# Transfering in kind RBC DI to Questrade



## jamesbe (May 8, 2010)

Has anyone done an in kind transfer from RBC DI to Questrade?

I was thinking of moving my TFSA from RBC to Questrade. Paying $25 a pop for trades seriously reduces any gains and is ridiculous. I wish I knew better when I opened the account. I suppose I probably should have just done this in Dec and moved in Jan but too late now (for another year).

Questrade said no problem, expect to pay $100 - $150 fee from RBC to transfer out. I'm a little worried about tax implications if they don't do it properly I seem to remember reading on here people having issues with TFSA transfers?

Anyone?


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## Jungle (Feb 17, 2010)

You should be fine if doing an in-kind transfer. Questrade has got a lot better since the days they opened up shop and after they did all those system upgrades. 

YOu can find incidents about any company if you google enough. Personally we've never had a problem with them and thank god their trades are $4.95 because we've bought a lot since Aug. Helps when buying stocks in different price stages.


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## Toronto.gal (Jan 8, 2010)

Jungle said:


> thank god their trades are $4.95 because we've bought a lot since Aug. Helps when buying stocks in different price stages.


But you pay that fee for every single transaction you make. 

I can purchase [and sell] same stock [at different price stages] and as long as it is done within the same day [same settlement date], I pay one fee with CIBC. 

I purchased a stock once 6x and sold same 4x on the same day and paid 2 fees, not 10, as you would with your broker. Granted I don't do this daily, but on a weekly basis, the consolidation method adds up big time; In 2011, I saved a huge amount in commissions. 

For a trader, the consolidated fees are a +++. For non-traders however, $4.95 is a great price indeed!


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## the-royal-mail (Dec 11, 2009)

I attemped to do this last year and had numerous problems with the process. A quick google search for problems with this company will yield numerous horror stories posted by actual users. Be careful what you read by the company spin doctors.

It's my opinion, based on everything I've read here and elsewhere, that TDW is the best deal.

You get what you pay for.


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## jamesbe (May 8, 2010)

My spouses TFSA is in questrade and I have no issues there. I'm more concerned about the transfer itself than the fee structure or system usage. It's not the best system in the world that's for sure but it works.

I'm also going to contact RBC, I'm sure I'll get nowhere but I'll see if I can get them to reduce my trade fees or throw me a bone


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## jamesbe (May 8, 2010)

I called RBC and they won't budge. It sucks to lose another $135 to transfer the money out of the account but it is ridiculous when so far I've lost 2% of my portfolio to their crazy $30 rates!


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## the-royal-mail (Dec 11, 2009)

I am surprised that Q won't pay your transfer out fees? I thought the receiving brokerage was generally willing to pay these fees in appreciation for getting your business.


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## zylon (Oct 27, 2010)

*jamesbe*

Just wondering if you know that with $50k account, the fee is $9.95?

Multiple trades of the same stock intraday; fee is still 9.95

If you have multiple accounts (RSP, TFSA, open) including family members with same address; account balances can be consolidated to achieve the $50k minimum.

Note: going from memory and subject to verification


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## jamesbe (May 8, 2010)

TRM -- I'm going to ask Questrade, they do have a FREE transfer right now but it's with $25k+ only it seems I have about $22k

Zylon -- yes with $50k+ it is less. But that won't be for awhile. What annoys me the most is I have $200k+ with RBC DS and $50k+ with RBC but they don't count. 

Heck I had to open up a TFSA of $100 to save the $4 monthly fee on my bank account with RBC, some of their policies are truly ridiculous.


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## somecanuck (Dec 23, 2011)

I'm looking at a similar situation with moving our money from horrendous MER mutual funds over, likely around February. 

I'd like to go with dollar-cost averaging for multiple ETFs but even a monthly fee of $4.95 per trade significantly raises the equivalent weighted MER of the entire portfolio beyond that of a similar portfolio using TD e-Series.

If I reduce the number of trades to one per month and alternate which ETF to purchase, the equivalent weighted MER still favors the e-Series by 0.08%, and lacks the convenience of PPP, has fees on selling, and so on.

I am considering just going with the TD e-Series for a year or two until our portfolio has grown a bit more and the difference in MER translated to dollars has a greater impact.

EDIT: I forgot to mention, the lowest cost MER strategy for ETFs that I came upon was using Claymore ETFs exclusively and enrolling in their DRIP and PACC plans. With four ETFs and allowing for four trades per year through Questrade (assuming $4.95), it provides an equivalent weighted MER of half of the TD e-Series. However I've read that Claymore uses fundamental indexes, and while I don't know what that means, most web sites seem to dislike them.


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## Four Pillars (Apr 5, 2009)

I moved several accounts from RBC DI to Questrade without any issues.

$22k might be enough - ask for the transfer cost deal. You never know! Maybe they will cover a smaller amount?

As T.Gal said - Questrade charges for every trade, so obviously if you are doing multiple trades of the same stock per day - that might not be the best situation. Although if you don't qualify for the cheap trades at RBC, then you would have to do a lot of that kind of trading to make RBC the better deal.


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## Uranium101 (Nov 18, 2011)

You should stay with RBC DI. I just transferred from Questrade to RBC DI Last year amid their major upgrade temporary failure.
It was unpleasant, and still leave a bitter taste in my mouth.


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## jamesbe (May 8, 2010)

The only advantage RBC seems to have is phone support. With my low transaction numbers and no need for phone support I don't see why I should spend 2% of my portfolio on trades. Seems silly. Although Questrade isn't perfect either, the lower fee appeals to me. Maybe once my accounts are over $50k I'll move back but I doubt it. $10 is still double the price!


