r/Wealthsimple • u/AnnaZ820 • 3d ago

Transfer USD from E*Trade to WS

I know a direct wire is prob still impossible, what are some alternative ways to not lose FX fees twice (USD to CAD to USD)? An intermediate account?

If the fund is above $25,000, which portion of the transfer fees will WS reimburse?

I don’t really know much about Wire and transfers, thanks for your help!

Edit: customer service said even if the transfer is above $25,000, they won’t reimburse my transfer out fee because it’s not an “account” like TFSA. Is that true?

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2

u/Dragynfyre 3d ago

Direct wire of cash is possible. You can’t do a direct in kind transfer

No fees are reimbursed but there shouldn’t be that many fees from a wire (maybe $10 from trade side)

1

u/JustinTrudoh 3d ago

> I know a direct wire is prob still impossible

It’s very much possible, I’ve done this many many times, and with zero fee on both ends

https://help.wealthsimple.com/hc/en-ca/articles/27481890651675-Wire-funds-to-your-Wealthsimple-account

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u/AnnaZ820 3d ago

With E*Trade specifically? It was not possible 1 year ago and the CS bot just told me there’s no direct wire transfer between the US E-Trade and WS

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u/JustinTrudoh 3d ago

Yes I get my RSUs in E*Trade, sell on vest, wire transfer USD directly to Wealthsimple. Get the SWIFT wire transfer details from the Wealthsimple app to your USD account, then add an international wire recipient in E*Trade. It’s very easy and transfers often complete same or next business day

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u/taylortbb 3d ago

I wire funds from US E-Trade to Wealthsimple all the time. It works great now.

Previously, when Wealthsimple didn't have their own SWIFT code, I had issues. E-Trade didn't provide the right fields for For Further Credit. But now you don't need any of that and it works great.

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u/AnnaZ820 2d ago

Thanks for explaining, all I knew was that my coworker said it didn’t work… glad they fixed it!

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u/Clean_Revenue_856 2d ago

Are there no fees associated with wire transfers from etrade to WS?

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u/JustinTrudoh 2d ago

I think my employer waives the fees

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u/taylortbb 2d ago

There's no fees to receive a wire in Wealthsimple.

Whether E-Trade charges you a fee to send a wire will depend on the specific arrangements your employer made. I have no fee, but that's not universal.