You can transfer an existing investment account (ie. RRSP, TFSA, Personal, etc.) from another institution by following the below steps. We recommend checking out our guide to learn how you can prevent your transfer from being rejected:
- 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 and submit your transfer request
- 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. You will see the estimated completion date in your Wealthsimple dashboard once we've sent off the transfer request.
- If you notice that your funds have left your existing investment account but they have yet to show up in Wealthsimple, then this is completely normal and a good sign that your transfer is in its final stages! Most institutions send us a cheque through the mail, and once we receive the cheque we will deposit the funds in your account and immediately notify you!
- If anything further is needed from you, we'll be in touch via email. Otherwise, we'll let you know when your transfer has completed!
When you transfer an account, you'll be asked whether you want to transfer your investments “as cash” or “as is.” There can be fees associated with how you transfer your investments, so it's 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.