We offer nine different ways to fund your account. Find what works for you.

 

Key points:

  • We offer nine ways to fund your account, all with different timelines
  • Be sure to avoid the few types of deposits we can’t accept
  • Learn about common funding mistakes so you can dodge them

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In the Questrade Learning Series, we discuss our most popular trading platform and account features so you can easily understand and use them.

 

Let’s face it. You need to add funds to your account before you can start trading. And, you’ll want to continue adding funds along the way so you can get to your goals and dreams faster.

 

A quick primer on funding your account

First things first. How do you add funds to your trading account? Watch this 60-second video to learn how:


The different ways to add funds to your account

We offer nine ways to fund your account all with various processing times. Depending on how quickly you’d like the money to be in your account, you’ll want to select the method that meets your needs.

 

The different ways to fund your account include:

  • Online banking bill payment (electronic funds transfers)
  • Pre-authorized deposit
  • Transfer from another Questrade account
  • Transfer from another broker
  • Wire transfer
  • Certified cheque or bank draft
  • Non-certified cheque
  • Money order
  • Stock certificate

 

If you have questions about funding, reach out to us before you start. We’re here to help. Chat online or call us at 1.888.783.7866. You can also send us an email at [email protected].

 

How quickly will the money be in my account?

Here are some guidelines for how long it usually takes for the money to show up in your account. Please note the exact times can vary.

 

If you want the money in your account in:

The funding method to use:

1 to 2 business days

Certified cheque/bank draft/money order (if received before 2 p.m.)

Wire transfer

2 to 5 business days

Online banking bill payment (electronic funds transfer)

Transfer from another Questrade account

4 business days

Pre-authorized deposit (there may be a hold placed on deposits greater than $9,900)

10 business days (Canadian funds)

Non-certified cheque

10 to 15 business days

Stock certificate

15 business days (U.S. funds)

Non-certified cheque

10 to 20 business days

Transfers from another broker

 

The types of deposits we can’t accept

There are a few funding methods we can’t take. If you use one of these ways to fund your account, your deposit will be returned to you and the money won’t end up in your account:

  • Cash
  • Cheques with incomplete information
  • Third-party bill payments, cheques, or wire transfers (keep reading to learn more about third-party deposits)
  • Credit card payments
  • Credit card cheques or cheques drawn on lines of credit
  • Deposits made directly into Questrade’s bank account at a bank branch or online
  • Cheques drawn on foreign banks, even if they’re in U.S. dollars

 

Important: we are NOT able to accept deposits made directly into Questrade’s bank account from a RBC Royal Bank branch or online.

 

What is a third-party deposit?

One of the most common types of funding delays we see is when someone tries to fund an account with a third-party deposit. A third-party deposit is a transfer of funds or positions from an account in another person’s name. Canada’s anti-money laundering legislation prevents Questrade from accepting any third-party deposits.

 

Here are some things to remember about third-party deposits:

  • The account the money is coming from and the account the money is going to must have matching, identical names
  • If transferring to a joint account, the name(s) on the account the money is coming from must match the names on the Questrade account (banks can sometimes shorten names on joint accounts); you can provide us a void cheque for the joint account as proof of joint account status
  • For corporate or registered accounts, the account holder must provide us with a letter of direction before we can deposit any funds
  • For accounts with a power of attorney, the funds must come from an account in the owner’s name and not from an account in the name of the power of attorney

 

Have questions about third-party deposit? Chat online or call us at 1.888.783.7866. You can also send us an email at [email protected]. Investing a few minutes up front can save you some well-deserved time.

 

Other common funding delays

Online bill payments, also called electronic fund transfers (EFT), are a popular funding method because of how fast and convenient they are. Every bank has a slight variation on how they process EFTs. One of the most important things you can do is ensure you enter all the required and correct information. For example, Questrade account numbers are either eight or ten digits. Make sure you enter only 8 or 10 digits and no other information as this will lead to delays.

 

Pre-authorized deposits are a convenient way to add funds to your account, one time or on a recurring basis. We process pre-authorized deposits on the start date you select. Deposits totaling more than $10,000 received on the same business day are held for four business days to ensure they clear.

 

Less waiting, more trading

Fund your account with minimal delays by following the handy tips in this blog so you can get to the real fun: investing.

 

 

Do you have any questions about funding your account? Share your questions or comments below.