You can move a cash balance of any amount between your Invest, Save, Trade, Crypto or Cash accounts.
Before you begin
- It's not always possible to move money in or out of certain types of accounts, like RRSPs. See: What accounts can I move money in and out of?
- If your funds are already invested in a stock, ETF, or cryptocurrency, you'll need to sell your holdings before you can transfer the cash to a different account.
- After selling a stock or ETF, it can take 2 business days for the cash to settle in your account before you can transfer the funds. There is no settlement period when you sell a cryptocurrency.
- Remember to check if your transfer will affect your income taxes or contribution room for registered accounts.
- New deposits take 5 business days to clear before you can transfer the funds to a different account.
- It’s currently not possible to move USD between USD accounts.
How long does it take to move money between my accounts?
|Trade & Crypto||Trade & Crypto||Instant|
|Trade & Crypto||Invest||1-3 business days|
|Trade & Crypto||Save||1-3 business days|
|Trade & Crypto||Cash||Instant|
|Invest||Invest||5-7 business days|
|Invest||Trade & Crypto||5-7 business days|
|Save||Trade & Crypto||Instant|
|Cash||Trade & Crypto||Instant|
|Cash||Invest||1-3 business days|
|Cash||Save||1-3 business days|
Move money between your accounts
If you’d like to move money between your Trade & Crypto and Invest & Save or Cash accounts, you’ll need to use the Trade app.
- Sign into the Trade app on your mobile device
- Tap the Move tab at the bottom of the screen
- Select Transfer funds
- Tap From and select a Wealthsimple account from which you’d like to transfer funds
- Tap Confirm
- Tap To and select an account
- Tap Confirm
- Tap Continue
- Enter an amount to transfer and tap Continue
- Tap Confirm to begin the transfer
Note: You can only use the Invest app to move funds between Invest & Save accounts. If you’d like to move funds from an Invest & Save account to a Trade & Crypto account, we recommend using the Trade app. It’s not currently possible to move funds from Invest & Save to Cash.
- Sign into the Invest app on your mobile device
- Tap Move funds
- Select Add or move funds
- Enter an amount
- Select an Invest & Save account to move funds into and tap Continue
- Select an account from which to move funds and tap Continue
- Review the details and tap Submit
What accounts can I move money in and out of?
Personal, non-registered accounts
You can transfer funds quickly and easily between your personal, non-registered accounts. These accounts do not have any withdrawal rules or contribution limits.
Example accounts in Wealthsimple Invest are:
- Joint Save
Tax Free Savings Accounts (TFSAs)
You can also move money into or out of your Invest TFSAs without restrictions. However, TFSAs have contribution limits, so you need to know your remaining contribution room before you transfer funds in.
Going beyond your contribution limit may incur a penalty from the CRA. If you're moving money between two of your TFSA accounts, this won't affect your contribution room for the year.
Note: The amount you withdraw from a TFSA won't get added back to your contribution limit until the following calendar year.
Retirement accounts have restrictions on both contributions and withdrawals. Example retirement accounts include:
- RRSPs, Group RRSPs and Spousal RRSPs
- Pension accounts
- RRIF and Spousal RRIF
See the following table for specific restrictions related to moving funds to/from your existing Wealthsimple accounts to/from specific retirement accounts:
|Account type||Moving funds into your account||Moving funds out of your account|
|RRSP||You can move money into your Wealthsimple RRSP from another Wealthsimple account directly in your profile.||You cannot move funds from your RRSP to another account on Wealthsimple as there are tax considerations involved with withdrawing funds from an RRSP.|
|GRSP||You are not able to move funds into a GRSP from another Wealthsimple account. Only your employer is able to contribute to your GRSP.||You cannot move funds from your GRSP to another Wealthsimple account as there are tax considerations involved with withdrawing funds from a GRSP.|
|Spousal RRSP||You cannot move funds from another account into your spousal RRSP through your profile. However, our support team can help you do so if you are the annuitant for your Spousal RRSP.||You cannot move funds from your Spousal RRSP to another account on Wealthsimple as there are tax considerations involved with withdrawing funds from a Spousal RRSP.|
|LIRA||You are not allowed to make contributions to a LIRA, so you are unable to move funds from another Wealthsimple account into one of these accounts.||You cannot move funds out of your LIRA as they are locked in.|
|RRIF/LIF||You are not able to contribute funds to an RRIF or LIF, so you will not be able to move funds from another Wealthsimple account into these accounts.||You cannot move funds from your RRIF or LIF to another account on your Wealthsimple profile by yourself. However, if you contact our support team, we can help you do so.|
|Spousal RRIF||You are not able to contribute funds to a Spousal RRIF, so you will not be able to move funds from another Wealthsimple account into these accounts.||You cannot move funds from your Spousal RRIF to another account on your Wealthsimple profile by yourself. However, if you contact our support team, we can help you do so.|
Registered Education Savings Plan (RESP)
RESPs have a $50,000 lifetime maximum contribution limit per beneficiary.
When you'd like to withdraw from an RESP, you'll need to get in touch with our Relationship Management team. We'll ask you to confirm the beneficiary is enrolled as a full-time or part-time student in a post-secondary program or institution.
Note: Please get in touch with our team if you need to transfer funds between two Corporate accounts.