Transfer your Wealthsimple account to another institution

In this article:

Overview

We understand that you may need to move your account elsewhere, and we're here to help you understand the process. Wealthsimple doesn't charge any fees, including any deferred sales charge (DSC) fees, to transfer your account to another institution. We'll close the Wealthsimple account once your full transfer out is complete.

Important: When you request a transfer out, we'll halt all activity in your account, including withdrawals and trading, for the duration of the transfer. This helps prevent any issues that might cause a rejection of your transfer.

Eligibility

You can transfer investment accounts from Wealthsimple to another institution.

If you're transferring a self-directed investing (stock trading) account, please choose the type of transfer you're going to make and review the applicable information before you submit your request:

  • In-kind transfers: We can only transfer out whole shares of stocks and ETFs to another institution. If you're transferring out a trading account, you will need to sell any fractional shares in the account before you can begin the transfer.
  • As cash transfers: You must sell your holdings to transfer your self-directed account as cash. 

How to request a transfer out of Wealthsimple

All transfers out must be initiated by the institution you're moving your account to (the receiving institution). 

The receiving institution will have its own transfer form for you to complete and sign. They will then initiate the transfer with our back office, Wealthsimple Investments Inc.

Note: If you're only looking to transfer a portion of your account, such as only the CAD or USD holdings, or a specific dollar amount of both, you must submit a partial transfer request directly with your current institution, clearly stating the exact instructions for what you wish to transfer out.

Details to provide to the receiving institution

You'll need to give the receiving institution your Wealthsimple account number, as well as the following details:

  • Relinquishing Institution: Wealthsimple Investments Inc.
  • Address: 201-80 Spadina Avenue, Toronto, ON, M5V 2J4
  • Phone: 647-535-3404 Fax: 647-245-1002
  • Email: transfersout@wealthsimple.com
  • FINS#: T003
  • CUID or broker code: CSIT
  • Dealer number: 7829
  • Rep code: HX1
Important: The phone number and email address listed above are for communication between financial institutions. If you, as a client, reach out to either that phone number or email, you won't receive a response.

Transfer delivery types

Institutions can send transfer requests through different delivery channels. If your institution is ATON eligible, the request must be submitted via ATON. Otherwise, we accept transfer requests via email, fax, or mail.

Tip: ATON is the electronic system used for transferring assets and funds between financial institutions in Canada. 

Transfer timeline

It will take approximately 2 to 4 weeks to transfer your funds. If there are any delays, we'll contact your institution directly. They may need to coordinate with you to resolve any issues before they can complete the transfer.

Understanding the book value of your holdings

If you hold USD securities in a CAD account, we don't provide the book value of US stocks in USD because the book costs are tracked in CAD. You can use the USD to CAD conversion rates on the date of your buy and sell transaction dates to calculate the USD value of your shares.

If you hold USD securities in a USD account, we can provide your book values in USD.

Frequently asked questions

Does Wealthsimple reimburse fees charged by the receiving institution?

While we don't charge any fees to transfer out your account, the receiving institution or intermediaries might, and we're unable to cover or reimburse these fees.

Was this article helpful?

Have more questions? Submit a request

Comments

0 comments

Please sign in to leave a comment.

Transfer a Wealthsimple account to another institution

Reach out for support

Our team is here to help - just get in touch.