Withdraw funds from your account

In this article:

Overview

You can withdraw money from the available balance in your Wealthsimple account at any time:

Self-directed investing accounts
Your available balance includes unused cash from your deposits, dividends you've earned, plus any settled proceeds from stocks, ETFs or cryptocurrencies you've sold.

Note: Funds generated from selling assets must settle for 1 business day before they're added to your available balance and you can withdraw them.

Managed accounts
Your available balance includes 99.5% of the funds in your account. The remaining 0.5% is held for any funds needed for upcoming fees. 

Why is my available to withdraw balance less than my total account balance?

If your some of the funds in your total account balance are still on hold or need to settle, your available to withdraw balance will be less than your total account balance.

Your not available balance includes:

  • Deposits that've been in your account for less than 5 business days. New deposits take 5 business days to clear before they can be withdrawn.
  • Proceeds from a holding you sold that haven't settled. Funds generated from selling holdings must settle for 1 business day before they're added to your available balance. This is a requirement from the Canadian government and is a mandatory step for all financial institutions.
  • Some cash in your account is currently reserved for funds transfers or fees.

Make a withdrawal

If you're withdrawing from a non-registered account

Follow the steps below to make a withdraw. 

If you're withdrawing from a registered account

Withdrawing from a registered account may have tax and contribution room implications. There may also be additional steps you need to take before you can withdraw your funds.

Review the article(s) below before you make a withdraw from a registered account:

Tip: Review the considerations and limitations below if you’re withdrawing from a USD account or a Crypto account.

How to make a withdrawal

Follow the steps below to make a withdrawal:

Wealthsimple app Web
Tip: You can also tap an account on the Home screen, then use the Move money button (available for most account types) to withdraw money.
  1. Log in to the Wealthsimple app on your mobile device
  2. Tap the Move tab at the bottom of the screen
  3. Tap Withdraw
  4. Select the account to withdraw from
  5. Tap Next
  6. Select a bank account to deposit the funds into
  7. Tap Next
  8. Enter an amount to withdraw
  9. Tap Next
  10. Review the details and tap Submit
 
  1. Sign in to your Wealthsimple account
  2. Select Move money from the Home page
  3. In the From field, select the account to withdraw from
  4. In the To field, select a Wealthsimple account or linked bank account to deposit the funds to
  5. Enter an Amount to withdraw
  6. Select Next
  7. Review the details and select Submit
Note: Withdrawals from RRSPs, RRIFs, and LIFs must be done on our old website. Please select the account from the Home page, then select Move money to continue your withdrawal. 

Crypto and USD account withdrawals

Crypto account withdraws

There are no limits to the amount or frequency that you are able to withdraw.

Note: Funds from a recent deposit must clear the 5 business day settlement period before you can withdraw them.

If you're looking to withdraw coins, please refer to this article.

Withdrawing USD cash

If you want to withdraw funds from a USD account, you can convert your cash to CAD and withdraw it to your connected bank account. Alternatively, you can withdraw funds you hold in a self-directed investing account to a linked U.S. dollar bank account. 

Selling USD assets

When assets are sold in a USD account and the cash is immediately converted into CAD, the funds may be subject to a 4 business day settlement period to reduce the risk of fraud and/or delinquent accounts. This is due to the small delay in posting the transaction to the official ledger which usually takes about 1 hour. Conversions made after this process should only face a 1 business day settlement period.

How long does it take to make a withdrawal?

Account type Withdrawal timeline
Managed by Wealthsimple 4-6 business days
Stock investing* 1—3 business days
Crypto investing* 1—3 business days
Cash account 1—3 business days

*Some withdrawals may take up to five business days in stock and crypto investing accounts.

Why does it take 4-6 business days to withdraw from a managed account?

When you withdraw from a managed investing account, we sell your investments to create a cash balance for the amount you'd like to withdraw. Withdrawing funds from a managed account can take up to 4-6 business days to complete. Below is a timeline of the withdrawal process:

Days 1–3
We sell investments in your account to generate cash for your withdrawal. During this time, the value of your account may change as the value of your investments could increase or decrease before they're sold.

Days 4
We hold your funds for a one-day settlement period after selling your investments. This is a requirement from the Canadian government and is a mandatory step for all financial institutions.

Days 5–6
We send the funds to your bank, and they deposit them into your bank account.

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Withdraw from your account

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