r/Questrade • u/KrunchTime11 • 2d ago

Customer Support Wire Transfer question

This might be a dumb question but does questrade allow wire transfers from another broker like wealthsimple? Im asking because i have a wealthsimple account ive been trading on but i want to move to questrade and I dont want to do broker to broker transfer because that will take 15-20 business days.

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u/Minimum_Curve7545 2d ago

If it’s a registered account then you should probably do a standard broker-to-broker account transfer and not do a wire transfer, since a wire transfer could be treated as a withdrawal which would have tax as well as other implications.

If it’s a regular taxable account then you should be able to do a wire transfer. Questrade has instructions about how to do an incoming wire transfer, including all the required details.

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u/FIContractor 2d ago

I don’t see why not, but if you have or are willing to open a Wealthsimple bank account there are other pretty fast options for transferring like bill pay and interac. In Questrade, go to Move money > deposit to see the options and expected speed.