Investing

Transferring from one brokerage to another

  • Last Updated:
  • Feb 6th, 2021 12:18 pm
[OP]
Deal Fanatic
Feb 4, 2015
6405 posts
2809 upvotes
Canada, Eh!!

Transferring from one brokerage to another

Trying to help a family member transfer from present TDDI brokerage to another brokerage account.

Been reading many posts detailing delays and other issues.

I have suggested they transfer to one of the brokerages I use but do not have experience transferring to them as just simply opened accounts.

For lack of better wording this person can be be demanding and nit picky so looking for best of the worst when it comes to transfers.

Features wanted in transfer process

* Online only account opening
* Transfer online without any paperwork [Qtrade seems to suggest they offer this after opening account (e transfer accounts) but really have no experience/knowledge of this]
* If need to send in account opening forms and/or transfer forms then preferably thru secure upload and not snail mail or regular email
* Quick transfers to/from linked bank accounts [think this tends to lean towards bank brokerages?]
* Secure chat or messaging would be nice to have
* No account admin fees [minimum account value conditions ok]
* Reimburse transfer fees for every account and not just one reimbursement for all of transfers
* Average commission schedule [not many transactions as more hold and buy so don't mind up $10 buy/sell commissions]
* Average customer service [seems good customer service is lacking these days]
[/list]


Think will suggest that stick with the following brokerages:

RBC
CIBC
Questrade
Qtrade
BMO

IB, iTrade, HSBC are not to be considered.

Appreciate any suggestions or comments/feedback on how bad or well your transfers went.

Thanks!!
.......
July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.
12 replies
Deal Addict
Mar 10, 2011
2269 posts
399 upvotes
Toronto
Oh oh sounds like a recipe for trouble, trying to help a nit picky person with a process thats known to be especially problematic.

First of all why do they want to leave TDDI? Especially when you might steer them to another big bank brokerage, TDDI is usually rated above the other big bank brokerages. If its for cheaper commissions I would understand. I wouldn’t be too worried about having to send in forms via regular mail, I usually send in forms via registered mail(requiring a signature) and they get there next day. Pretty quick here in the GTA actually.
TDDI does account transfers electronically without having to mail forms/cheques so it should be less problematic, maybe 2 weeks or so.
Some other institutions don’t do account transfers electronically and it can take 5-6 weeks.
[OP]
Deal Fanatic
Feb 4, 2015
6405 posts
2809 upvotes
Canada, Eh!!
Biff88 wrote: Oh oh sounds like a recipe for trouble, trying to help a nit picky person with a process thats known to be especially problematic.

First of all why do they want to leave TDDI? Especially when you might steer them to another big bank brokerage, TDDI is usually rated above the other big bank brokerages. If its for cheaper commissions I would understand. I wouldn’t be too worried about having to send in forms via regular mail, I usually send in forms via registered mail(requiring a signature) and they get there next day. Pretty quick here in the GTA actually.
TDDI does account transfers electronically without having to mail forms/cheques so it should be less problematic, maybe 2 weeks or so.
Some other institutions don’t do account transfers electronically and it can take 5-6 weeks.
They've had too many customer service issues with TDDI... basically TDDI could care less about their business.

I suggested that if want instant cash transfers availability then from above list really down to RBC, with CIBC/BMO tier lower imho.

If not care about instant cash transfers then Qtrade/Questrade offer better pricing and supposedly better customer service.

It's the whole transfer accounts [non reg Cash, TFSA, RRSP, RESP] that seems to be YMMV even with the same brokerage that causing some trepidation.

Another option is to just open new accounts and gradually cash out of TDDI non reg and TFSA accounts and then EFT cash over. This would mean no transfer fees also.
BUT then out of mkt while doing that and reg accounts still need to be transferred.

Guess just looking for any happy or maybe just content transfer customers!!