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## slacker (Mar 8, 2010)

If you're concerned about Questrade or RBC fscking it up, and then not owning up to it, you could file the official form from the CRA, where you get a copy, then send a copy to the source company (RBC). RBC should then follow procedure and send over the securities in-kind.

If there's any fsck up, at least you get a copy of the form as proof when you had to discuss with the CRA.


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## slacker (Mar 8, 2010)

Congratulations on finally moving to Questrade. They're an outstanding company, providing top notch service. I have nothing but good things to say about Questrade.


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## Uranium101 (Nov 18, 2011)

I believe transferring from brokers to brokers doesn't trigger any CRA concerns. If you want to transfer from RBC DI to Questrade, then you need to execute your request from Questrade's side.

When I transferred from Questrade to RBC DI earlier last year, I just fill out a form from RBC's side, and the transfer is done is a few weeks.

Transferring between brokers is a pain in the neck and I do not recommend doing it. Since you do not trade much, the difference in pricing is not significant.


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## Lephturn (Aug 31, 2009)

jamesbe said:


> The only advantage RBC seems to have is phone support. With my low transaction numbers and no need for phone support I don't see why I should spend 2% of my portfolio on trades. Seems silly. Although Questrade isn't perfect either, the lower fee appeals to me. Maybe once my accounts are over $50k I'll move back but I doubt it. $10 is still double the price!


I'm pulling everything from RBC-DI because they are the LEAST friendly to options out there. These d-bags won't even let me do a collar in my RRSP. Fail.


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## Uranium101 (Nov 18, 2011)

Lephturn said:


> I'm pulling everything from RBC-DI because they are the LEAST friendly to options out there. These d-bags won't even let me do a collar in my RRSP. Fail.


it is for your own good lol. you got to love RBC DI.


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## jamesbe (May 8, 2010)

RBC went on and on yesterday about how they have so many advantages like getting your money right away. So today i tried to take out the cash in my TFSA and I can't! I had to pick up the phone call them and now wait 24 hours. That's not any better than QT


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## indexxx (Oct 31, 2011)

Why not just leave your RBC account where it is and open a new one at QT as well?? Nothing says you can't as long as you don't exceed your contribution room. That way you'll save the transfer fees and still take advantage of Questrade's prices. You do need $1,000 to fund any new QT account though.
I find QT pretty easy to deal with; they have a live chat that is a great feature. I do find sometimes it takes longer than I think for a transaction, and to me their UI is a pain in some ways, but I have no issues with questrade and am happy I switched.

I wil say that I got a nasty surprise from RBC when I did an in-kind transfer of an RRSP mutual fund- a huge back-end load (and yes, you can choose to read that both ways...). 

I did it as I want to dump (sorry... had to say it!) the mutual fund in favor of an index and thought the $29 on both the sale and buy was ridiculous. Didn't think about the load I'd be paying- forgot about it actually. And there was a transfer fee in there someplace, i'm sure.


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## jamesbe (May 8, 2010)

TFSA is maxed out so only way to fund it is a transfer.


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## humble_pie (Jun 7, 2009)

lol is this national hateyourbroker day


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## humble_pie (Jun 7, 2009)

james perhaps you could reach a team manager at rbc, then re-negotiate with him or her. You have good assets at rbc & a more experienced team manager should take a 2nd look imho.

sometimes the front line representatives in broker call centres make arbitrary & hasty judgments. My sympathies are with them, because i nearly always find them to be smart, capable, responsible, well-trained, helpful & polite. Somehow they manage all this while working 8 hours non-stop in a pressure-cooker environment. It's no wonder they sometimes apply the rules in draconian fashion. After all, they won't get into trouble for following the rules ... but they might get into trouble for breaking the rules ...

back to rbc, can you ferry over some assets from your rbc ds account to your rbc non-registered discount account so there will be enough in discount to support the lower 9.95 commissions.

this would be a partial solution for a year, until you could next inject an annual 5000 contribution (est early january 2013) & thus push the tfsa above the threshold questrade wants to see before they'll pay for a transfer. Or until present tfsa assets exceed the magic 25k figure without any further injections. Whichever first occurs.

btw, not sure why you would simultaneously be maxing your rbc tfsa with a new 2012 contribution but also withdrawing cash from tfsa. After all, today is only the 2nd trading day of the year.


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## Homerhomer (Oct 18, 2010)

jamesbe said:


> Zylon -- yes with $50k+ it is less. But that won't be for awhile. What annoys me the most is I have $200k+ with RBC DS and $50k+ with RBC but they don't count.
> 
> .


As HP mentioned ask to speak to a manager, if you suggest moving everything out of rbc I am sure they will be happy to offer lower fees.

I did a transfer to questrade a while back without any issues at all.


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## jamesbe (May 8, 2010)

Update!

I signed up for Questrade a couple of weeks ago, but didn't drop my paperwork in the mail until Monday January 9th. On Wednesday I got an e-mail saying that they received my paperwork. 

On Friday I got an e-mail saying that they have started the process of transfer inkind from RBC DI and it would take between 2 and 4 weeks.

And today (Monday) I got an e-mail saying my account is ready!  I am pretty impressed it only took a week from the time I mailed the papers in the snail mail till it was complete.

I am missing about $30 cash though, I'll have to find out where that went...


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## HaroldCrump (Jun 10, 2009)

jamesbe said:


> I am missing about $30 cash though, I'll have to find out where that went...


A transfer out fee charged by RBC DI, perhaps?


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## jamesbe (May 8, 2010)

The fee is $135 and I had $161 so I'm missing a few dollars, not much though. Maybe it just hasn't arrived, I removed the rest of the cash I had before the transfer in case it got lost LOL

Transfer is simply not 100% complete yet according to Questrade. Okay cool. I'll update when it is. I was surprised at the speed!


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