If you have an existing investment account at another banking institution, you can transfer it into Wealthsimple.
Transferring an account into a self-directed trading account is a good choice if you’re looking to actively manage your portfolio yourself. If you’d prefer an automated investing service that manages your investments for you, consider transferring your funds into a managed account instead.
For a full list of supported transfers, see the table below:
| Account type |
Available to transfer into a self-directed trading account |
Available to transfer into a managed account |
Average transfer timeline |
| Yes | Yes | 2-4 weeks | |
| TFSA | Yes | Yes | 2-4 weeks |
| RRSP | Yes | Yes | 2-4 weeks |
| No | Yes | 2-4 weeks | |
| No | Yes | 2-4 weeks | |
| RESP | No | Yes | 6-8 weeks |
Before you begin
- Make sure you’re not transferring a chequing or savings account. If you’d like to transfer funds from either of those accounts, consider making a deposit instead.
- You can't transfer fractional shares into a trading account.
Set up your transfer
There are three steps to transferring an account from another institution to Wealthsimple:
- Download a statement from your investment account
- Decide how to transfer your account
- Request a transfer in your Wealthsimple profile
For all other eligible transfers, continue with the instructions listed in this article.
Step 1. Download a statement from your investment account
Download an account statement from the investment account you’re looking to transfer into Wealthsimple. We’ll ask you to upload this when you request a transfer.
Double-check that your current information matches the details on your investment account statement. If the information we have doesn’t match what your bank has, they may reject the transfer request. If needed, consider asking them to update your information before requesting a transfer.
Step 2. Decide how to transfer your account
We'll ask you to choose between the following options when you request a transfer:
- Entire account as cash
Your institution will sell your holdings and move the money to us. - Entire account as is (in-kind)
Your institution will transfer your holdings to us as they are today. You can choose which holdings you'd like us to sell or keep. If you are opening a managed account, - Part of the cash in your account
Your institution will transfer a cash amount that is in your account.
Step 3. Request a transfer in your Wealthsimple profile
To transfer your account into a self-directed trading account, follow these steps:
- Sign into the Trade app on your mobile device
- Tap the Move tab at the bottom of the screen
- Choose Accounts at the top centre of the screen
- Select Transfer an account
- Choose an account type to transfer
- Select your institution and enter an account number
- Choose whether you’d like to transfer your funds in cash or as is
- Enter an estimated value of the account you’re transferring in
- Upload an account statement
- Submit your transfer request
To transfer your account into a managed (Invest) account, follow these steps:
- Sign into the Invest app on your mobile device
- Select Move Funds from the menu bar at the bottom of the screen
- Select Transfer an account
- Choose an account type to transfer
- Choose an institution and enter your account number
- Enter the address of the institution
- Choose whether you’d like to transfer your funds in cash or as is
- Enter an estimated value of the account you’re transferring in
- Upload an account statement
- Select the Wealthsimple account to transfer into
- Submit your transfer request
Transfer an account into a managed (Invest) account
- Head to my.wealthsimple.com and sign into your Invest & Save account
- Select Move funds from the top menu
- Select Transfer an account
- Choose an account type to transfer
- Enter your account number at the relinquishing institution
- Choose whether you’d like to transfer your funds in cash or as is
- Enter an estimated value of the account you’re transferring in
- Upload an account statement
- Review and digitally sign your transfer request
Note: You cannot transfer an account into a trading account with Wealthsimple on the web.
Tips for a successful transfer
- Make sure the information in your Wealthsimple account matches the information your bank has on file
Double-check the account number, full name, SIN, residential address and date of birth. Ask your bank to update your details if the information doesn’t match. Alternatively, send us an email and we can amend the transfer form for you. - Create the most accurate digital signature you can
If you notice that the signature on your transfer form is drastically different from your regular signature, then it is possible that your financial institution may reject our request. - Be aware of transfer fees from your institution
Your institution may charge a transfer fee up to $150, and this will be deducted from your account value. You can request a transfer fee reimbursement for transfers over $5,000. - Make sure you’re transferring into the same type of account
When transferring investment accounts, it is important that the account you have with your bank matches the investment account you have at Wealthsimple. For example: if you're transferring a RRSP, make sure you open a RRSP at Wealthsimple.
If you want to check on the status of your transfer, you can find it directly through your account.
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