Overview
A bank draft is a secure form of payment often used for large transactions such as buying a house or car.
When you request a bank draft from your chequing account, the money is immediately withdrawn and held in reserve. This guarantees that the funds are available when the recipient deposits your bank draft into their account.
Fees
Bank drafts are free of charge until August 31, 2025. For more information, please review the full terms and conditions for the Wealthsimple $0 Wires and $0 Bank Draft Orders Promotion.
How to order a bank draft
Follow these steps to order a bank draft:
- Sign in to the Wealthsimple mobile app
- Tap your desired chequing account
- Tap More
- Choose Order a bank draft
- Enter the recipient’s name and the reason for the bank draft
- Enter the total amount
- 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 information and select Order a bank draft
- Enter the recipient’s name, amount, and the reason for the bank draft
- Select Next
- Confirm details and select Submit
- Verify your order using two-factor authentication
Processing and delivery
You can expect to receive your bank draft within 1-2 business days (or up to 3 business days if you live outside of a major city).
We aim to ship your bank draft by the next day after receiving your request. Once shipped, express delivery arrives next business day to major urban centres, or within 2 business days to most remote locations. If you need your bank draft sooner, consider a wire transfer or contact our customer support team.
Once your bank draft ships, you'll receive a confirmation email with the tracking details.
For security purposes, a signature is required upon delivery. Ensure that you or someone you know 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 customer support team. We will 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 location. All bank drafts are sent with signature required upon delivery to ensure security.
What happens if I'm not available to sign for my bank draft?
Purolator, UPS, and FedEx will each make up to 3 delivery attempts. If unsuccessful, they’ll hold your package for 1 calendar week. Canada Post will hold your package for 2 calendar weeks. You'll need to collect your 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.
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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