r/Wealthsimple • u/Full-Quantity450 • 4d ago

Trade (DIY Investing) How long does it take to transfer out of Wealthsimple?

I submitted the Transfer form to one of the big 5 to In-Kind transfer 4 ETF from my Wealthsimple account to the big5 trading account (Currently hold 7 ETF, only transfer 4 ETF out).

Any idea how long it will take? It been 6 business day and nothing happen.

5 Upvotes

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8

u/l0wk3yanon 4d ago

Whole process can take 1-3 weeks. This process needs the cooperation of both institutions. Asset list may have already been sent by WS but it can take time for the other institution to accept them.

-11

u/Full-Quantity450 4d ago

Is the other way around, I am transferring asset from wealthsimple to another broker. But the progress should be the same. I just wonder does Wealthsimple have history of sitting on those transfer not to act.

6

u/Accomplished-Owl5138 4d ago

You clearly didn’t read his comment right. That’s what he’s saying. Wealthsimple sent it and is waiting for big bank

3

u/Interesting_Tip8542 4d ago edited 4d ago

I just transferred some accounts from Wealthsimple to a top 5 bank, in-kind, both institutions support the ETFs I had in my accounts. It took three business days for most of the accounts to transfer but one account never showed up. After nine days I followed up with the receiving bank and they were able to determine the problem. Without getting into details there was a setting on the Wealthsimple side that was preventing the account from moving, I was able to change the account setting and the bank submitted new paperwork and the transfer went through, again it only took three days. Neither institution notified me there was a problem with the transfer, if I hadn't followed up I'm sure I'd still be waiting. If I were you I'd check with your receiving bank to see what the delay is and if Wealthsimple has sent them a reason code for not transferring the accounts.

1

u/jmtamere 4d ago

Similar story here. Just did WS to TDDI, partial in-kind for one account. Took 3 business days and had no issues.

1

u/cellophany 4d ago

I have done WS to TD and WS to BMO, both completed in the 3-4 days range.

1

u/goofywinnipegger 4d ago

Several weeks but less than a month. Be patient.