In this article:
Overview
Recurring transfers allow you to choose when and how often you want to invest your funds from one Wealthsimple account into another. Your funds will transfer instantly to the destination account on the recurring schedule you choose.
Note: If a recurring transfer schedule is set for the 31st of each month, it will automatically move to the last day of the month if that month has fewer than 31 days.
Accounts eligible for recurring transfers
You can set up recurring transfers from select Wealthsimple account types. Select an option to learn more:
- Recurring transfers from an individual or joint chequing account
- Recurring transfers from a self-directed investing account
Tip: Some accounts have maximum contribution limits and tax considerations. Before you transfer funds, you can learn more about these considerations.
Recurring transfers from an individual or joint chequing account
You can set up a recurring transfer from your individual or joint chequing account to any of these account types:
- TFSA
- RRSP
- FHSA
- Crypto
- RESP
- Individual or joint non-registered account
- Another individual or joint chequing account
Recurring transfers from a self-directed investing account
You can set up a recurring transfer from a self-directed investing account to an individual or joint chequing account.
How to set up a recurring transfer between Wealthsimple accounts
To set up a recurring transfer between Wealthsimple accounts:
- Log in to the Wealthsimple app
- Tap the Move tab at the bottom of your screen
- Scroll down and tap Recurring transfers under Automations
- Tap Create recurring transfer
- Select Move money to transfer between accounts
- Tap From to choose a chequing or self-directed account as the funding source
- Tap To to choose a destination account
- Tap Next
- Tap Today to choose a date to send the transfer
- Tap Monthly and choose the frequency the transfer will recur (Weekly, Bi-weekly, or Monthly)
- Tap Next
- Enter the amount to transfer
- Tap Next
- Review your transfer details
- Tap Submit
- Log in to your Wealthsimple account
- From the Home page, select the Move money menu in the top right corner
- Select Add money from the menu
- Choose a chequing account as the funding source (From)
- Choose a destination account (To)
- Enter an amount to transfer
- Open the Date selector to choose a date to initiate the transfer on
- Open the Frequency selector and choose when the transfer will recur (Weekly, Bi-weekly, or Monthly)
- Select Next
- Review your recurring transfer and select Submit
Note: If you don’t see the date or frequency selector, you may not have an eligible account selected for recurring transfers. Please review the eligible accounts you can transfer into.
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