Some employers offer you the option to wire transfer your retirement plan directly to Wealthsimple instead of mailing in a check to complete your rollover. Wires are often the fastest way to move cash from an employer-sponsored plan (like a 401(k) or 403(b)) to your Wealthsimple IRA. However, understanding the different terminology used to request a wire can be tricky at times. This article covers the nuances different institutions may ask you for when submitting a wire.
You can obtain wire instructions for a rollover by using the Transfer an existing account option from your dashboard and selecting "401(k) or similar rollover". After following the step by step guide, you'll be provided with the following wiring instructions:
The sending institution may ask for some or all of this information. They may also use different terms to reference what the information they need. The guide below will help you make sure you always get the instructions right!
Also referred to as: Beneficiary bank, Receiving bank
Definition: This is the name of the bank that holds the account that that will be receiving the funds.
Wealthsimlpe's clearing broker, Apex Clearing Corporation (“Apex”), holds an account with BMO Harris Bank to receive incoming wires.
Also referred to as: Beneficiary bank address, Receiving bank address
Definition: This is the address of the bank that holds account receiving the wire.
The BMO Harris bank address for Wealthsimple wires is: 111 W Monroe St Chicago, IL 60603
Routing Number / ABA
Also referred to as: ABA Number, Routing Transfer Number (RTN)
Definition: This is a nine-digit code that is used to identify your bank and direct fund transfers. It's commonly tied to the bank branch first used to open a bank account.
Wealthsimple's bank routing number for wires is: 071000288.
Definition: The Swift code is an international identifier for a bank. It's usually only required for wires coming from outside of the US.
Wealthsimple's bank swift code for wires is HATRUS44.
Bank Account Number
Also referred to as: Account Number, Beneficiary Account Number, IBAN
Definition: This is the identifying number for the bank account that our clearing broker, Apex holds with BMO Harris. Your institution will use this number to direct your transfer to us an then your details will be included in a Memo to the wire to help us identify that those funds are to be posted to your Wealthsimple account.
The bank account number for Wealthsimple wires is always: 3713286
Also referred to as: Recipient, Payee name, Provider name
Definition: This is the title of the bank account that the wire is being sent to. Not to be confused with the Final beneficiary or For further credit to, which is you.
The beneficiary name for all Wealthsimple wires is: APEX CLEARING CORPORATION
Also referred to as: Recipient address, Payee address, Provider address
Definition: This is the address of the bank account holder.
The beneficiary address for Wealthsimple wires is: One Dallas Center, 350 N. St Paul Suite 1300 Dallas, TX 75201
Memo For Further Credit
Also referred to as: For Further Credit (FFC), Note, Final recipient, Final Beneficiary
Definition: This is the ultimate beneficiary of the wire- you! The memo section helps our broker know that the funds received from your wire are to be posted to your Wealthsimple account.
The Memo/FCC section should always read: Your name and account number starting with "8BJ"(ex. John Smith 8BJXXXXXX)
Additional Fields (if required)
Bank Phone Number: (312) 461-2121
Contact name: Ena Singh, Asset Transfer Department, Apex Clearing
Contact phone number: (214)765-1009
Fax Number: (631)274-8210
Three tips to remember when requesting your wire
One: The name specified on the wire memo must match the name on your Wealthsimple account or your wire will be returned
Two: If you have multiple investment accounts, you'll also have multiple account numbers to choose from for the memo section. Which account you should rollover your retirement account to depends on whether your employer-sponsored account is holding pre-tax funds or Roth funds. Our rollover wizard can help you determine the right account to initiate your wire to or you can view all of your account numbers on your Wealthsimple Documents Page.
Three: The sending institution may only ask for your “Receiving Name” & “account number”. Without specifying whether this is the bank account number or final beneficiary account number (For further credit memo), it can be confusing as to whether you're to provide Wealthsimple's broker's bank account number or your own Wealthsimple account number. The best practice is to respond by specifying that the bank account number to direct the wire to is 3713286, with the beneficiary name of that account being APEX CLEARING CORPORATION. Then state that the memo to be added to the wire is your name & your account number.