While we can't accept Electronic Funds Transfers (EFTs) from US dollar bank accounts, you can send US dollars from a US dollar bank account at a Canadian institution to your Wealthsimple account via wire. To start your wire, please create a request for our team for wiring instructions.
If you've already submitted your wire transfer request, please create a request for our team with the following information included: your name, the institution the funds are coming from, the account you'd like the funds posted to and the date this request was submitted. We ask that you also upload a copy of the wire transfer receipt to your profile via the "My Documents" page when signed in via web browser.
Note: For wire fees to be reimbursed, deposits must be greater than $25,000 USD.
One thing to note is that all of your USD deposit will be converted to Canadian dollars as soon as the funds hit the account. Since our portfolios are comprised of both USD and CAD ETF's, your funds will be converted back to USD, to purchase the USD ETF's. There is 20 basis point fee on currency conversion in cases where we need to buy or sell US dollars in your account. This covers the price our brokerage has to pay in order to exchange currency. Thankfully, this is up 10 times cheaper than the 2% most banks charge to exchange currency!