This post covers the step-by-step instructions on how to withdraw from Questrade into your bank account.
You’ll also learn about the withdrawal fees, how long it takes and tracking the Questrade withdrawal.
Steps to Withdraw from Questrade
Questrade makes it easy to make withdrawal requests from any of your investment accounts through your online brokerage account.
Here are the quick and simple steps to get started:
- Log in to your Questrade account
- Navigate to REQUESTS and hover over it to reveal the menu options
- Click on “Withdraw Funds” to open the withdrawal page
- Select the account you wish to withdraw from using the drop down
- Specify the withdrawal currency (CAD or USD)
- Enter the withdrawal amount
- Choose one of the available withdrawal methods
- Provide your banking details
- Click continue to review and confirm the withdrawal
- Go to the “Request History” tab close to the top of the page to track the progress of your withdrawal
That is, once logged in, go to Requests>Withdraw Funds. Then follow the simple instructions above to complete your withdrawal to your bank account.
How to Transfer Money From Questrade to Bank Account
Questrade currently provides 3 withdrawal methods on their screen:
- Electronic Funds Transfer
- Wire Transfer
- International wire transfer
For the first 2 options, you’ll be prompted to provide your banking details the first time you make a withdrawal.
The recommended option is to link your bank account electronically. But you can also do it manually and upload a void cheque or direct deposit form.
If you choose the International wire transfer option, you’ll need to download, complete and upload a “Funds withdrawal international wire transfer” form.
Cheques (certified and uncertified) used to be additional withdrawal options but Questrade no longer gives the option on the withdrawal screen. They are likely trying to discourage the option.
But the fees are still shown on the Administrative fees page, so you can reach out to them if you prefer cheques.
Questrade Withdrawal Fees
These are the applicable fees to withdraw funds from your Questrade account
- CAD Electronic Funds Transfer (Up to $50,000) : Free
- USD Electronic Funds Transfer (Up to $25,000) : Free
- Canadian Dollar Wire Transfer: $20
- US Dollar Wire Transfer: $30
- International Wire Transfer: $40
- Certified cheques: $75
- Uncertified cheques: $50
Additional courier fees apply for cheques if you’re not picking them up yourself: $35 for Canada and $70 for U.S.
Transferring your Account from Questrade
Instead of withdrawing your funds, you can also do a direct transfer to other financial institution. This won’t affect your contribution room for registered accounts.
Questrade charges $150 for transferring an account to another institution, or $25 for partial transfers. But they’ll also cover your fees up to $150 if you transfer in.
And the best part is there are no minimum account balance requirements to get the rebate.
Check this post for TFSA and RRSP Transfer fees and the financial institutions that reimburse the fees.
How long does it take to withdraw from Questrade?
You can expect each transfer out of your Questrade account to take between 1 – 5 business days depending on the withdrawal method you choose.
So while EFT is the free, it’ll likely take the longest time to get to your bank account. In fact, it takes up to 5 business days in many instances.
Also, EFTs above CAD50,000 or USD25,000 will be processed in batches according to Questrade’s website. So if you need to withdraw above that limit, you should contact their customer service to fast track it.
Can I withdraw USD from Questrade?
Yes, Questrade allows you to withdraw either Canadian dollars or U.S. dollars from your account. You can even withdraw more than the available USD cash in your account.
They’ll simply do a currency conversion of your CAD to fund the difference.
You’ll get a warning message if you try to withdraw more than your available cash in any of the currencies.
Other things to note: Questrade Withdrawal
You should understand how withdrawals affect the contribution room for your registered accounts.
For a TFSA, you won’t lose your contribution room when you withdraw. But you have to wait till the following year to re-contribute the amount.
And the withholding taxes (WHT) can be as high as 30% depending on how much you withdraw.
|Withdrawal Amount||Quebec WHT||Other Provinces WHT|
|$5,000 and below||20%||10%|
|Up to $15,000||25%||20%|
Withholding taxes will also apply if you withdraw above the annual minimum for RRIFs.