Overview
A bank draft is a secure payment often used for big purchases like a house or a car. You can send a bank draft to either your own address or a third-party one (for example, a law office or car dealership).
When you request a bank draft from your chequing account, the money is taken out of your account immediately and held in reserve. This guarantees the funds are ready for the recipient to deposit.
Fees
Bank draft fees vary based on the shipping method selected, and will be added to your requested amount and deducted from the same account. For example, if you order a bank draft for $10,000 with standard shipping for $10, the amount taken from your chosen chequing account will be $10,010.
| Shipping method | Fee | Delivery time |
| Standard | $10 | Next-day urban delivery to Ontario and Quebec, 2 days to other urban centres |
| Express | $20 | Next-day urban delivery nationwide, 2 days to most remote locations |
How to order a bank draft
Follow these steps to order a bank draft:
- Sign in to the Wealthsimple app
- Tap your desired chequing account
- Tap More
- Choose Order a bank draft
- Review the information and select Order bank draft
- Enter the recipient's name
- Use the memo field to describe the reason for the bank draft
- Enter the delivery address and any delivery instructions
- Tap Next
- Enter the amount
- Confirm your shipping speed
- Verify that the correct source account is selected
- Tap Next
- Confirm details and select Submit
- Verify your order using two-factor authentication
- Log in to your Wealthsimple account
- Under Accounts, select your desired chequing account
- On the right side, select Order a bank draft
- Review the information and select Order bank draft
- Enter the recipient's name
- Use the memo field to describe the reason for the bank draft
- Enter the delivery address and any delivery instructions
- Select Next
- Enter the amount
- Verify that the correct source account is selected
- Select Next
- Confirm details and select Submit
- Verify your order using two-factor authentication
Processing and delivery timelines
We aim to ship bank drafts the same business day if you request them before 12:00 pm ET. Requests made afterward 12:00 pm ET will be shipped by the next business day. Our team will reach out to you directly in case we have any clarifying questions.
Once shipped:
- Standard delivery arrives the next business day to major urban centres in Ontario and Quebec, within 2 business days to other urban centres, and up to 3 business days for most remote locations.
- Express delivery arrives the next business day to major urban centres nationwide, and within 2 business days to most remote locations.
If you or your third party need your bank draft sooner, you might want to consider a wire transfer or contact our support team.
Once your bank draft ships, you'll get a confirmation email with the tracking details.
For security purposes, a signature is required upon delivery. Make sure you, someone you know, or your recipient is available to sign for the delivery.
Frequently asked questions
What do I do if I lose my bank draft or I need to cancel it?
Please contact our support team. We'll need to verify a few things with you so that we can process the cancellation and return your funds.
How are bank drafts shipped?
We send bank drafts using the most appropriate shipping provider based on your recipient's location. All bank drafts are sent with a signature required upon delivery to ensure security.
What happens if the recipient isn't available to sign for the bank draft?
Purolator, UPS, and FedEx will each make up to 3 delivery attempts. If unsuccessful, they'll hold the package for 1 calendar week. Canada Post will hold the package for 2 calendar weeks. The recipient will need to collect the bank draft from the carrier's local depot before this holding period expires.
How do I know which shipping provider will be used?
The shipping provider is selected based on the best option for your specific delivery address. You'll receive tracking information once your bank draft has been shipped.
How do I know when my third-party recipient has deposited the bank draft?
Please follow up with your third-party recipient to ensure they receive and deposit the bank draft. Your activity feed will show Completed after we ship the bank draft.
How can I validate a bank draft issued by Wealthsimple?
Please contact our support team. For a smooth verification process, you'll need to provide the date of issuance, amount, payee, bank draft number, and routing information.
Why am I being asked to verify my identity?
To help keep your account secure, we may ask you to verify your identity if needed when you take certain sensitive actions in your account. If this happens, we'll instruct you to enter a 6-digit secure code that you receive by email or phone number.
Comments
0 comments
Article is closed for comments.