Just wanted to share my recent experience transferring a TFSA from Questrade to Wealthsimple Trade. Overall, it was accurate, transparent, and surprisingly much faster than a few transfers I have done before with other brokerages.

I initiated the transfer on Monday, Jan 16. On Wednesday, I already saw my TFSA disappeared from Questrade, and on Thursday, the account was already showing in WS. Since I did an in-kind transfer, and I didn’t have any cash in Questrade, there’s a negative balance showing the transfer fee HST ($150 $19.5) in my WS on Friday.

Today (Saturday), I got an email from WS saying that my transfer is complete, so I submitted the form to get my transfer fee reimbursed. Guess what, a few hours later when I checked WS again, the fee was already reimbursed and it doesn’t show the negative balance any more!

All in all, the transfer took exactly 5 business days, even though the original estimate was 10 business days! There were no headaches or hiccups along the way. Huge kudos to the team at Wealthsimple for creating a great customer experience!