In this article:
Tip: This article covers how to send or request money with the Wealthsimple Pay feature. For information about Interac e-Transfer transactions, please continue to an article below:
Overview
You can send and receive money from anyone who also has a Wealthsimple chequing account. Chequing accounts come with the Wealthsimple Pay feature, which lets you send and request money instantly, up to $100,000 CAD.
Wealthsimple vs Interac e-Transfer®
| Feature | Wealthsimple Pay | Interac e-Transfer |
|---|---|---|
| Send money instantly | Yes | No (takes up to 30 minutes to be received) |
| Send money to an individual | Yes | Yes |
| Request money from an individual | Yes | Yes |
| Block a contact | Yes | No |
| Pin a favourite contact | Yes | No |
Send money to your friends
To send money to friends, follow these steps:
- Log in to your Wealthsimple app
- Tap your chequing account
- Tap Wealthsimple Pay
- Select a contact, or select New and search for your friend's $handle to add them
- Tap Send
- Review the confirmation message and tap Next
- Enter the amount you want to send
- Select the account you want to send the money from
- Tap the next (arrow) button
- Add a message and tap Send
- Log in to your Wealthsimple profile on a computer or laptop
- Select your chequing account
- Select Wealthsimple Pay
- Select an existing contact, or select Next and search for your friend’s $handle to add them
- Select Send
- Enter an amount you want to send
- Select your account to send the funds from
- Select Continue and add a message
- Select Send
Any money you send will be auto-deposited into your receiver's chequing account.
Request money from your friends
You can request money from friends who have a Wealthsimple handle:
- Log in to your Wealthsimple app
- Tap your chequing account
- Tap Wealthsimple Pay
- Select a contact, or select New and search for your friend's $handle to add them
- Tap Request
- Enter the amount you wish to request
- Tap the next (arrow) button
- Add a message and tap Request
- Log in to your Wealthsimple profile on a computer or laptop
- Select your chequing account
- Select Wealthsimple Pay
- Select a contact, or select New and search for your friend’s $handle to add them
- Select Request
- Enter an amount you want to request
- Select your account to deposit the funds in
- Select Continue and add a message
- Select Request
Sending limits
You can send up to $100,000 CAD with Wealthsimple Pay. Your chequing account has a daily sending limit that covers a 24-hour period. We won't complete any transactions that go over your daily sending limit. Your default daily sending limit is $5,000 CAD.
Change your sending limit
You can view and change your daily sending limit yourself in the Wealthsimple app or on web. Follow these steps:
- Log in to your Wealthsimple app
- Tap Move at the bottom of the screen
- Tap Wealthsimple Pay
- Select your contact
- Tap Send
- Tap Available to send
- Under Remaining limits, tap the edit icon
- Use the slider to set the limit you want
- Tap Save
- If you're increasing your limit, complete two-factor authentication (2FA)
- Log in to your Wealthsimple profile on a laptop or computer
- Select Move on the left side of the screen
- Select Wealthsimple Pay
- Select your contact
- Select Send
- Select Available to send
- Under Remaining limits, select the edit icon
- Use the slider to set the limit you want
- Select Save
- If you're increasing your limit, complete 2FA
Manage your contacts
Give a contact a nickname
You can give a Wealthsimple contact a nickname. Your nickname shows up in your contact list and activity feed instead of their account display name. You can remove a nickname at any time from the contact's details, and it'll switch back to their original name automatically.
Delete and re-add a contact
You can delete a Wealthsimple contact from your list. Deleting a contact only removes them from your list — it doesn't affect your ability to send to them again. Search for their handle and add them back the same way you added them the first time. Your past send history with them isn't affected either way.
Pin a favourite contact
You can pin favourite contacts so they're easier to find. Look for the pin option on a contact in your list.
Block or unblock a contact
Blocking a contact stops them from sending to or requesting from you and removes them from your visible contact list. You can block or unblock a contact from their contact details in the app.
For full steps, see Update your privacy settings or block a contact in your chequing account.
Frequently asked questions
Can I give a contact a nickname?
Yes. Nicknames show up in your contact list and activity feed instead of the contact's account display name. You can remove the nickname anytime to see their original name again.
I deleted a contact by accident, can I get them back?
Yes. Deleting a contact just removes them from your list. Search for their handle and add them back the same way you added them the first time. Your past send history with them isn't affected.
Can I keep certain contacts at the top of my list?
Yes. You can pin favourite contacts so they're easier to find.
How do I block or unblock someone on Wealthsimple Pay?
You can block or unblock a contact from their contact details. If you unblock someone but they've also blocked you, you still won't be able to send to each other until they unblock you too.
Can I cancel or reverse a payment I already sent?
No. It's not possible to cancel or recall funds after you've sent them, so double-check the recipient and amount before confirming a send.
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