Order a bank draft with your chequing account

In this article:

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 (including Business chequing accounts), the money is taken out of your account immediately and held in reserve. This guarantees the funds are ready for the recipient to deposit.

Shipping methods and associated fees

You'll see available shipping methods based on the bank draft's shipping address.

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.

Note: Bank drafts of any amount are free for eligible Generation clients.
Shipping method Fee Processing cutoff Typical delivery times
Standard $10 Ships the same business day if submitted before 12:00 PM ET; otherwise, ships the next business day Next business day to major urban centres in Ontario and Quebec; 2 business days to other urban centres; up to 3 business days to most remote locations
Express $20 Ships the same business day if submitted before 12:00 PM ET; otherwise, ships the next business day Next business day to major urban centres nationwide; 2 business days to most remote locations
Priority (available to eligible Toronto addresses)* $30 Ships the same business day if submitted before 2:00 PM ET; otherwise, ships the next business day By 8:00 PM ET, either the same business day or the next business day depending on when you submitted your request
*Note: Priority shipping is currently only available to addresses in Toronto.

How to order a bank draft

Follow these steps to order a bank draft:

Wealthsimple app Web
  1. Log in to the Wealthsimple app
  2. Tap your desired chequing account
  3. Scroll left on the quick actions menu and tap Order bank draft
  4. Review the information and select Order bank draft
  5. Enter the recipient's name
  6. Use the memo field to describe the reason for the bank draft
  7. Enter the delivery address and any delivery instructions
  8. Tap Next
  9. Choose a delivery window
  10. Enter the amount to send
  11. Verify that the correct source account is selected
  12. Tap Next
  13. Confirm details and select Submit
  14. Verify your order using two-factor authentication
  1. Log in to your Wealthsimple account
  2. Under Accounts, select your desired chequing account
  3. On the right side, select Order a bank draft
  4. Review the information and select Order bank draft
  5. Enter the recipient's name
  6. Use the memo field to describe the reason for the bank draft
  7. Enter the delivery address and any delivery instructions
  8. Select Next
  9. Choose a delivery window
  10. Enter the amount to send
  11. Verify that you selected the correct source account
  12. Select Next
  13. Confirm details and select Submit
  14. Verify your order using two-factor authentication
Note: We only support ordering bank drafts in Canadian dollars.

After you submit your order, you'll get a confirmation email with tracking details.

Tip: Treat your bank draft like cash. Keep it in a safe place until you deliver it to the recipient.

Processing and delivery timelines

We only process bank draft requests on business days (Monday to Friday, excluding statutory holidays).

Note: If you submit your request on a weekend or a holiday, we won't start processing it until the next business day. This applies to all shipping methods, including priority delivery.

Standard and express shipping

We ship your bank draft the same business day if you submit your request before 12:00 PM ET on a business day. If you submit after 12:00 PM ET, we ship it the next business day.

Priority shipping

We ship your bank draft the same business day, with delivery by 8:00 PM ET, if you submit your request before 2:00 PM ET on a business day. If you submit after 2:00 PM ET, on a weekend, or on a holiday, we ship it the next business day, with delivery by 8:00 PM ET.

Note: Priority shipments may require the receiver to share a PIN to receive the delivery. If applicable, we'll include the PIN in your bank draft order confirmation email.

Our team will reach out to you directly if we have any questions about your request.

If you or your third party need your bank draft sooner, you can consider a wire transfer or contact our support team.

Frequently asked questions

How are bank drafts shipped?

We send bank drafts using the most appropriate shipping provider based on the delivery location. All bank drafts are sent with a signature required upon delivery to ensure security. You'll receive tracking information once your bank draft has been shipped. Make sure you, someone you know, or your recipient is available to sign for it.

Who can sign for a bank draft?

Anyone at the destination address may sign for and receive the bank draft.

What happens if someone isn't available to sign for the bank draft?

The courier will make an initial delivery attempt. If unsuccessful, they'll hold the package for 1 calendar week. The recipient must collect the bank draft from the location indicated on the courier's delivery notice before this holding period expires. If there is no local pickup centre, they will make up to 3 delivery attempts. 

Note: Both the purchaser and recipient of the bank draft are listed as authorized pickup contacts.

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.

Will I always get a security PIN to receive a draft?

To receive a priority shipments, the receiver may need to confirm the associated PIN with the package for security purposes, which is located in the confirmation email.

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 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.

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