Send and receive payments with Wealthsimple

With your Spend account, you can send and receive payments to others without paying any fees. 

Send money to your friends

When sending funds to your friends through Spend, you will be given the option to send from your bank or your wallet.

  • Bank: Funds are taken directly from your bank account. You can send up to $250 to friends through this method.
  • Wallet: Funds are taken from your available funds in your Spend account. The amount you send is limited to the balance available in your spending account.
Tip: Bank is the default option, so make sure to toggle to Wallet if you wish to send funds from your spending wallet instead.

To send money to friends, follow these steps —

Wealthsimple app Cash app
  1. Log in to your Wealthsimple mobile app
  2. Tap the Spend tab at the bottom of your screen
  3. Select the chat bubble icon in the top right-hand corner
  4. Search (either by name, $ign, or phone number) and select a contact or enter a new contact's phone number
  5. Tap Send at the bottom of your screen
  6. Enter an amount that you wish to send and tap Continue
  7. Add an emoticon or write a message
  8. Swipe up to send to your contact
  1. Log in to your Cash mobile app
  2. Tap the $ button in the center of the screen
  3. Search (either by name, $ign, or phone number) and select a contact or Send to a new contact and search for your friend's email
  4. Select either Bank or Wallet from the top of the screen
  5. Fill out and confirm the amount you want to send
  6. Add an emoticon or write a message
  7. Swipe up to send to your contact

Any money you send will be auto-deposited into your receiver's Spend account. If your receiver does not have the Wealthsimple app, we'll prompt them to download it to claim their funds.

Tip: It's not possible to cancel or recall funds after you've sent them. We recommend double-checking the amount you're sending and who you're sending it to before confirming the transfer.

Sending limits

Your Spend account has daily, weekly, and monthly sending limits. We won't complete any transactions that go over your sending limit.

Timeframe Sending limit
Per day $1,000.00CAD
Per week $2,000.00CAD
Per month (30 days) $5,000.00CAD

Remove a contact after sending them funds

It is not possible to remove a specific contact from your Wealthsimple app home screen.

Note: You can revoke WS Cash's access to your contacts as a whole by navigating to the settings of your device. That being said, please keep in mind that this will remove all your contacts from the app. 

Frequently asked questions

Wealthsimple Cash is moving to the Wealthsimple app, this is what you need to know:

How do I sign up for the Wealthsimple app?
Download the Wealthsimple app, tap Spend then follow the instructions to get your very own no-fee card. This will unlock all the features of Wealthsimple Cash, in the Spend tab.

Can I still use the Wealthsimple Cash app?
Yep, until August 31, 2022, when we’ll be saying bye to the Wealthsimple Cash app for good. 

Why would I get the Wealthsimple card?
You’ll get 1% back in cash, stock, or crypto on everyday purchases, plus there are no monthly fees or foreign exchange fees, and it won't impact your credit score.

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Sending and receiving funds

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