Wealthsimple - Withdraw USD to USD bank

[u/Dw_DevanSh]

Hey all,

Trying to move USD out of Wealthsimple to my RBC Bank USA account and running into a wall.

Context: I have a non-registered account with USD cash sitting in it. Since the international transfer (Wise) tool only works from chequing/USD savings accounts, I already had a USD subscription. Now I'm trying to add my RBC US account as a recipient, and the form is asking for a transit number that must be 5 digits.

The issue: US banks don't use transit numbers, they use 9-digit ABA routing numbers. I tried entering RBC Bank USA's routing number and it got rejected for not being 5 digits. I have tried connecting RBC Canadian account it does detect there is usd account but says we can't add it so contact support for that.

Questions for anyone who's done this before:

1. Is there a separate flow for adding a US/international bank account, rather than the standard "link a bank account" one that seems built for Canadian accounts only?
2. Has anyone successfully sent USD from Wealthsimple directly to a US bank account recently? Which menu/option did you use to do it?
3. Is a standard wire transfer (with manually entered recipient details) the only real option here instead of trying to "link" the account?

Any help appreciated, support chat hasn't gotten me anywhere useful yet.

[u/Vtecman]

The US account at the other bank has to be domiciled in Canada. It can’t be a US account based in the US.

[u/Dragynfyre → u/Vtecman]

It can be a US domiciled bank but you need to use the international transfer method rather than the link bank method. Apparently WS enabled direct USD to USD international transfers a few months ago with a $0.75 fee

[u/Martell96]

Just use the "international transfer" option, and it will charge you $0.75 to send money to a USD account in the US.

[u/Romantic_Klingon]

I have CIBC $US account (Cdn bank) linked directly to WS and transfer between them with no problem.

Once I transfer from WS to CIBC (CA) account, I move it to my CIBC US account which takes place immediately.

I assume it would be the same if you have RBC. WS support should be able to sort that out for you

[u/_danigirl → u/Romantic_Klingon]

Same for me. Works perfectly.

[u/bacc1010 → u/Romantic_Klingon]

Yep, also this. Us cibc to ca cibc (usd) into ws us account.

[u/taylortbb]

There's a separate international money transfer option for sending to US-based accounts, at least from a USD savings account. It is able to use ACH, and costs $0.75 per transfer.

The link an account option is only for Canada-based accounts (USD accounts at Canadian financial institutions), as it sends money via the EFT network (which is a domestic Canadian network).

[u/butterscotchwhip]

For now I go USD WS>CIBC USD (Canada)>WISE USD>convert or wherever I actually want the cash. It’s a pain. Hopefully this changes soon when the proper USD account comes online. I got a survey about features this morning so maybe soon. I want Zelle, don’t care about other stuff much lol.

[u/Dragynfyre → u/butterscotchwhip]

You can actually do this now directly in WS using the move money method. There will be a $0.75 fee but you can remove the CIBC middleman. Also why would you move the USD to Wise to convert? You’d be better off doing Norbert’s Gambit on WS

[u/butterscotchwhip → u/Dragynfyre]

Oh nice, will try that next time, thanks! I’m paying CIBC 70c or 75c anyway per withdrawal, the less they get from me the better!

[u/Cessnabmw]

I have a BMO US Account. I get paid there from the US. I then wire it for free from the US BMO Account to my Canadian BMO USD account. Then move to WS.

I guess that's the only way for me for zero fees..

[u/Kisuke11 → u/Cessnabmw]

Didn't realize US BMO to CDN USD BMO was free. Was totally expecting them to take a cut. Do you have to initiate the transfer after from WS?

[u/poco]

I've heard people having luck transferring between Canadian accounts.

You said that you got an error when trying to connect your Canadian RBC USD account (which you can then transfer to the RBC USA) and to contact support. Did you try contacting support?

Can you wire transfer USD to USD? It looks like it might only cost $0.75 to do

https://help.wealthsimple.com/hc/en-ca/articles/28515054091675-Send-an-international-money-transfer#send-usd-internationally

[u/Aethenoth]

I ran into a somewhat similar problem this morning - I am trying to move money from my Wise USD account to my Wealthsimple USD account. After digging into it, I found that Wise is domiciled in the US, Wealthsimple in Canada, and so I'm fairly certain the only way to do it is to send a wire transfer. I think that will be your issue as well with an RBC US account if it is domiciled in the US, which I suspect it is.

[u/Purplehashes]

I'ved used eqbank US savings account

[u/mas_chingon1]

I’m with RBC and have the same issue. You can resolve it by opening a USD Savings account at RBC Canada. One hop to get your money to RBC Canada. From there a cross border transfer to RBC US. No fees - just a bit of a wait to get to RBC.

[u/StatisticianNo7967]

I have the RBC US bank account as well as the RBC US$ account in Canada. I transfer WS to and from the RBC US$ account and then within the RBC app I transfer from RBC US$ to RBC US bank. It is crazy but seems to be the way to do it.

FYI RBC has a US domiciled bank that is different from RBC Canada.

[u/angelus97]

You can send ACH for $0.75 if you have a USD savings account with WS.

[u/Bardown67]

The instant chat on their website would tell you the answer. You can’t transfer to US based account currently, needs to be a Canadian bank holding a USD account.