Instant deposit

Instant deposit allows you to fund your Self-directed or Questwealth account using your Canadian Visa or Interac Debit card up to $10,000 per transaction (or your bank account’s daily transaction limit). Please contact your bank to authorize deposits over your daily maximum.

Making an instant deposit is easy and only takes a few minutes to set up - allowing you to put your money to work immediately.

To set up Instant deposit, follow these easy steps:

• Log in to your Questrade account.
• On the top navigation bar, head over to the Move money tab, and click Deposit in the selection below.

• From there, select Visa Debit to set up an instant deposit.

Check out the sections below for detailed instructions on how to add funds using your Visa Debit card and frequently asked questions (FAQs).

Once you're in the Visa Debit page, you’ll see four main sections to complete:

1. To Questrade account:
• Select the Questrade account you want to transfer your funds into.
2. From account:
• Select the Visa Debit card you wish to send your money from. If you have not added a card yet, you can add one by clicking Add another Visa Debit card just below the section
• Currently, we only support Canadian Visa Debit cards but are working on including more types of debit cards.
3. Add another Visa Debit card:
• Click here to link a new Visa Debit card to your account. More information about adding a Visa Debit card will be highlighted below this section.
4. Amount:
• Enter the dollar amount (CAD) you’d like to deposit.

To add a Visa Debit card, click Add another Visa Debit card. on the Visa Debit page. Select your institution in the pop-up window. If you do not initially see your bank on the list, you can also scroll down to search for it.

Some institutions or card types do not yet support Instant deposit. If your institution or card type does not support Instant deposit, you’ll be notified here. We’re working hard with banking partners all across Canada to bring this feature to more Debit cards in the near future.

Please note: Some banks cannot verify online banking information outside of business hours. So, if you’re setting up your Visa Debit card on a weekend or holiday, and you’re using your username to login for online banking (not your 16-digit debit card number), you'll need to wait until the next business day to set up and add your Visa Debit card. 

Once you’ve logged in, please enter your Debit card information:

• Your 16 digit Visa Debit card number.
• The expiry month & year of your debit card.
• Your billing address associated with the debit card.
• Terms and conditions box.

To verify your account, a value of $0.01 will be withdrawn and deposited back to you immediately. You may also be asked to answer a security question here, or verify through 2-step verification for extra security.

Please note:

• Please make sure to use a Visa Debit card account that matches the name in your Questrade account exactly. For regulatory reasons, we cannot make a deposit from a Visa Debit card account that does not match the name on your Questrade account. If you have a joint account on your Visa Debit card, the primary account holder’s name should match the Questrade account.
• Currently, some Visa Debit cards don't have a “push” functionality where it deposits funds back immediately after a withdrawal. We're currently working our best to ensure that the $0.01 is deposited back to your account as soon as possible. In the meantime, you can contact one of our agents to request the $0.01 deposit back to your account at an earlier time.
• Deposit up to $10,000 per day with Interac or your Visa Debit card. Please contact your bank to authorize deposits over your normal daily maximum.

Once you’ve added a Visa Debit card to your Questrade account, you’re ready to transfer funds to your account instantly.

1. Select the Questrade account you want to deposit your funds into. Please be aware that deposits into registered accounts are considered contributions for tax-purposes. For RESP and Forex & CFD accounts, the funds deposited will be available in 1-2 business days.
2. Select the Visa Debit card you wish to transfer your funds from. Any expired card will be highlighted in RED and you won’t be able to use this card anymore for any funds transfer.
3. Enter the Canadian dollar amount you wish to transfer to your account and click Next to review and confirm your deposit.

Once you’ve confirmed your deposit, you’ll see a pop-up saying your deposit is completed and will be directed to the Deposit history tab.

Please note: Deposit up to $10,000 per day with Interac or your Visa Debit card. Please contact your bank to authorize deposits over your normal daily maximum.

Checking whether you have deposited money is easy. Simply head to the Deposit history section found inside the Move money page.

The status will show Complete or Failed and you can get more information by clicking the See details link in the far right of the window.

• In your trading view, press Move money to go to the next section where it’ll ask you what you’d like to do with your money.
  

• Click Deposit funds and choose Instant deposit as your method of transfer Here, you can select the funding method you want to use. You can either choose Visa Debit or Interac online.

What is the maximum amount I can deposit with each Instant deposit transaction?

You can deposit up to your bank’s daily transaction limit, usually $10,000 or less. Please contact your bank to authorize deposits over your daily maximum. It is important to ensure that you have enough funds in your account when doing your deposit.

What if I have two accounts on my Visa Debit card - from which account where will my transfers be pulled from?

By default when you set up a Visa Debit card, Instant deposits will link through your primary account which is usually a chequing account and not to your savings or line of credit.

Which Questrade account types can I fund using Instant deposit?

You can use instant deposit for all account types including Forex and CFDs accounts. However, it will not be available on registered retirement accounts that do not support new contributions (I.e. RIF, LIF, LIRA...).

Can I make an Instant deposit using my Visa credit card?

To comply with Canadian regulations, investing accounts must be funded using available funds, cash, not credit. Debit cards are accepted because they enable the transfer of available funds into your account. Customers are prohibited from using any form of credit, including credit cards (e.g., Visa, Mastercard, American Express) or prepaid cards.

If I don’t have a Visa Debit card, can I deposit funds using Interac e-Transfer?

Yes, you can use Interac e-Transfer to deposit funds to your account. Simply use the Interac e-Transfer tab found on the Move money page. From there, click Deposit.

When I make an Instant deposit, how long does it take for it to get invested in my Questwealth account?

Successful Instant deposits will appear immediately as cash on your accounts summary page (Summary of my accounts) and will be invested in your selected Questwealth portfolio in 1–2 business days (provided that your account has the minimum $1000 required to invest your money).

Please note that for new accounts, the account must first be activated before the deposit will appear as cash in the account. The deposit will not show immediately on the Investment Summary or Account Activity pages as these two pages show transactions from the previous day.

How do I cancel a complete Instant deposit transaction?

Deposits happen instantly after successful transfers. Therefore, once you have completed an instant deposit transaction, it can't be cancelled or reversed.

You will need to submit a withdrawal request by logging in to your Questrade account and going to Requests > Withdraw funds. The time it takes for the money to reach your bank depends on the withdrawal method you use. For example, an electronic funds transfer can take up to 5 business days.

Can I deposit US dollars with an Instant deposit?

Instant deposit is only available for depositing Canadian dollars (CAD). If you have US dollars that you want to deposit, you can first request for a currency exchange through our platform.

Can I use Instant deposit to cover my Margin Call?

Yes absolutely, we would recommend that you use instant deposit to cover your margin call. Depending on the amount required, you may be able to only partially cover your margin call using instant deposit. You will have to cover the remaining amount using one of the other methods outlined in the margin call notification email.

Note: The information in this blog is for educational purposes only and should not be used or construed as financial or investment advice by any individual. Information obtained from third parties is believed to be reliable, but no representations or warranty, expressed or implied, is made by Questrade, Inc., its affiliates or any other person to its accuracy.