Set up a payee and pay your bills with your chequing account

In this article:

Overview

Once you’ve opened a chequing account, you can pay your bills directly from any of your Wealthsimple chequing accounts. Types of bills you can pay with Wealthsimple include:

  • Phone bills
  • Utility bills
  • Tuition
  • Student loan repayments (such as OSAP)
  • Credit card bills
Tip: If you have a Wealthsimple credit card, you can transfer funds from your chequing account to make a credit card payment instead. 

Add a payee

The first step to paying a bill is to add a payee to your account. Once you add your payee, you can select them anytime you need to pay a bill.

Tip: You cannot add people as payees in your Wealthsimple account. If you’re looking to send money to another individual, you’ll need to send them an e-Transfer instead.

To add a payee, follow these steps:

Mobile app Web
  1. Log in to the Wealthsimple mobile app
  2. Tap your chequing account
  3. Select Pay a bill
  4. Tap + New
  5. Search for your payee and tap the associated name
  6. Enter a Nickname for your payee (optional) and your Account number
  7. Tap Add and pay or Add only to confirm
Note: If you cannot find your payee, double check with your payee on ways to pay. Some payees only accept pre-authorized debit or credit cards.
  1. Log in to your Wealthsimple account
  2. From the Home page, select your desired chequing account
  3. Select Pay a bill
  4. Open the To menu, then select + Add payee
  5. Search for your payee and select the associated name
  6. Enter a Nickname for your payee (optional) and your Account number
  7. Select Add payee to confirm
Note: If you can't find your payee, double-check with your payee on ways to pay. Some payees only accept pre-authorized debit or credit cards.

Troubleshoot finding a payee

There are a few reasons why you may not be able to find your bill payee:

1. Possible user error
Double-check that you've spelled the payee's name correctly. Our system can't identify a payee you spelled it incorrectly. 

2. Payees that don’t accept payment through the bill pay feature
Check with your payee to find out which payment options are available to you.

For example, most subscriptions (Spotify, Netflix, Amazon Prime) require payment with a debit or credit card. For these cases, you can use the Wealthsimple prepaid Mastercard to pay.

3. Unsupported by Wealthsimple
We don't currently support bill payments to Revenu Québec. You'll need to withdraw funds and pay through another financial institution.

Pay a bill

You can pay as many bills as you want, as often as you like. You can pay up to $250,000 in a single bill payment to a payee. 

Follow these steps to pay a bill:

Mobile app Web
  1. Log in to the Wealthsimple mobile app
  2. Tap your chequing account
  3. Select Pay a bill
  4. Select your desired payee
  5. To schedule the bill payment for a future date, tap the Date dropdown to select a future date
  6. To schedule the bill payment to be recurring, tap the Frequency dropdown to select a frequency
  7. Enter an amount to send and tap Next
  8. Review your information and tap Confirm to pay your bill
  1. Log in to your Wealthsimple profile
  2. Select your chequing account
  3. Under Add money, select Pay a bill
  4. Select your desired payee
  5. Enter an amount to send
  6. To schedule the bill payment for a future date, select the Date selector to choose a future date
  7. To schedule the bill payment to be recurring, select the Frequency dropdown to select a frequency
  8. Select Next to continue
  9. Review your information and select Submit to pay your bill
Note: If you don't have enough available funds in your account to pay the bill, your bill payment won't go through, and you'll receive a notification that it failed. To re-initiate the bill payment, you'll need to add funds to your account, wait the settlement period if applicable, and then follow the instructions above. 

Payment timelines

We'll send your payment to the payee within one business day. Depending on your payee's processing times, it may take up to five business days for them to mark the bill as paid on their end.

Exception: Bill payments made to the Canada Revenue Agency (CRA) will be marked as paid within 1 business day.
Note: Holidays may affect when a bill payment begins processing. Learn more about holidays that affect bill payments. 

Manage or remove a payee

You can update your payee’s nickname, view your payees, or delete a payee only on the mobile app. Follow these steps:

  1. Log in to your Wealthsimple mobile app
  2. Tap your chequing account
  3. Select Pay a bill
  4. Tap Manage payees at the bottom of your screen
  5. Swipe left on the payee that you want to view or remove
  6. Select Edit payee to edit your payee information, or
  7. Select Delete payee to delete your payee
Tip: You can't update your payees’ account number. If you need to change your account number, you will need to delete the payee from your account and re-add it with the appropriate changes.

Cancel a scheduled bill payment

We process standard bill payments soon after you submit them. Once the bill payment is in the Sent state, you can't cancel it through your Wealthsimple profile.

To cancel a bill payment in the Sent state, we recommend reaching out to the payee to see if they can reverse it on their end.

Follow these steps to cancel a scheduled bill payment:

Mobile app Web
  1. Log in to your Wealthsimple mobile app
  2. Tap the Activity tab at the bottom of your screen
  3. Tap Scheduled activities at the top of your screen
  4. Select the bill payment you wish to cancel
  5. Tap Cancel to cancel the bill payment
  1. Log in to your Wealthsimple profile
  2. Select the Activity tab at the top of your screen
  3. Select Scheduled activities at the top of your screen
  4. Select the bill payment you wish to cancel
  5. Select Cancel, then select Cancel payment to cancel the bill payment
Note: You can cancel your scheduled bill payment until 5:30 am EST on the scheduled date. After this time, you can't cancel the bill payment.

Frequently asked questions

I have an issue with my bill payment. What should I do?

There are a few reasons why there may be an issue with your bill payment. Please check out our troubleshoot a bill payment resource. 

Why does my bank statement show my payment made via Royal Bank of Canada versus Wealthsimple?

Wealthsimple is working with RBC to facilitate your bill payments. Once enrolled, you pay your bills directly from your Wealthsimple chequing account, and Wealthsimple uses RBC's systems to facilitate payment to the biller. While some billers state the payment has been made by RBC, you can be assured your payment was made through Wealthsimple as a Wealthsimple customer.

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