Overview
When you subscribe to USD accounts, we'll automatically add a USD account to each of your eligible stock trading accounts. We'll also transfer any U.S. assets you hold in your CAD account into your USD account.
This article explains how to add, move, and withdraw funds from your USD stock trading accounts, as well as how trading and receiving dividends work within these accounts.
Add funds to your USD stock trading account
There are four ways you can add funds to your USD stock trading accounts:
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Convert funds from your CAD account to USD
You can convert your Canadian dollar cash balance into U.S. dollars. There's a foreign exchange (FX) conversion fee each time you convert CAD into USD, which is in addition to the Wealthsimple Investments Inc. corporate exchange rate. The more you convert at once between your USD and CAD accounts, the lower your FX conversion fee will be. Learn more about FX conversion fees. -
Deposit USD directly from a US dollar bank account into your US dollar investing account
There aren't any fees for USD deposits. These deposits must come from a Canadian financial institution. We don't support connecting U.S. dollar accounts from U.S. financial institutions. -
Transfer an investment account with USD from another institution
You can also transfer USD from an investment account at another institution. There aren't any currency conversion fees when you transfer USD from another institution. -
Wire USD to your account
You can wire USD directly to your account.
Move funds between USD stock trading accounts
You can only transfer USD funds yourself with the following account combinations:
- Between USD savings accounts.
- Between USD savings and USD non-registered accounts.
- Between USD savings or USD non-registered accounts and a USD Corporate account
- From a USD savings account or USD non-registered account to a USD registered account (including TFSA, RRSP, FHSA and RESP).
Please contact our support team for transfers between other account types.
Withdraw funds from your USD stock trading account
When you want to withdraw funds from a USD stock trading account, you can simply withdraw USD from your account into a linked USD bank account.
Alternatively, you can convert your cash to CAD and withdraw it to your connected CAD bank account.
Trading stocks in a USD account
When you're trading stocks and ETFs, your USD stock trading accounts work the same way as your CAD accounts. You have access to the same types of orders in your USD account as in your CAD account.
Receiving dividends from U.S.-listed companies
Dividends from U.S.-listed companies are paid into the account where the shares were held on the dividend Record Date. The Record Date is the day the company checks its records to identify its shareholders.
Consider the following examples:
- Company A is a U.S.-listed company.
- On the record date, Sam holds shares of Company A in her CAD TFSA.
- Sam subscribes to USD accounts after the record date. We automatically move all her Company A shares into her USD TFSA.
- Sam receives the dividend from Company A into her CAD TFSA, because that’s the account where she held the shares on the record date.
- We automatically convert Sam’s dividend to CAD (there isn't any currency conversion fee).
- Company A is a U.S.-listed company.
- On the record date, Sam holds shares of Company A in her USD TFSA.
- Sam will receive the dividend from Company A into her USD TFSA. The amount will be in USD.
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