Computershare account!
There is no more need for the verification code.
We recommend you now activate your two-step verification (2FA) to improve your account security. You can set this up by going to: "My Profile", then "Account Security Preferences".
Tax Form:
At this stage it is important to verify your tax status as a non-US citizen. While logged into your account, go to the My Profile tab, then “Tax Details”. A guide on how to fill in the W-8 BEN form is linked here.
You must fill in the W-8 BEN form before you buy any shares through Computershare, or add your banking information (especially if it's a US dollar account). Otherwise you will be assumed to be a US citizen.