# Transfer fees - RBC Direct Investing



## indexxx (Oct 31, 2011)

It seems difficult to find this info on RBC's site; is there a fee for transferring cash out of my RBC Direct Investing account to another broker? I know RBC charges $135 for an in-kind transfer of securities- but I have some cash sitting in my DI investment account and would prefer to move it to Questrade to use there. I hate paying $29 to RBC just to buy a stock. 

But I'd hate it even more if I paid $135 to move it over...


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## slacker (Mar 8, 2010)

Questrade rebates to you $150 if you transfer over $25,000 to Questrade.


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## Eclectic12 (Oct 20, 2010)

indexxx said:


> It seems difficult to find this info on RBC's site; is there a fee for transferring cash out of my RBC Direct Investing account to another broker? I know RBC charges $135 for an in-kind transfer of securities- but I have some cash sitting in my DI investment account and would prefer to move it to Questrade to use there. I hate paying $29 to RBC just to buy a stock.
> 
> But I'd hate it even more if I paid $135 to move it over...


I believe this is what you are looking for:
http://www.rbcdirectinvesting.com/pdf/commission-fees.pdf

If it's not there, call their helpdesk and ask. I'd be surprised if there's a fee on cash transfers. Usually a transfer-out fee like this is when the account is being closed or an "in-kind" transfer is happening.

The agent on the phone should be able to tell the specifics of what triggers the fee.

Another idea is if you have a RBC chequing account, you could transfer the money into it and then it's not so obvious that end destination is another broker. 


Cheers


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## Four Pillars (Apr 5, 2009)

Eclectic12 said:


> I'd be surprised if there's a fee on cash transfers.


I'd be surprised if there isn't a fee. A transfer is a transfer - especially if it's a registered account.

Hopefully the OP will update with the results.


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## LondonHomes (Dec 29, 2010)

Normally if you are transfering enough money you can just ask the brokerage firm your transfering the money to to cover the fee. I've never had a problem getting it picked up.


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## Four Pillars (Apr 5, 2009)

LondonHomes said:


> Normally if you are transfering enough money you can just ask the brokerage firm your transfering the money to to cover the fee. I've never had a problem getting it picked up.


True.

You can also ask the "from" broker to waive the fee as well. I did this once with a small account and they didn't have a problem with it.


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## Sampson (Apr 3, 2009)

Is this a registered account of not?

If not, and you have an RBC bank account, link them, and pull out the money as cash to move into the other brokerage.


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## jamesbe (May 8, 2010)

Note the fee is $135 + HST ugh...


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## indexxx (Oct 31, 2011)

The amount is under $25,000.

It is in a non-registered account, simply my RBC Direct Investing cash account.

I think Sampson nailed it... I'l try that. 

Thx all!

-Called RBC Direct investing and that's the answer- if I transferred it out of the investing account, it's $135.00. If I move it into my savings account, then fund Questrade, no fee!


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## Eclectic12 (Oct 20, 2010)

indexxx said:


> [ ... ]
> 
> -Called RBC Direct investing and that's the answer- if I transferred it out of the investing account, it's $135.00. If I move it into my savings account, then fund Questrade, no fee!


*Ouch!*

I don't think my broker charges that much but in any case, it makes me happy to have a chequing account with the same group so that I can do the "transfer to bank account for free", then write a cheap cheque!


Cheers


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## habibi (Jan 26, 2012)

Just to clarify, if I move the money out of my TFSA into questrade, it's no fees?


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## jamesbe (May 8, 2010)

Correct


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## Tradesman (Dec 4, 2011)

Not to hijack the thread, but on a similar note. I am interested in moving my registered rrsp from RBC over to questrade. Has anyone done that?

I am interested in what fees would be involved. I've had the rrsp there for 5 years. I would assume some type of fee would be involved. Just curious if anyone can give me a heads up as to what to expect before I start the process. Thanks.


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## jamesbe (May 8, 2010)

RBC or RBC di or RBC DS ? I just moved my tfsa from RBC di, was $135 + HST, took about a week.


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## Tradesman (Dec 4, 2011)

RBC . . . . just a simple Canadian equities mutual fund.


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## indexxx (Oct 31, 2011)

Tradesman said:


> RBC . . . . just a simple Canadian equities mutual fund.


It should be $135.00; they do this so they won't lose the MER over time. It's actually probably better to just leave it as is and open a new account with Questrade for any new investments. 

I was thinking of selling out of an NEI RRSP mutual fund and using that money for index funds with my RRSP at Questrade... but when I figured out the back-end load plus tax hit, (and likely some other "transaction" fee or something from NEI), I decided to leave it alone. One fund that performs well for a 2% MER won't be my undoing.


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