Depository Change
1. What is a depository change?
A depository change is the transfer of securities from one stock exchange to another. This often requires changing the currency denomination of the stock. In the case of Moomoo Canada, it specifically refers to transferring securities between the Canadian and US stock exchanges.
Note: Moomoo Canada currently only supports depository changes between different exchanges.
2. How to request a depository change
To request a depository change in the moomoo app:
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Go to the Accounts tab > Tap an Account > More > Depository Change
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Select an Account > Tap Depository Change/Trading Currency Change
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Search for the stock symbol you'd like to request a depository change
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Enter the quantity of shares for a depository change
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Submit your request
3. What happens after a depository change?
Portfolio Market Value
After a depository change, there may be slight variations in your portfolio market value compared to the previous value. This is primarily due to potential differences in stock prices between the US and Canadian stock exchanges when converted into the same currency. Although these differences are generally minimal, it is important to note that they can exist.
Cost Basis
During a depository change, your cost basis may be briefly affected. It takes approximately one business day to recalculate and adjust the cost basis for the stocks involved in the transfer. As a result, your profit/loss (P/L) data may show temporary deviation until the calculation is complete. After one business day, the P/L data will return to normal.
4. Can I save on exchange costs with a depository change?
Yes, making a depository change is one way to reduce exchange costs. Alternatively, you can also easily exchange currency on moomoo with a low-fee rate of 0.09% plus a fixed handling fee of $2.00 USD. The table below provides an overview of the costs associated with currency exchange on moomoo.
|
Exchange Amount (USD) |
Estimated Fee (USD) |
|
$1K |
$2.90 |
|
$5K |
$6.50 |
|
$10K |
$11.00 |
|
$50K |
$47.00 |
|
$100K |
$92.00 |
5. Are there any depository change fees?
Yes, there is a fixed fee of $10.00 USD for each depository change request. You can review your depository change history and associated fee charges in Funds Details in the moomoo app.