If you're interested in transferring an investment account to Wealthsimple, we have some tips to help set up your transfer. From our experience, transfers can be delayed if we do not receive the correct information from our clients. Therefore, we recommend that you read our help articles before setting up your transfer!

3. Personal Information Mismatch

Before signing your transfer form, it is important to check that your information matches the details at your bank. If there is a discrepancy, your bank will reject our request which can delay the transfer.

To prevent this from happening, you can follow the instructions below.

1. Download your account statement from your current institution.
2. Compare the below information with the transfer form we've created. You'll want to double-check that the information matches your:
1. Full name
2. SIN
3. Residential address
4. Date of birth

If the information matches - Please proceed with e-signing the transfer form. Once signed, we'll send this to your institution and reach out if we require any additional details.

If the information does not match - You'll want to get in touch with your bank to update your details. Alternatively, you can send us an email and we can amend the transfer form for you.

If there is a Name, SIN, or Date of Birth Mismatch:

• Please contact support and we can send you instructions on how to change this info! 

If there is an Address Mismatch:

• Send contact support and we will amend your transfer form

 

4. Investment Account Type

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 Spousal RRSP with TD, then you'll want to open a Spousal RRSP at Wealthsimple.

If there is an account mismatch, then your bank will reject the request which can delay the transfer. To keep things simple, just remember that you can only transfer an investment account if the same account is open with Wealthsimple!

Some useful tips to keep in mind:

Below is a list of account type mismatches that are popular with the following investment accounts:

• Personal/non-registered account - If you're trying to transfer funds from a non-registered to a registered account, such as a TFSA or RRSP, then it would be faster to request a withdrawal with your existing bank and deposit the funds into your registered account at Wealthsimple.

How do I prevent account type mismatches?

We've created a check-list to prevent mismatches from occurring:

• When setting up the transfer, double-check your account statement to ensure that the account type matches the account at Wealthsimple
• If possible, upload your account statement so we can investigate further if needed
• If you're transferring a LIRA, contact your other institution to determine the jurisdiction

I've noticed a problem but my transfer is already in progress. What do I do?

Contact us! Our team will investigate and correct the transfer form for you!

5. Transferring a chequing or savings account

It's best practice not to transfer your chequing or savings account, especially when you can deposit the funds directly via EFT (electronic funds transfer). There are distinct differences between transferring and depositing funds, but the most important difference is that transferring your chequing or savings account can result in an account closure by your bank. In other words, this will restrict you from your everyday access to cash.

Instead, you'll want to set up deposits (EFTs) from your chequing or savings account.

How can I prevent this?

Before initiating a transfer, you'll want to download the statement of the account you're trying to transfer. Double-check to ensure that the account is not a chequing account by going through the below check-list:

• Does the transaction history include all of your every-day purchases?
• Do you pay your bills with this account?
• Can you make frequent withdrawals without any penalties from this account?
• Are your funds available in cash or are they invested?

I've noticed a problem but my transfer is already in progress. What do I do?

Contact us and we will cancel your transfer for you! Alternatively, check out our other help articles and let us know if you have any questions!

 

6. Transferring small account balances

Before requesting a transfer, please ensure that there are enough funds in the account to cover the administrative transfer fee. Your institution may charge a transfer fee up to $170, and this will be deducted from your account value. If there are insufficient funds, then your bank may reject the transfer request, which will delay your transfer.

Wealthsimple can reimburse the administrative fee once the transfer is complete, however, this is only applicable if you are transferring over $5,000.

How can I prevent this from happening?

To prevent this rejection, (and to save yourself some serious time and money) you can request to transfer the funds from your chequing account. Luckily this process is simple and can be done on our website and app! Just follow these three steps:

1. Request a withdrawal from your investment account into your personal bank account with your existing institution
2. Ensure your bank account is linked to your Wealthsimple Trade Profile 
3. Request a one time transfer of funds from your bank account to your Wealthsimple Trade account

 

7. Partial transfers

If you're interested in transferring a portion of your account, it must be done in cash. For example, if you were to request a $10,000 partial transfer, this amount would need to be available in cash and not invested in any stocks or mutual funds. Otherwise, your bank will reject our request which will delay the progress of your transfer.

How can I prevent this from happening?

Before setting up the transfer, take a look at your account and confirm that there is enough cash sitting in the account. Please ensure that the cash is not invested in the market.

If you do not have enough cash available in the account, an easy fix is to call your institution to have the funds liquidated. Alternatively, let us know what you would like to liquidate and how many units, and we can try to coordinate with your institution to raise the cash.

I've noticed a problem but my transfer is already in progress. What do I do?

If your transfer is already in progress and you notice there isn't enough cash sitting in the account, you can always call the institution you are transferring from and ask them to liquidate the funds. After doing so, please submit a request here so we can re-send the transfer request! 

 

8. The name of your financial institution and division

Once the transfer request has been created, Wealthsimple will send the transfer form to the institution listed on the document. It is important to indicate the correct division since certain institutions, such as Scotiabank, will only transfer the funds if the request is sent to the correct division. If the transfer form is sent to the wrong division then this can delay the transfer.

How can I prevent this from happening

We can usually determine the division based on the account number, however, from our experience, Scotiabank transfers can be difficult as they have identical account numbers for all of their divisions (Scotia Branch, Scotia Securities, and Scotia iTrade).

To ensure your transfer is properly sent, please double check your account statements before initiating your transfer, and upload the statement so that we can ensure the request is sent to the correct division. 

To ensure the success of your transfer, feel free to check out the other help articles. If you have any additional questions, submit a request here and we would be happy to help!