We're happy to hear you'd like to transfer funds into OneVest!
Transferring from an external account is useful when your existing account is registered (e.g., RRSP, TFSA, etc.) and you want to transfer your funds to OneVest without using up your contribution room. Initiating an external transfer allows you to do just that.
Please note that:
- We are unable to facilitate the transfer of a jointly-held account into an individually-held account you set up with us. In these cases, you will need to set up the appropriate joint account with us so we can proceed. If you have any questions about this, please don't hesitate to reach out and we would be happy to guide you through the process.
- If you wish to move cash or transfer from a non-registered account (sometimes called a "Personal" or "Cash" account), it's usually faster and easier for you to set this up as a regular investment contribution instead.
Otherwise, if you have an existing registered account, we make it easy to initiate the transfer.
Step #1: Complete Onboarding
If you haven't already done so, you'll need to create your profile and complete the onboarding process.
We need this to know where the funds should be transferred to.
Step #2: Make the Request
After you've created your profile and initiated your account, you can make an external transfer request by following these steps:
- Navigate to the goal you wish to transfer into
- Click on “Invest”
- Choose the external transfer option
At this step, we’ll ask you for details such as the financial institution you’re transferring from, your account number and type, your preferred transfer method, and an estimated total amount you wish to transfer. When you submit the request, we will receive all the information required to process the transfer request on your behalf. If we need any further documentation, we will communicate this with you.
Step #3: Waiting is the Hardest Part
Once we receive your request, you should see your funds liquidate from the transferring institution and appear in your OneVest account within 8-12 business days. Depending on your transferring institution, the entire process can take up to 20 business days, though we see most occur much more quickly.
Once your funds arrive, we'll invest them for you automatically and you'll see changes reflected in your portfolio shortly after.
Meanwhile, if you have any questions about the transfer process or need help, you can get in touch with our support team.
Full vs. Partial Transfers
Currently, we only support all-cash transfers - meaning:
If processing a full transfer
We'll send your relinquishing institution instructions to liquidate the account and sell all your investments before transferring the cash to OneVest.
Depending on your situation - for example, if transferring a group RRSP from a previous employer, your relinquishing institution may also process an account closure (and associated fees) as part of this transfer.
If processing a partial transfer
We'll send your relinquishing institution instructions to transfer cash up to your estimated amount. If the amount of cash available is less than what you've estimated, the relinquishing institution may sell assets in the account to make up the difference.
If you anticipate the estimated amount to be more than your available cash: we recommend you fulfill any such sell orders yourself first to make sure you can control which assets are sold.
Need more information?
If you have any further questions or concerns, you can submit a request to the OneVest support team, and someone will be in touch with you shortly!
Frequently Asked Questions
| Question | Answer |
| Can I transfer investments In-Kind? | Not right now. We currently support In-Cash transfers only. |
| Can I transfer from other currencies? | Not right now. You'll need to make sure the amount being transferred is in Canadian Dollars ($CAD). If you have other currencies (i.e. USD) in your account, you'll need to make sure you're transferring against the CAD amount only. |
| Can you transfer funds more quickly? | In most cases, we see transfers complete towards the lower end of estimates but, you can always contact us if you have questions about how your transfer is progressing. |
| What is the difference between an external transfer and a regular EFT deposit? |
External transfers for registered accounts allow you to move your assets to a new account without using up your contribution room; however, since fees are often associated from your relinquishing institution and they take longer to process, they're typically requested for larger amounts. Regular EFT deposits use contribution room for registered accounts; however, compared to external transfers, they process faster and are free. If you make an external request for a lower amount, we may reach out to confirm if you still wish to proceed - as in most cases, making a regular EFT deposit instead may work better for you. |