In this article:
Overview
After you've initiated an account transfer to Wealthsimple, you can 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:
- Log in to the Wealthsimple app
- Tap the Activity (clock) tab at the bottom of your screen
- You can find your pending account transfer in two ways:
- Tap Pending at the top of your Activity feed
- Tap Quick filter or Status, and choose Pending
- Tap Apply
- Choose the external transfer to view its status and details
- Log in to your Wealthsimple profile
- From the Home tab, navigate to Account transfers
- Select the external 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. If your transfer included mutual funds, one of them may still be moving into a lower-cost version of the same fund. The confirmation email arrives once every one of those changes on your transfer has finished.
- Reimbursed: If your transfer is at least $25,000, you'll automatically receive a transfer-out fee reimbursement, as long as your Wealthsimple account stays funded for 90 days. You can learn more about our transfer fee reimbursement policy.
- Cancelled: Your transfer has been cancelled.
Statuses that require action
Some transfers need an action from you before we can process them. If yours does, you'll see one of these prompts in the transfer details. Follow it to finish your request:
- Sign now: e-sign the transfer form directly.
- Open email: sign the Docusign form we emailed you.
- Accept: confirm the request to authorize the transfer.
- Get form: print, sign, and return a copy of the form (for institutions that require a handwritten signature).
For joint accounts, both owners complete this step from their own profiles.
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 |
These timelines cover the transfer itself. If your transfer includes mutual funds, a series change usually finishes within a couple of business days of your transfer completing, though it can take up to 15 business days. We'll email you once it's done. That change happens on its own and doesn't hold up access to the rest of your account.
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?
You can move and trade funds from account transfers the day they arrive in your Wealthsimple account, no matter the transfer method.
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 they may not always notify us if there's an issue.
Please check your transfer status in the section above for the next steps. If your transfer needs an action from you, follow the prompt shown in the transfer details. Otherwise, consider contacting your institution to ask for a status update or to expedite the transfer. You can also check the average transfer timelines for popular financial institutions in the table above.
The funds have left my account, but they aren't at Wealthsimple yet. What's happening?
This is normal. Your bank shows funds as having left your account before they arrive at Wealthsimple. How long that gap lasts depends on the transfer method your institution uses: transfers from institutions that send out cheques typically take a couple of weeks longer than electronic transfers.
We'll send you an email confirmation once your transfer is complete, and we'll contact you if we need anything else. At this stage, our support team doesn't have full visibility into the status of your transfer, but your institution may have more details.
My transfer says completed. Why haven't I received a confirmation email?
If your transfer included mutual funds, one of your funds may still be moving into a lower-cost version. The confirmation email arrives once every one of those changes on your transfer has finished, which usually takes a couple of business days from the point your transfer completes, though it can take up to 15 business days.
You can still move and trade the rest of your holdings in the meantime.
Why is my mutual fund showing under a different name than the one I transferred?
It's the same fund, just a lower-cost version of it. The version we hold has a lower management expense ratio, which is the annual cost of owning the fund, so more of your money stays invested. You don't need to do anything, and it isn't a taxable event.
Why is the amount on my completed transfer different from what I entered?
The amount you see when you submit an external transfer is an estimate based on what you entered. Once your transfer finishes processing, we update it to show the settled value: the actual value of the holdings that arrived.
This settled value can differ from your original estimate for a few reasons:
- The amount you entered wasn't exact
- The market value of your holdings changed before the transfer settled
- Some holdings weren't eligible for transfer and didn't come over
- Your transfer settled in a different currency than the one you entered, so the amount now shows in that currency
If your transfer involves both Canadian and US dollars, you can see how amounts appear in your activity feed.
How do I cancel my transfer?
There are two steps to cancelling your transfer:
- Contact our support 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 send any residual funds that land after your transfer to your Wealthsimple account. If you haven't received them within 15 business days, please contact our support team for help.
Comments
0 comments
Article is closed for comments.