Wealthsimple offers a variety of ways for you to add money to your accounts, specifically through the following methods:
- Directly from a linked bank account
- Instantly with INTERAC e-transfer
- Instantly with a linked Visa or Mastercard debit
- Through a direct deposit
- By transferring an investment account from another institution
- By wiring funds to your Wealthsimple account
For more detail on each of these funding methods, keep reading below. For a general overview of your options and their key characteristics, refer to this table:
|Funding type||Timing||Daily Limit||Applicable accounts|
|Bank transfer||3 to 5 business days*||$250,000 CAD for trading accounts and $1.5 million CAD for managed and Cash accounts||All accounts|
|INTERAC e-transfer||Instant||$3,000 CAD||All accounts except RESPs, Cash, and joint Save accounts|
|Debit card||Instant||$3,500 CAD||All accounts|
|Direct deposit||Instant||None||Cash account only|
|Institutional transfer||2-4 weeks||None||Investment accounts only|
|Wire transfer||10 business days||None||All accounts except Cash|
*Some funds may be available sooner depending on your unique instant deposit limit.
Using a linked bank account
You can fund your accounts by linking one or multiple bank accounts in your name to your Wealthsimple profile. Once connected, the chequing or saving account will be the source of funds whenever you request to make deposits to Wealthsimple. It will also be the destination of your withdrawal requests.
Using INTERAC e-transfer
E-transfer funding allows you to fund your Wealthsimple accounts by requesting an e-transfer from your bank account. Once you make a request, INTERAC sends you an email with a prompt to open your online banking portal and follow the instructions to set up the e-transfer to your Wealthsimple account.
By funding your account through an e-transfer, you can deposit up to $3,000 instantly every day, and these funds are available to send, spend, invest, trade and withdraw right away. You can deposit a maximum of $10,000 per week, and $20,000 per month.
Using a linked Visa or Mastercard debit
Another way to add funds to your Wealthsimple account is by using a Visa or Mastercard debit card. Your deposit request is essentially processed as if you were shopping online.
By adding a debit card to your Wealthsimple account, you can deposit up to $3,500 instantly. The funds are added directly to your account, and they can be internally transferred or withdrawn immediately. The monthly maximum amount you can deposit through this method is $35,000.
Using direct deposit
Direct deposits are a safe and convenient way to receive payments electronically. Funds are deposited into your account directly through an electronic network. This means that you can set up to receive your paychecks directly into your Cash account. If your paycheck deposit is at least $500, you'll earn 3% interest on your entire Cash balance.
Transferring an account from another institution
Another way to fund your accounts at Wealthsimple is to request an institutional account transfer. This entails moving an investment account you hold at another financial institution to Wealthsimple.
These transfers can be done either in cash or in-kind which means your assets, such as stocks, would be transferred to your account at Wealthsimple. This can be a good option if you're looking to move a registered account like a TFSA; the transfer doesn't affect your contribution room so long as it is being sent to the same account type.
The other institution typically charges a transfer fee, but you can request a transfer fee reimbursement from us for transfers over $5,000 CAD.
Wiring funds to your Wealthsimple account
Wire transfers allow you to move CAD or USD from a Canadian or U.S. institution to Wealthsimple. It's worth noting that this method tends to take a little longer (typically 10 business days) and it usually entails fees.