Personal Finance

Transferring USD from US based account to Questrade

  • Last Updated:
  • Aug 25th, 2021 11:00 am
[OP]
Deal Addict
Nov 10, 2006
2743 posts
986 upvotes

Transferring USD from US based account to Questrade

Is there any way to transfer US funds from a US based bank account to Questrade? I have some USD in RBC Bank, N.A. and I am trying to add them to Questrade. The PAD option they have asks me for a 3 digit bank code, which US banks do not have. No option to add a routing number.

Wire transfer option is not for me since it is not free and I need to transfer small amounts for free often.

Any suggestions how I can do this?
11 replies
Sr. Member
May 2, 2019
779 posts
1035 upvotes
Vancouver
Thrasher wrote: I have some USD in RBC Bank, N.A. and I am trying to add them to Questrade.
Why don't you open a USD account in Canadian RBC, e.g. RBC U.S. High Interest eSavings (no monthly fee, 1 free debit transaction/month).
You should be able to link the accounts and move USD between them online. Fast and free.

Then you link Questrade to the USD account on the Canadian side. As the linking process requires a debit transaction, mind the transaction charges: if you link and withdraw within a month, RBC would charge you like $3 USD for the withdrawal as it would be over 1 free debit/month.

Edit: it does not seem Questrade verifies bank accounts via deposits.
bobohobo2kx wrote: I believe you can use Wise (formerly Transferwise).
Wise does not help in this case. Wise USD accounts have US banking attributes (routing number, etc.) Still not linkable with Questrade.

Edit: I stand corrected, Wise wires are not free but a reasonable solution.
Last edited by yvrbanker on Aug 18th, 2021 1:21 pm, edited 1 time in total.
Deal Addict
Jan 19, 2018
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yvrbanker wrote: Wise does not help in this case. Wise USD accounts have US banking attributes (routing number, etc.) Still not linkable with Questrade.
You're not supposed to link Wise USD accounts with Questrade. You send a wire from Wise to Questrade.
Sr. Member
May 2, 2019
779 posts
1035 upvotes
Vancouver
bobohobo2kx wrote: You send a wire from Wise to Questrade.
My bad, didn't actually follow your links. Wise wires are cheap. OP has an RBC account already and needs repeated transfers, in other cases Wise would likely be the best solution.
[OP]
Deal Addict
Nov 10, 2006
2743 posts
986 upvotes
yvrbanker wrote: Why don't you open a USD account in Canadian RBC, e.g. RBC U.S. High Interest eSavings (no monthly fee, 1 free debit transaction/month).
You should be able to link the accounts and move USD between them online. Fast and free.

Then you link Questrade to the USD account on the Canadian side. As the linking process requires a debit transaction, mind the transaction charges: if you link and withdraw within a month, RBC would charge you like $3 USD for the withdrawal as it would be over 1 free debit/month.

Edit: it does not seem Questrade verifies bank accounts via deposits.



Wise does not help in this case. Wise USD accounts have US banking attributes (routing number, etc.) Still not linkable with Questrade.

Edit: I stand corrected, Wise wires are not free but a reasonable solution.
I might have to open a USD account based in Canada. Is it possible to easily and for free transfer USD from US RBC to Canadian RBC dollar for dollar?

How about EQ Bank and their US account? Would I be able to transfer fro free US funds from USA to EQ Bank?
[OP]
Deal Addict
Nov 10, 2006
2743 posts
986 upvotes
yvrbanker wrote: My bad, didn't actually follow your links. Wise wires are cheap. OP has an RBC account already and needs repeated transfers, in other cases Wise would likely be the best solution.
Wise would be an option but I want to do frequent contributions of small amounts. I don't want to pay transfer fees if I don't have to.
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Mar 23, 2009
1090 posts
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Toronto
Thrasher wrote: I might have to open a USD account based in Canada. Is it possible to easily and for free transfer USD from US RBC to Canadian RBC dollar for dollar?

How about EQ Bank and their US account? Would I be able to transfer fro free US funds from USA to EQ Bank?
Yes this is probably the optimal setup for you. I think the US RBC account has a min balance to waive fees or something though, but transfers to Cdn-based US Savings Account would be free, then 1 free debit out to EQ USD Savings as well or straight to Questrade.
[OP]
Deal Addict
Nov 10, 2006
2743 posts
986 upvotes
astroboy100 wrote: Yes this is probably the optimal setup for you. I think the US RBC account has a min balance to waive fees or something though, but transfers to Cdn-based US Savings Account would be free, then 1 free debit out to EQ USD Savings as well or straight to Questrade.
Riiiiight. I forgot about the 1 debit transaction limit per month on Canadian based RBC accounts. I guess I won't be opening that account after all. I might just have to do an occasional bigger transfer via Wise.

Is it possible to transfer USD to USD from US RBC to Questrade for a small fee?
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Mar 23, 2009
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Thrasher wrote: Riiiiight. I forgot about the 1 debit transaction limit per month on Canadian based RBC accounts. I guess I won't be opening that account after all. I might just have to do an occasional bigger transfer via Wise.

Is it possible to transfer USD to USD from US RBC to Questrade for a small fee?
That would be a wire transfer then with all the associated fees.

Look into TD bank cross border offerings, or if you qualify for premiere HSBC (100k in assets, can be an RRSP transferred to their brokerage if it's easier)
Sr. Member
Nov 16, 2013
849 posts
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GTA
Open TD Borderless account . You can set this account in Questrade to make the payment. No charge at all
[OP]
Deal Addict
Nov 10, 2006
2743 posts
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vivmk20 wrote: Open TD Borderless account . You can set this account in Questrade to make the payment. No charge at all
$3000 US monthly balance?

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