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, 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 Typical delivery times
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:

Wealthsimple app Web
  1. Log in to the Wealthsimple app
  2. Tap your desired chequing account
  3. Tap More
  4. Choose Order a bank draft
  5. Review the information and select Order bank draft
  6. Enter the recipient's name
  7. Use the memo field to describe the reason for the bank draft
  8. Enter the delivery address and any delivery instructions
  9. Tap Next
  10. Enter the amount
  11. Confirm your shipping speed
  12. Verify that the correct source account is selected
  13. Tap Next
  14. Confirm details and select Submit
  15. 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. Enter the amount
  10. Verify that the correct source account is selected
  11. Select Next
  12. Confirm details and select Submit
  13. Verify your order using two-factor authentication
Note: We only support ordering bank drafts in Canadian dollars.

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 typically 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 typically 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.

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

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.

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 courrier 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 courrier'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.

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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