Qtrade withdrawal at a glance

Whether you are using an online broker for short-term trading or for longer-term investments, there will come a point when you may want to enjoy the fruits of your trading activity if you've been making profitable transactions, or you just need access to your funds for any reason. To do that, first you have to withdraw money from your broker account.

That doesn't sound very complicated, but brokers differ considerably in what withdrawal options they offer (such as bank transfer or credit/debit cards), as well as in the speed and convenience of withdrawal. And while withdrawal at many brokers is free in most cases, some brokers and some types of withdrawals may involve a fee.

So how does Qtrade fare in this regard? Before we dive into the details, let us show you at a glance how you can withdraw money from Qtrade and how Qtrade's withdrawal fees and options compare to some of its close competitors.

Qtrade withdrawal fees and options snapshot
Qtrade RBC Direct Investing Questrade
Bank transfer Yes Yes Yes
Credit/debit card No No No
Electronic wallets No No Yes
Withdrawal fee Free withdrawal Free withdrawal for margin, cash, RESP, and TFSA accounts if you have RBC bank account, but high withdrawal fee for RRSP withdrawals and non-RBC bank clients No withdrawal fee for electronic fund transfers, but $20-$40 for wire transfers depending on your residency

How to withdraw money from Qtrade
Qtrade withdrawal options

Withdrawal via bank transfer is by far the most common option. It is available at basically all brokers, and Qtrade is no exception.

However, bank transfer is the only withdrawal option available at Qtrade, putting it at a slight disadvantage over brokers that also offer withdrawal to credit/debit cards or electronic wallets.

Speed also matters. Unlike some deposit options, withdrawal is rarely instant. It usually takes at least 1 business day, but often several business days for your money to arrive.

We tested withdrawal at Qtrade and it took us 2 business days, which is considered fairly average.

To withdraw money from Qtrade, you need to go through the following steps:

  • Log in to your account
  • Select 'Withdrawal' or 'Withdraw funds' from the appropriate menu
  • Select the withdrawal method and/or the account to withdraw to (if more than one option is available)
  • Enter the amount to be withdrawn, and, if prompted, a short reason or description
  • Submit your request

Please note that you may only withdraw money to accounts that are in your name.

How to withdraw money from Qtrade
Qtrade withdrawal fees

While depositing money to a brokerage account is free in most cases, this is not necessarily always true for withdrawals. International bank transfers and wire transfers in particular can sometimes incur high fees, so always check carefully if this is something that would apply to your transactions.

We have good news for you: basic withdrawal at Qtrade is free of charge. See the table below for details and possible exceptions, as well as how Qtrade compares with some of its immediate competitors.

Qtrade withdrawal fees
Qtrade RBC Direct Investing Questrade
Domestic bank withdrawal Free withdrawal Free withdrawal for margin, cash, RESP, and TFSA accounts if you have RBC bank account, but high withdrawal fee for RRSP withdrawals and non-RBC bank clients Free for electronic fund tranfer, but $30 for wire withdrawals
International bank withdrawal Not available $45 per withdrawal $40 per withdrawal
Credit/Debit card withdrawal Not available Not available Not available
Electronic wallets withdrawal Not available Not available Not available

How to withdraw money from Qtrade
Bottom line

Qtrade withdrawal is free of charge in most cases. However, you can only do it via bank transfer; other convenient options such as withdrawal to credit/debit cards or electronic wallets are missing.

To see how Qtrade's withdrawal fees and options stack up against the rest of the brokerage market, check out our broker comparison tool.

Author of this article

Oskar Golebiowski

Author of this article

Oskar's goal is to bring transparency to investors in the Canadian stock brokerage market. With a bachelor’s degree in finance and over 3 years of business experience, Oskar has tested many different investing platforms in the past. His aim is to provide unbiased and honest reviews of the best tools available to Canadian investors.

Oskar Golebiowski

Canadian broker expert

Oskar's goal is to bring transparency to investors in the Canadian stock brokerage market. With a bachelor’s degree in finance and over 3 years of business experience, Oskar has tested many different investing platforms in the past. His aim is to provide unbiased and honest reviews of the best tools available to Canadian investors.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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