First, make sure you have the specific account type (RRSP, TFSA, etc.) open with Wealthsimple. Then you can transfer an existing account from another institution by following these steps:
- Login to your Wealthsimple account
- Navigate to the "Funding" page of your account and click "Transfer an existing account"
- Fill in the details of your transfer and upload an account statement (optional)
- Review, e-sign the transfer form, and press "Finish"
- We will take it from here! We will get into contact with your financial institution to initiate the transfer and all that's required from you. These processes typically take 4-6 weeks - we wish it could be faster! - but we'll stay on top of it for you and email you once the transfer is complete.
- Once the transfer is complete, we will liquidate any existing holdings and get you invested in your Wealthsimple portfolio!
When you transfer an account, you'll be asked whether you want to transfer your investments “as cash” or “holdings as is.” There can be fees associated with how you transfer your investments, so it's really important to understand what the options are. You can read more about that here, and if you're still not sure, please create a request and our Relationship Management team can assist.
As an added token of appreciation from us: if you transfer over $5,000 to your Wealthsimple account, we will also reimburse the transfer fee that your institution charges you. Simply send us a screenshot of your statement and we'll reimburse it for you! You can read more about our Fee Reimbursement Policy here.