Hey, guys.
It's Adrian here, the Canadian in a T-shirt.
Today, I'll be breaking down how to deposit money instantly into your Questrade account.
Using this method, you'll be able to fund your investing account within seconds and
buy stocks and ETFs right away.
You won't have to wait until the next business day.
This is a brand new feature that Questrade just launched yesterday.
I am very excited to show you how this works.
As you, guys, know, Questrade has been my favorite online broker in Canada for many
years.
Now, with these new instant deposits, it's better than ever.
Before today, I would always use online banking to put money into my Questrade account.
This is where I log into my bank account, and I transfer money into my Questrade investing
account the same way I would make a bill payment.
I already made a whole video tutorial on how to open a Questrade account and how to fund
your account using this online banking method, so make sure you check that out.
That method was great.
It didn't cost anything, and the money would arrive into Questrade by the next morning
or the next business day, but with this new feature, I can transfer money into my Questrade
account instantly.
I don't have to wait until the next morning.
I can transfer money into Questrade essentially by making a debit card purchase.
Now, within seconds, I can buy stocks and ETFs right away.
This is a game-changer, and I'll be using this instant deposit feature from now on.
You know me, I don't believe in trying to time the market, but there are times when
I get paid on a Friday and I want to buy some stocks, but it's a long weekend, and so I
would have to wait until Tuesday morning to make those trades.
Now, with this new instant deposit feature, I can buy stocks immediately on that Friday
as long as I'm still within trading hours between 9:30 and 4 p.m. Eastern Time.
One thing to note is that this instant deposit is limited by your bank's daily transaction
limit.
For most people, that's around $3,500 in a day.
This will depend on your bank and your particular bank account, and you can request to increase
this limit to a maximum of $10,000 in a day.
In my case, if I'm making smaller deposits, let's say a few hundred dollars or $1,000,
I'll use instant deposit to buy those stocks right away, but if I want to make a larger
deposit, let's say $5,000 into my TFSA, that's above my debit card's limit.
So, I'll have to use the regular online banking method, and I have to wait until the next
morning to invest that money.
Keep that in mind.
Now, let's see how instant deposit works.
Okay.
So, I've logged into the Questrade main page and here, you can see all of my accounts.
Today, I'm going to be depositing money into my RRSP account.
We start by going to the Funding tab, and here you can see all of our options.
Here you can see online banking, this is the old regular method where you transfer money
into Questrade using a bill payment.
Below, we have Interac Online which only works for a very select few types of debit cards.
Below that, we have pre-authorized deposit.
This is a very useful feature if you have US dollars available in a US dollar bank account.
I'll be making a whole video on how the pre-authorized deposit works.
It's great if you have a source of US dollar income since you could avoid any currency
conversion.
Today, I'm going to show you the brand new method that was just released yesterday, and
that's instant deposit.
This is the first time I've ever used this, so let's go through it together.
A few things to note, for instant deposit to work, it has to be a Canadian Visa debit
card.
So, make sure your debit card has that Visa Debit logo probably in the bottom right corner,
and it has to be a Visa debit card.
Currently, it won't work for Debit MasterCards or credit cards of any kind.
Also, the name on the debit card must match your Questrade account.
You can't be using someone else's debit card.
It has to be your debit card.
I already talked about this, but your deposit must remain within your debit card's daily
transaction limit.
For larger deposits, you'll have to use the online banking method.
So, I've already set up my debit card.
You can see here, it's a TD Visa debit card, but I'll go through the steps with you to
show you how it's done.
We start off by clicking "Add New Debit Card," and it will bring up a list of Canadian banks,
which currently support this feature.
I'm going to be adding my TD debit card.
So, enter your debit card number, enter your password to log in to your online bank account,
agree to the terms and conditions, and click "Next."
Okay, now, we have to enter the rest of our debit card info.
Some of this will already be pre-populated.
Here, enter the 3 digits on the back of your card, enter the expiration date of your debit
card, and now for your address, this should already be pre-populated but just confirm
that it's correct.
To verify that this is your debit card, Questrade will deposit and then immediately withdraw
one cent or one penny out of your bank account.
I'm not going to do this because as you can see, I've already added this TD debit card,
but you just click "Next."
As soon as you click "Next," if you log into your bank account, you'll see 2 transactions:
a deposit and then an immediate withdrawal of one penny.
There you go.
Now, you can see your debit card has been added, and the good news is you only have
to do this once.
Once you've added your debit card, you can use this card to make instant deposits in
a matter of seconds.
That's what we'll do now.
Now, we choose which account to deposit into.
I'm going to choose my RRSP account.
Remember, since I am depositing into my RRSP, this counts as an RRSP contribution.
So, make sure you haven't exceeded your contribution limits.
Now, just enter the amount.
Today, I'm going to be depositing $500 Canadian into my RRSP.
Currently, this instant deposit method only works for Canadian dollars.
If you want to deposit US dollars, you'll have to use a pre-authorized deposit, which
I'll get to in a later video.
So, we click "Continue," and then we just confirm the details, and we click "Confirm
Deposit."
So, the deposit is complete, the money is available in my account.
If you click on "Deposit History," you can see a list of our completed deposits.
Now, let's confirm that the money is actually in there.
We click the green "Trade" button to take us to the trading platform.
We see a pop-up notification, a deposit of $500 was successfully made into our RRSP account.
Now, in my RRSP account, you see I have that $500 available in cash, ready to start trading.
There you have it.
That's how you deposit money instantly into your Questrade account.
You, guys, know, I've been a huge fan of Questrade for many years, and it's great to see that
they're still making an effort to improve and add new features.
If you don't have an account and you want to get started with Questtrade, click my referral
link in the box below, and you'll get $50 in commission-free trade rebates for the first
30 days when you sign up.
That saves you $50 plus I'll get a small referral bonus as well.
Make sure you check out my other Questrade tutorials for a step-by-step guide on how
to actually buy stocks, how to invest in the US market, how to use Norbert's Gambit to
avoid currency conversion fees, how to transfer money from your bank into Questrade, and how
to transfer stocks between accounts.
Click the pop-up at the top right to check those out.
Thanks for watching, guys, and be sure to like, comment, and subscribe if you found
this video helpful.
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Thanks, everyone.
I'll see you, guys, on the next episode of the Canadian in a T-shirt.
Bye, guys