The online bill payment tool offered by major chartered banks and credit unions
is one of the most popular and fastest ways to fund a Questrade account. After you've
logged into your bank account, select bill payment, and choose Questrade Inc. as
the payee. You will be asked to enter your Questrade account number. Online banking
can be set up as one-time or recurring, and can be post-dated. Depending on your
bank's processing times, this transaction can take from one to four business days
before it is reflected in your account. At the moment, online banking is available
only for CAD funds. If you want to transfer USD, we recommend pre-authorized deposits,
managed in
myQuestrade.
Questrade is registered for online banking with the following institutions:
- BC Credit Union Central
- BMO - Bank of Montreal
- CIBC
- Credit Union Central of Ontario
- Desjardins
- National Bank
- RBC - Royal Bank of Canada
- Scotiabank
- TD Canada Trust
- Telpay
Automatic, flexible and free, set up regular or one-time contributions with a pre-authorized
deposit. In
myQuestrade, go to the
My Funds tab and scroll down
to
Pre-authorized deposit. Set up, manage, monitor transactions,
suspend and cancel pre-authorized deposits for every one of your Questrade accounts
directly from the client portal. Pre-authorized deposits can be used for Canadian
and U.S. funds.
We´ve made it easy to move to Questrade. After you've opened an account, you'll
be prompted to fill out a one-page transfer form. Then we'll take care of the rest.
If you transfer your complete account in-kind to Questrade, any credit or debit
in cash/positions will automatically be forwarded to your new account.
Please stop trading with your current broker once you submit your account transfer
to Questrade. Trading in the account after Questrade initiates the account transfer
will cause your current broker to reject the transfer.
For complete instructions on transferring securities from Canadian, the U.S., and
international financial institutions, please login to
myQuestrade and click on the
My Funds tab.
Set up a wire transfer with your financial institution by informing them to communicate
directly with Questrade's bank, the Royal Bank of Canada. The transfer must be by
wire; Questrade does not accept a direct deposit to its account.
For complete instructions on wiring funds from Canadian and international institutions,
including the U.S., login to
myQuestrade and click on the
My Funds tab.
Certified cheque: Provide us with a personal certified cheque drawn on a bank account
with the same name as your Questrade account and made payable to Questrade Inc.
Bank draft: A bank draft issued by any authorized financial institution. The draft
must include the complete name, telephone number, address of the issuer and the
payee's name. If you are funding your account for the first time, the bank draft
must be accompanied by a cheque for $5 from a personal Canadian bank account of
the Questrade account holder.
Canadian and U.S. dollar non-certified cheques will be held for a period of 20 business
days until funds have cleared. The funds will remain unavailable for trading or
withdrawal until our bank acknowledges receipt of payment.
Questrade charges an
administrative fee
to deposit each unique company stock certificate. We recommend sending the certificate
by secure mail or courier.
We do not accept OTC (over the counter) or OTC BB (over the counter bulletin board)
stock certificates for deposit unless your certificates are specifically pre-approved.
Contact a client services specialist to find out how to obtain pre-approval.
Questrade cannot accept the following deposits:
- Cash
- Money orders
- Third party cheques or wires (drawn on a bank account in a name dissimilar to the
Questrade account title)
- Cheques with incomplete information
- Credit card cheques or other cheques drawn on credit lines
- Credit cards
- Direct deposits by cheque or cash into Questrade's bank accounts
- Cheques drawn on foreign banks, even if in U.S. currency.
Questrade will assess a $30.00 fee for each returned cheque.
Cheques returned NSF will result in an account being restricted for a 90-day period.
Multiple instances of returned cheques will result in a permanent restriction of
this type of payment. This restriction limits new deposits to: bank wire transfers
or certified cheques issued by a bank. If the funds represented by the NSF cheque
were intended to meet a margin call or to purchase securities, the account may be
subject to immediate liquidation as determined by Questrade.
Stocks & Options Accounts:
• $1,000 to purchase stocks and options
• $5,000 to trade option spreads and
straddles.
• $25,000 to write/sell uncovered options.
To keep your account in good standing, $250 equity or account value is required.
Forex Accounts:
• $250 USD for a forex mini account.
• $2,500 USD for a forex standard account.
CAD deposits to forex accounts are accepted and will be automatically converted to USD upon receipt.