The Qtrade feature seems interesting but not sure if TDDI comes under brokerage or bank when it comes to eligibility for e transfer accounts:

https://www.qtrade.ca/en/investor/faq/m ... ement.html

How do I transfer securities and money into my Qtrade account?
Cash Transfer: Electronic Funds Transfer (EFT) is the simplest way to transfer money into your Qtrade account from your banking account. Once your account is set up for EFT, you can transfer funds online by selecting My Accounts → Transfer Funds → Electronic Funds Transfer.

Alternatively, you can add money in the same way you would pay a bill from your credit union or bank account. If you did not select the EFT service during your application process you can go to online banking and select Qtrade as a bill payee.



Account Transfer: To transfer securities or an entire account from another firm to a Qtrade account, please use our e-Transfer service by going to My Accounts → Transfer Funds → Transfer Account.

Transfers from another Canadian brokerage can generally be done electronically with no need to send us signed paperwork. Transfers from other institutions, such as a bank or mutual fund company, require a transfer form to be printed, signed and mailed to us at:


Qtrade Investor
Accounts Department
700 - 1111 West Georgia Street
Vancouver, BC V6E 4T6




Questrade seems to have something similar for online transfers and the specifically show TDDI in example:

https://questrade-support.secure.force. ... Bmem1BQUFR

Same with RBC as long as transferring institution has electronic processing.

https://www6.royalbank.com/en/di/refere ... q/jeoz7xvb
.......
July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.
Jr. Member
Dec 5, 2017
188 posts
149 upvotes
If they want to change to another big bank, tell them to make an appointment with that bank and the bank will walk them thru it. Easy peasy.
Deal Fanatic
User avatar
Sep 21, 2007
6526 posts
2888 upvotes
Winnipeg
I went from BMO to Questrade last year. I'M WAY happier. 1/2 the cost for trades.. Free ETF's... the best of all.. Customer service. Do all your calling right when they open and you'll get an answer within 5-10 mins max. I've called them 10 times over the last 4 months. No outages on their platform since I've been using them.
"An essential aspect of creativity is not being afraid to fail." -- Edward Land
Deal Addict
Apr 13, 2006
4295 posts
377 upvotes
+1 for Questrade. I have helped other RFDers setup recently. In this thread here I posted some information: wealthsimple-trade-vs-questrade-vs-2441030/
I recently posted the transfer process I went through and some tips as well in that thread. However, it may not tick all your boxes so do your DD ;)
Questrade | Crypto.com | BlockFi | Public Mobile
[OP]
Deal Fanatic
Feb 4, 2015
6405 posts
2809 upvotes
Canada, Eh!!
faken wrote: I went from BMO to Questrade last year. I'M WAY happier. 1/2 the cost for trades.. Free ETF's... the best of all.. Customer service. Do all your calling right when they open and you'll get an answer within 5-10 mins max. I've called them 10 times over the last 4 months. No outages on their platform since I've been using them.
Thank you.

Were you able to transfer from BMO to Questrade entirely online or had to mail in documents?

To get cash out is it simply an EFT to your bank account of choice that linked to when opened accounts? If yes, does it take 2-3 days for funds to transfer from Q to bank account [whether it be BMO acct or Simplii acct or whichever acct]?
.......
July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.
[OP]
Deal Fanatic
Feb 4, 2015
6405 posts
2809 upvotes
Canada, Eh!!
ipxxx wrote: +1 for Questrade. I have helped other RFDers setup recently. In this thread here I posted some information: wealthsimple-trade-vs-questrade-vs-2441030/
I recently posted the transfer process I went through and some tips as well in that thread. However, it may not tick all your boxes so do your DD ;)
Thank you.

Gonna read and see if it suits family member.
.......
July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.
Deal Fanatic
User avatar
Sep 21, 2007
6526 posts
2888 upvotes
Winnipeg
georvu wrote: Thank you.

Were you able to transfer from BMO to Questrade entirely online or had to mail in documents?

