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 (RRSP, TFSA) and you want to transfer funds to OneVest without using up contribution. Initiating an external transfer allows you to do just that.
If you wish to move cash or transfer from a non-registered account, it's faster and easier for you to set this up as a regular investment contribution.
Otherwise, if you have an existing registered account, we make it easy to initiate the transfer:
Step 1: Create Your Account
If you haven't already done so - you'll need to create your account in the app and complete the onboarding process.
We need this to be complete in order to know where the funds should be transferred to.
Step 2: Make the Request
After you're done creating your account, you can initiate a transfer from an external account by navigating to your Profile in the app, and tap on "Transfer Account":
From here, we'll ask a few questions:
- Which goal you want to invest in
- Which portfolio you want to use within that goal
- The required investment account details from your relinquishing institution
- Whether you want to proceed with a Full or Partial transfer
- How much you wish to transfer
From there, you can review your transfer request and tap "Confirm Transfer" to continue.
Note: 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.
Step 3: Waiting... is the hardest part
After your request is received, you should see your funds liquidate from the transferring institution within 3-5 business days, and appear in your OneVest account within 3-5 business days later. 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, get in touch with our support team.
|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.|