# Questrade and RBC



## NicW11 (Mar 3, 2012)

I'm going to open a Questrade account and curious about transfers back and forth between my RBC account. 

I can list Questrade as a payee in my RBC account so I assume the transfer would be complete the next business day or so. What about transfers from Questrade to RBC? How is it accomplished, are there charges, and how long does it take to complete?

Thanks for any advise offered!
Nic


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## Four Pillars (Apr 5, 2009)

Whenever I've moved money in or out of Questrade it usually takes a few days. I can't remember exactly how many - maybe 3 or 4? But definitely more than one.

I think this is generally the case for any money movement with discount brokerages. The exception would be if you have a bank account and a discount brokerage account at the same bank. Then it's much faster (or should be).


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## Med (Feb 2, 2012)

Usually from RBC to Questrade, it takes 2 days


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## Uranium101 (Nov 18, 2011)

Sending money from QUestrade to RBC is easy, you just have log on to myQuestrade.com and explore.


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## Argonaut (Dec 7, 2010)

Get a void cheque printout from an RBC branch or scan an actual voided cheque and upload it to your Questrade account. I can't remember if this is actually required to send money back to the bank, but it might be. Sending money from the bank to Questrade is a simple bill payee through online banking.

EDIT: Since we're talking about Questrade I'll add that I switched back from IQ to QuestraderWEB. The new IQ is so buggy and only loads about half the time, including during trading hours which is inexcusable. Wouldn't even give me option quotes lately when I finally did get on.


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## londoncalling (Sep 17, 2011)

Thanks for the info on IQ. I just about switched to it today. I thought I would start a thread and then do it on Sunday. Also, disappointed they will scale back their live and phone help hours on Mar 12th.


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## KaeJS (Sep 28, 2010)

I send money to Questrade from BMO, and it gets there the next day or the day after. It's never more than two days, and if I deposit on a Friday, it's in the account on the Tuesday.

I've never withdrawn from my account, so I'm no help there.


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## NicW11 (Mar 3, 2012)

Thaks for the info. We have a Direct Investing account with RBC but sick of getting gouged $28.95 each way (not up to $50k yet). Its convenient b/c I can transfer money into DI and its available right away, but Questrade will just require a little more pre-planning I suppose.

Thanks Argo for the info on IQ. Was thinking I'd go in the direction of QuestraderWEB, so glad thats confirmed.

The QT website says EFT transfers (up to $25k) with a void bank cheque, are free. Really? I find it surprising that they aren't charging me a transfer out? Not complaing! Just want to make sure I ahve my facts straight.

Thx, Nic


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## indexxx (Oct 31, 2011)

I do exactly what you're asking about. I recently did a transfer out of a mutual fund company and QT covered the transfer fee as the amount was over $25k. As far as moving between RBC and QT, transferring cash is done by adding your QT account as a payee, and it takes about 2-3 business days, with no fee. Moving investments from RBC to QT however, will incur a $135 fee from RBC (obviously they don't want to lose your business), but again QT will cover fees if the amount is >25k. 

I still use DI for a few things, even though the fees are higher- I like the convenience as you mention. But I also had some stocks in DI whose further growth I wanted to shelter in a TFSA; moving them in-kind to my QT TFSA would have triggered the huge fee, so I just opened a second TFSA at RBC and transferred them in. Of course it triggered capital gains, but would have regardless if I'd moved them to QT.


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## NicW11 (Mar 3, 2012)

Hi indexx,
Thanks for your reply. I should have been a little clearer in my question. 

I guess what I meant to say is what if I decide to sell my QT stocks because I just simply want the cash back? How do I get my hands on that cash? I'd assume I have to EFT transfer it back to my RBC bank account to withdraw the money, but am surprised that there are no QT fees to do so. Just hoping someone can confirm that I am reading the QT website correctly.

Nic


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## Tetsujin (Mar 17, 2016)

NicW11 said:


> Hi indexx,
> Thanks for your reply. I should have been a little clearer in my question.
> 
> I guess what I meant to say is what if I decide to sell my QT stocks because I just simply want the cash back? How do I get my hands on that cash? I'd assume I have to EFT transfer it back to my RBC bank account to withdraw the money, but am surprised that there are no QT fees to do so. Just hoping someone can confirm that I am reading the QT website correctly.
> ...


A pretty old thread, but interesting also. How did you finally resolve this?

I recently opened an account at QT, but just after a few minutes later, I started to think about how I'd be able to withdraw the money later. I funded my account through a online banking transfer from RBC (Pay bill as Questrade as Payee and my QT account number as reference) and I'm waiting this second business day to see the funds in my QT account. 

I want to have long-term investments but I want to cash some short-term trades. I don't know how to transfer this to RBC to my checking account. 

So looking at this http://www.questrade.com/pricing/DIY-Trading/fees-and-rates/administrative_fees it says that as long as you transfer ETFs and for an amount of 25K it will be free? So we need to send/upload(I think) a void cheque.

But I imagine that all the 25k are not ETFs and are a mix of U.S. individual stocks with U.S. ETFs in an RRSP, how will it work the transfer?

All CAD investments will be in an TFSA.


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## AltaRed (Jun 8, 2009)

It is EFT, not ETF. Electronic Funds Transfer. Nor is it a wire transfer. 

Set EFT up with QT and you can transfer cash from QT to your bank account with some keystrokes. It is not difficult but presumably needs a form and a Void cheque to set up.

When I had a chequing account at CIBC and my investment account at Scotia iTrade, I set up EFT the same way.


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## Tetsujin (Mar 17, 2016)

AltaRed said:


> It is EFT, not ETF. Electronic Funds Transfer. Nor is it a wire transfer.
> 
> Set EFT up with QT and you can transfer cash from QT to your bank account with some keystrokes. It is not difficult but presumably needs a form and a Void cheque to set up.
> 
> When I had a chequing account at CIBC and my investment account at Scotia iTrade, I set up EFT the same way.


Thanks for clarification. My bad. 

Do I have to set up this EFT to deposit earnings into my RBC account? I mean if you hold securities that yield dividends. Where do these dividends go?


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## AltaRed (Jun 8, 2009)

Your dividends and all other income from your securities stays in your QT account until you decide what to do with them, e.g. re-invest them within your QT account or transfer them out (EFT, etc.) to an external (e.g. RBC chequing) account. 

You have to do that from within your QT account (once you have set up your EFT mechanism at QT to RBC, your QT online screen should have RBC as a transfer out option). I am not aware of any auto mechanism to do that. You have to periodically initiate the transfer yourself.


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## Tetsujin (Mar 17, 2016)

AltaRed said:


> Your dividends and all other income from your securities stays in your QT account until you decide what to do with them, e.g. re-invest them within your QT account or transfer them out (EFT, etc.) to an external (e.g. RBC chequing) account.
> 
> You have to do that from within your QT account (once you have set up your EFT mechanism at QT to RBC, your QT online screen should have RBC as a transfer out option). I am not aware of any auto mechanism to do that. You have to periodically initiate the transfer yourself.


Excellent, thank you so much.


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