Author Topic: Canadian mustaches: How long to transfer a TFSA between banks?  (Read 1819 times)

moustacheverte

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Hi,

I am switching to TD Waterhouse online brokerage and for TD to eat my TFSA transfer fee, the money has to be in the TFSA within 45 days of opening the account.

How long does it take to transfer a TFSA from Tangerine to TD Waterhouse? I refuse to pay anything to give TD my money but they won't cover the fee if past the 45 days. I have no control over how long the transfer takes, and once initiated, it can't be cancelled.

What should I do?

Thanks,

Reynolds531

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Re: Canadian mustaches: How long to transfer a TFSA between banks?
« Reply #1 on: March 18, 2015, 01:54:13 PM »
Just put a few bucks in to hold it open until the transfer arrives. I've never done registered transfers, I have only transferred around the end of the year to renew the room in the plan.

I use scotia itrade, and they allow bill payments through my cibc chequing account which I find really convenient.

moustacheverte

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Re: Canadian mustaches: How long to transfer a TFSA between banks?
« Reply #2 on: March 18, 2015, 02:23:48 PM »
Just put a few bucks in to hold it open until the transfer arrives. I've never done registered transfers, I have only transferred around the end of the year to renew the room in the plan.

I use scotia itrade, and they allow bill payments through my cibc chequing account which I find really convenient.

Holding it open is not the issue. To get the fees refunded, the money has to arrive within 45 days. I don't know if this is a reasonable timeframe or not.

Cookie78

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Re: Canadian mustaches: How long to transfer a TFSA between banks?
« Reply #3 on: March 18, 2015, 02:39:59 PM »
It wasn't really between 'banks', but I transferred my TFSA a couple months ago (from IG to Questrade) and it took about 2 weeks.

Le Poisson

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Re: Canadian mustaches: How long to transfer a TFSA between banks?
« Reply #4 on: March 18, 2015, 02:49:04 PM »
Cookie - did you talk to your IG agent when you transferred? We asked about fees to transfer out and now she won't return our calls. Questrade says they can pull the money without contact - is that right?

Cookie78

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Re: Canadian mustaches: How long to transfer a TFSA between banks?
« Reply #5 on: March 18, 2015, 03:02:25 PM »
Cookie - did you talk to your IG agent when you transferred? We asked about fees to transfer out and now she won't return our calls. Questrade says they can pull the money without contact - is that right?

I didn't have to talk to anyone at IG. I was under the impression that Questrade would refund the transfer fees, but they didn't mention a time limit like you have. I double checked when the money was transferred and didn't see any transfer fees. There were sales fees however. Lesson learned.

Al1961

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Re: Canadian mustaches: How long to transfer a TFSA between banks?
« Reply #6 on: March 18, 2015, 09:46:15 PM »
I moved my TFSA from ING to TD a couple of years ago. It was done within 2 weeks.

Al

moustacheverte

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Re: Canadian mustaches: How long to transfer a TFSA between banks?
« Reply #7 on: March 19, 2015, 07:00:07 AM »
Thank you all, I hope it will also take 2 weeks for me.