Overview
After you've initiated an account transfer to Wealthsimple, you can easily check its status directly in your profile. This article explains how to do it and what each status means.
How to check the status of your transfer
Follow these steps to check the status of your transfer:
- Sign in to the Wealthsimple app on your mobile device
- Tap the Activity (clock) tab at the bottom of your screen
- Tap the Filter icon in the top right corner
- Select Type
- Scroll down and select Transfers
- Tap Done
- Choose the institutional transfer you wish to view
- Tap View details
- Here, you'll find the current status of your transfer as well as its previous history
- Log in to your Wealthsimple account
- From the Home tab, navigate to Account transfers
- Select the institutional transfer you wish to view
- Here, you'll find the current status of your transfer as well as its previous history
If there's any action required on your part, we'll indicate it in the transfer details. If applicable, please follow the instructions to provide more information.
Understanding transfer statuses
Here's a list of what the different statuses mean:
-
In-progress: We're reviewing your request and preparing the paperwork. Your transfer requires no action from you at the moment.
-
Transferring: We've received confirmation that your assets are on their way. Keep in mind that cash and securities might arrive at separate times, and your bank will show that funds have left your account before they show up in Wealthsimple.
-
Completed: At this point, the transfer request has been officially marked as completed. You should receive a confirmation email.
-
Reimbursed: If your transfer is above $25,000, you'll automatically receive a transfer-out fee reimbursement. Conditions apply. You can learn more about our transfer fee reimbursement policy.
-
Cancelled: Your transfer has been cancelled.
- Action required: We need your help completing this transfer. Please follow the outlined instructions in your account transfer details.
Transfer timelines and what to expect
Below are the average transfer completion timelines for popular institutions:
|
Financial institution |
Average transfer completion |
|---|---|
|
TD Direct Investing |
3 weeks |
|
TD Bank Branch |
4 weeks |
|
RBC Direct Investing |
3 weeks |
|
RBC Branch |
3 weeks |
|
Sun Life Group Plans |
4 weeks |
|
Manulife Group Retirement Services |
5 weeks |
|
CIBC Investor's Edge |
4 weeks |
|
CIBC Branch / Securities |
5 weeks |
|
Canada Life Group Plans |
7 weeks |
|
Scotia iTrade |
3 weeks |
|
Scotia Branch |
4 weeks |
|
BMO Investorline |
3 weeks |
|
Investor's Group Financial Services |
4 weeks |
|
Questrade |
2 weeks |
The funds have left my account, but they aren't at Wealthsimple yet. What's happening?
This is a normal step for your bank to show that funds have left before they show up in your Wealthsimple account. Depending on your institution, the completion time will vary depending on the different transfer methods they use. Transfers from institutions that send out cheques will typically take a couple of weeks longer than electronic transfers.
Hang tight, we'll send an email confirmation once the transfer is confirmed complete, and our team will notify you if anything else is needed. At this stage, our support team doesn't have full visibility on the status of your transfer, but your institution might have more details if you wish to contact them.
Transfer methods for popular institutions
Keep in mind that transfers from institutions that send out cheques will take longer than electronic transfers:
|
Financial institution |
Transfer method |
|---|---|
|
Questrade |
Electronic |
|
TD Direct Investing |
Electronic |
|
TD Bank Branch |
Cheque |
|
RBC Direct Investing |
Electronic |
|
RBC Branch |
Electronic |
|
Sun Life Group Plans |
Cheque |
|
Tangerine |
Cheque |
|
Manulife Group Retirement Services |
Cheque |
|
CIBC Investor's Edge |
Electronic |
|
CIBC Branch / Securities |
Cheque |
|
Canada Life Group Plans |
Cheque |
|
Scotia iTrade |
Electronic |
|
Scotia Branch |
Cheque |
|
BMO Investorline |
Electronic |
|
Investor's Group Financial Services |
Cheque |
Frequently asked questions
When can I move or trade my funds after the transfer is complete?
The timeline of when you can move and trade your funds depends on the transfer method:
- You can move and trade funds from an electronic transfer the day they arrive in your Wealthsimple account.
- You can move and trade funds from a cheque transfer after the 5 business days clearing period.
My transfer is taking longer than expected. What should I do?
We have a team dedicated to following up with institutions on all transfers since institutions may not always notify us if there's an issue.
Please check your transfer status in the section above for the next steps. If the status says Action required, follow the instructions. Otherwise, please consider contacting your institution and asking them for a status update on the transfer, or to expedite your transfer. You can also check the average transfer timelines for popular financial institutions in the table above.
Why is the transferred amount different than the amount in my transaction history?
When you request an account transfer, you enter an estimated value of the account. This amount is reflected in your transaction history and doesn't update even if your account value changes after you submit the request. To view the final value of your account transfer once it's complete, please review your account statement.
How do I cancel my transfer?
There are two steps to cancelling your transfer:
- Contact our Client Success team to let them know that you want to cancel your transfer.
- Then, contact your institution and confirm that they cancelled the request on their end.
What happens to dividends and other residual funds after the transfer?
Your originating financial institution will typically transfer any residual funds that land post-transfer to your Wealthsimple account. If you haven't received them after 15 business days since they landed, please contact our Client Support team for help.
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