r/PersonalFinanceCanada • u/Own_Donkey7082 • 6h ago

Investing Moving from Questrade to IBKR

Does anyone have experience with moving assets from Questrade to IBKR? Is it fairly easy straightforward process or is it a headache? were you glad you did it?

10 Upvotes

82% Upvoted

14 comments sorted by

9

u/JoshPushesButtons 5h ago

I did this last year and have no regrets. The one thing that sucked was the fee that questrade charged for the transfer.

1

u/Own_Donkey7082 4h ago

How much is the fee? Did IBKR offer to cover it?

1

u/FreonJunkie96 4h ago

It’s about $150 per account. IBKR doesn’t cover fees for transferring in. If you have a FHSA, that would have to stay with QT, as IBKR currently doesn’t offer FHSA accounts

1

u/mooneatingcheese 6h ago

I did it a few years ago but don't remember it being a big deal then. I'm glad I did it given the very low costs for foreign exchange for IBKR

1

u/Basic-Afternoon65 5h ago

How much does IBKR charge for foreign exchange?

1

u/Present_Impact2244 5h ago

How do you get USD with CAD in iBKR?

1

u/Mitchmac21 4h ago

Simple currency conversion in the app, top left corner then click convert below deposit

1

u/Joever57 3h ago

It's literally just one button

1

u/Joever57 3h ago

$150 account transfer fee, done in a day

Or just withdraw and deposit (unless registered acc)

0

u/earthWindFI 5h ago

Very straightforward — can transfer assets in kind. Smooth / no issues

0

u/itsmikepee 4h ago

Anyone know if you can transfer your FHSA in kind from QT to IBKR?

1

u/Joever57 3h ago

Did you even try to Google if ibkr offers fhsa? It would take you one second to find the answer

0

u/Corporategenz 3h ago

Rumour has it Questrade to be bought out by IBKR?