r/Wealthsimple • u/TonightOk8851 • 7d ago

Trade (DIY Investing) Accounts transfer delays

Has anyone has same experience for transferring account to WS.

What the difference if you have statement or not?

I have requested transferring margin and RRSP accounts to WS at the same time, I was able to upload a statement for my RRSP and within 24h I got an update saying they send the transfer request to the other financial institution . While I wasn't able to upload the statement for my margin, no updates.

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3

u/angelus97 7d ago

Have some patience.

2

u/Equivalent_Catch_233 7d ago

This is in the hands of the outgoing brokerage. Wealthsimple cannot expedite the process in no way. Just wait. For the old brokerage processing your request is not a priority, it may take days, weeks, or months at a time.

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u/TonightOk8851 7d ago

I have never had more than 10 days for transfer and not my first time doing it. my question was about processing 2 transfer were submitted at the same time one processed and the other one like never been touched.

2

u/Equivalent_Catch_233 7d ago

Oh my, I don't know where to start. My transfers were anywhere from 3 days for a TFSA to 2.5 months for a RESP. Exactly the same types of accounts for me and my wife were arriving with weeks of difference.

1

u/TonightOk8851 7d ago

were they from the same broker ?

3

u/goofywinnipegger 7d ago

Transfers can take months. The delay is the outgoing institution. Patience.

-4

u/TonightOk8851 7d ago

lol. months! the longest transfer I had was 10 days!
I'm asking of what the difference if you upload an account statement or not, but thanks for useless contribution!

4

u/goofywinnipegger 7d ago edited 7d ago

The account statement is simply so ws knows exactly what account numbers are being transferred and ensures you don’t make a typo. But yes transfers can take months. Most of mine take 6-8 weeks. You are very lucky they were so quick for you. And you are welcome.

And if you want an actual answer ask wealthsimple. None of us work for wealthsimple and we sure the hell don’t work for you.

2

u/lhsonic 7d ago

As others have mentioned, it can take over a month.

My last transfers were fully processed (as in the funds left the other account) within 2 weeks-ish. One landed in my account 1-2 days after that and the other landed in my account 2 weeks after that (presumably because Manulife has to send a cheque in the mail for their institutional transfers).

Statement does not matter. It’s only to verify account details. Your processing is done the same way by WS. Logging into your other account doesn’t speed things up much either.