To get cash out is it simply an EFT to your bank account of choice that linked to when opened accounts? If yes, does it take 2-3 days for funds to transfer from Q to bank account [whether it be BMO acct or Simplii acct or whichever acct]?
all online. it did however take like 1 month for me tho lmao. Saved me because I was gonna buy a stock and it tanked LOL.. saved me a couple thousand dollars..
"An essential aspect of creativity is not being afraid to fail." -- Edward Land
Deal Addict
Aug 10, 2003
1999 posts
225 upvotes
Toronto
Anyone else had issues transferring from WS to QT? I seem to be missing a stock. Will be opening a chat session with QT to find out why.
[OP]
Deal Fanatic
Feb 4, 2015
6405 posts
2809 upvotes
Canada, Eh!!
faken wrote: all online. it did however take like 1 month for me tho lmao. Saved me because I was gonna buy a stock and it tanked LOL.. saved me a couple thousand dollars..
Were you able to link bank accounts [CAD and USD] to transfer money to/from Questrade? It does not seem they have that. Kind of like now when can use Simplii/Tangerine to push/pull funds from TD bank [after getting from TDDI].

From my reading it seems they prefer bill pay but that is CAD only and what if want to take cash out of Questrade, especially USD?
.......
July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.
Jr. Member
Mar 18, 2006
144 posts
74 upvotes
georvu wrote: Were you able to link bank accounts [CAD and USD] to transfer money to/from Questrade? It does not seem they have that. Kind of like now when can use Simplii/Tangerine to push/pull funds from TD bank [after getting from TDDI].

From my reading it seems they prefer bill pay but that is CAD only and what if want to take cash out of Questrade, especially USD?
I haven't been able to get my head around their withdrawals process.

For deposits, I have tried Interac Online and bill payment. No issues! Have not tried USD deposits of any kind (use Norbit's Gambit to convert).
For withdrawals, I uploaded a void cheque thinking to set it up for when I need it. Boy, was that a race we went around in circles then.

First, my uploaded void cheque stayed "new" for more than 3 business days.
Then got a hold of chat, and it got really confusing. They said my void cheque has been accepted, but they will still ask for a withdrawal account detail when I want to withdraw (WFT?).
I got on the phone, and rep confirmed the same thing. They couldn't tell me if I can just upload the void cheque now, they verify the account, set-it-and-forget-it for all future withdrawals. Not the case, I'm told.

I really do not want any issues or delays when I do want the withdrawal in the future. I did, however, just complete the first RESP withdrawal. That went fine, when I contacted them after uploading the documents and waiting 5 business days. Then it took another 3 days to see the funds in the account.
[OP]
Deal Fanatic
Feb 4, 2015
6405 posts
2809 upvotes
Canada, Eh!!
sprinter wrote: I haven't been able to get my head around their withdrawals process.

For deposits, I have tried Interac Online and bill payment. No issues! Have not tried USD deposits of any kind (use Norbit's Gambit to convert).
For withdrawals, I uploaded a void cheque thinking to set it up for when I need it. Boy, was that a race we went around in circles then.

First, my uploaded void cheque stayed "new" for more than 3 business days.
Then got a hold of chat, and it got really confusing. They said my void cheque has been accepted, but they will still ask for a withdrawal account detail when I want to withdraw (WFT?).
I got on the phone, and rep confirmed the same thing. They couldn't tell me if I can just upload the void cheque now, they verify the account, set-it-and-forget-it for all future withdrawals. Not the case, I'm told.

I really do not want any issues or delays when I do want the withdrawal in the future. I did, however, just complete the first RESP withdrawal. That went fine, when I contacted them after uploading the documents and waiting 5 business days. Then it took another 3 days to see the funds in the account.
In this case, the family member has good amount of portfolio in USD and wants to keep in USD.

Therefore would be preferable if could deposit/withdraw USD [and CAD] directly by EFT or similar.

Doesn't necessarily rule out Questrade for family member but they like to travel and USD is what normally use so something to consider.
.......
July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.

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