Questrade allows fund withdrawals in both currencies USD and CAD. It allows free-of-cost withdrawals through Electronic Fund Transfers and charges fees for Wire transfer services.
Questrade is one of the largest Canadian brokerage companies and financial service providers. It is a registered Canadian broker providing investment-related services to users and charges no account opening fees and is known for its industry standard and transparent pricing. Users can also contact Questrade via various online and offline mediums to ensure a seamless experience.
Questrade charges withdrawal fees from its users in the following ways :
The users can withdraw their Questrade balance after logging in to the Questrade account, navigating to the “Withdrawal Requests” section and then selecting the amount and currency to be withdrawn. It is processed in two ways namely, Electronic Funds Transfer and Wire Transfer.
**1. Via Electronic Fund Transfer: **
-
An individual can use electronic fund transfer to transfer funds from their Questrade account to their bank account.
-
It is important to note that one can only transfer the currency to specific currency accounts. For example, US dollars can only be withdrawn to US dollar accounts.
-
Electronic fund transfer is free of cost and usually takes 3 to 5 business days to be processed into the bank account of the user. This time may vary according to the amount requested for withdrawal.
-
Electronic fund transfer at Questrade has a limit of CAD 50,000 and USD 25,000 per day for withdrawal purposes.
2. Via Wire Transfer:
-
An individual can use a wire transfer facility to withdraw currency in CAD or USD.
-
Wire transfer is a paid service for which Questrade rate charges $20 Canadian for CAD wire, US$30 for USD wire and charges for international wire transfers as well.
-
Wire transfers have no maximum amount limit on a per-day basis.
Conclusion:
Thus, Questrade charges fees for withdrawals through a wire transfer facility. Hence, users can make withdrawals through Questrade by navigating to the account section and then opening the request tab to place a request to withdraw funds. Out of two options for fund transfer, users can choose any one according to their requirements and the currency of the funds to be withdrawn.