Transferring from one brokerage to another

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.

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

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.

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.

+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

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]?

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.

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..

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.

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?

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.

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.

I think that's a good thing, for the withdrawal process to be somewhat hard and require multiple verifications.

With the number of scams out there, who knows what could happen otherwise.

solo. wrote: ↑ 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.

Not from WS to QT but from another brokerage. I put in a submission to transfer 4 accounts, 3 accounts transferred fine within a few weeks, but one of them i've only got 1/2 of stocks and missing my cash. Gotta say been stressful, since the one stock that is in limbo lost about 50% of its value. Been on chat with CS about 3 times for the past month and its the same message that it will be there soon. Finally was able to escalate the issue to someone senior hoping to hear back soon.

georvu wrote: ↑ 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!!

Cashing out from non-registered and TFSA commission fees will be generated from cashing out aka selling the positions. Not only that, keep in mind the potentially significant tax implications, which may have additional costs beyond a few commission fees.

The cleanest way is to select the brokerage and do direct in-kind transfers into respective non-registered and registered accounts (RRSP, TFSA, etc). These transfers cost approximately $150 after taxes, but most importantly would not trigger any tax implications. You should also check with the destination brokerage if they reimburse for these transfer fees. If they cover it is for majority of the fees, might be a little bit over that you end up paying. It could take approximately 2-3 weeks for the in-kind transfer to complete. I heard it is faster to do in cash transfer (not the same as withdraw and transfer), but I don't know if the brokerage charges for liquidating (selling) the portfolio. Again with the tax implication, the better to do the in cash transfer for the TFSA/registered accounts instead of the non-registered account.

So if you want to minimize the cost, then calculate the potential total fees and see if it is cheaper than doing an in-kind transfer out vs manually selling, withdrawing, transferring, and future taxes.

1) non-registered triggering potential Capital Loss or Gains.
- If Capital Loss then you would need to wait 30 days before buying back otherwise it is a superficial loss, which is more of a future consideration.
- If Capital Gain then obviously the year's taxes will be negatively impacted.

2) TFSA withdrawal and transfer does not give back the contribution room until the next year, which means the money can't be re-deposited until January 3, 2022 Monday. I don't believe there are direct EFT transfers from TFSA to TFSA, so the option is to withdraw to a TD non-registered chequing/savings account; then transfer funds to another institution; and then recontribute into the TFSA. (I assume from this person's caution they are a high networth so the TFSA to withdraw could be significant.)


Some brokerages may give a bonus for transfer in over a certain amount. So if this is a high networth client with significant assets in the account some will give a small bonus amount. Not advertising, but one of my accounts is with BMO Investorline so they came to mind (interesting didn't know they now have a lower tier $25,000-$49,999 bonus $50. The highest is +$1,000,000 = $2,000 bonus): https://www.bmoinvestorline.com/selfDir ... tc_myo.pdf Though I believe they will cover up to $200 transfer in fee if your account is +$150,000.