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Your guide to using Interac for your Questrade account

Piyush Singh
Piyush Singh
03.09.25
Read time 2 minutes

Questrade is a leading online brokerage, popularized by its low fees, range of trading tools, and flexible accounts. To help Canadian investors get started, Questrade accepts Interac Instant Deposits from most Canadian banks. In this article, we’ll talk about setup, limits, timing, and processing. We’ll then introduce Wise as an alternative for sending Canadian dollars, US dollars, British pounds and other currencies. Let’s discuss!

We will be looking at:

How to set up Interac Instant Deposit at Questrade

Interac Instant Deposit is available to all Questrade users with a Canadian bank account.1

Here’s how it works1:

  1. Log in to your Questrade account.
  2. Navigate to Move Money, then deposit.
  3. Scroll down and select Interac e-Transfer. Choose your Questrade account, enter the amount, then review and confirm.
  4. Choose and sign in to your bank. You’ll see a list of supported Canadian banks including RBC, CIBC and TD Bank.
  5. Select a chequing or savings account and enter the amount. Funds are credited to your Questrade account immediately.

Limits, fees and timing

The Questrade Account daily transaction limit is based on individual banks, usually $10,000 or less.1 Most banks can authorize deposits over this daily maximum.

Fees

Questrade doesn’t charge any fees for Interac deposits, making it a convenient and cost-effective option.1 When you exchange currencies, a 1.5% fee10 is applied for every CAD and USD conversion within the account.

Processing times

Each Questrade funding option has its own processing time and currency availability. Processing begins once Questrade receives the funds from your bank..2

  • Instant deposits: Typically instant, but may be delayed if Interac requires additional validation.2
  • Bill payments: 1-2 business days.2
  • Pre-authorized deposit (PAD): 3–4 business days under $10,000; 4–7 business days over $10,000.2

Deposit methods at a glance

With several deposit options, each offers varied speeds, limits, and currencies:

Questrade funding methods

MethodLimit/AmountTimingCurrencyFee
Interac Instant DepositUsually $10,000 or less.1Instant, unless additional validation is required.2CAD.$0
Online bill paymentVaries.1-2 business days.3CAD3$0
PAD / Automatic CAD/USDVaries.Under 10k, 3-4 business days, 4-7 business days over 10k.2CAD, USD.4$0.
Bank wireVaries.1-2 business days.6CAD, USD.6Depends on the financial institution.6
Brokerage transferVaries.5-20 business days.7CAD, USD.7Questrade charges $0 to process transfers, but brokers may charge a variable transfer-out fee. 7

Common issues and tips

  • Account mismatch: The name on the funding account must match the name on the Questrade account.8 Third-party deposits are not accepted, including funds from friends, family members, or anyone else.8
  • Delayed deposits: The primary account holder's name on your bank account must match your Questrade account name to avoid delays.
  • User experience: Users report the app can be glitchy, with frustrating customer service experiences.9

International funding with Wise

Wise accounts let you hold and convert over 40 currencies.. It’s popular due to its low currency conversion fees and exchange rates. Your CAD Wise account can also fund your Questrade account Here’s how:

  1. Open a Wise multi-currency account.
  2. Add funds in your local currency.
  3. Convert to CAD using Wise’s transparent rates.
  4. Send to Questrade via:

a. Online Bill Payment: Use Wise to send CAD to Questrade's bill pay details.
b. Wire Transfer: Wise also supports sending CAD or USD via wire to Questrade.

Wise vs Interac for funding Questrade

FeatureWiseInterac e-transfer
Transfer typeInternational, domestic.International.
Transfer methodWire or bill paymentLinked bank account
Supported currencies40+CAD, USD.
Conversion feesFrom 0.48%1.5%
Exchange rateMid-market rateBank rate
Transfer speed to Questrade1-3 business days.Instant
Daily limitUp to 9,500 CAD per day and 30,000 CAD weekly by direct debit.Depends on the bank, usually up to 10k.

move-and-manage

Conclusion

Questrade’s Interac Instant Deposit makes it incredibly convenient for Canadian users to fund their accounts. Interac has its limitations, including daily transfer caps and strictly supporting CAD currency. For larger deposits, international transfers, and attractive mid-market rates, Wise stands out as a strong alternative, offering low fees, fair rates, and simple CAD funding for your Questrade account. Open your Wise account today!

Sources:

  1. Instant deposit - Funding your account.
  2. Funding Overview | Account Deposits and Transfers | Questrade Learning).
  3. Online bill payments.
  4. Pre-authorized deposits (PADs)
  5. Wire transfers
  6. Wire transfers
  7. Brokerage transfer in request
  8. Third Party Deposits
  9. Questrade Reviews - Trustpilot Canada
  10. Trading Commissions & Fees | Pricing | Questrade
    Sources verfied on 8 August 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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