In this article:
Overview
Once you've linked your bank account, you can make a deposit in Canadian dollars from any chequing or savings account with a Canadian bank into Wealthsimple. If you've upgraded to USD accounts, you can also make a USD deposit into a trading account from a USD bank account.
You can also add funds to your Wealthsimple accounts by
- wire transfer,
- Interac e-Transfer®,
- moving funds from your Wealthsimple chequing account,
- by connecting your Visa or Mastercard debit card, or
- using your digital wallet (Apple Pay or Google Pay) with a Canadian-issued debit card stored in your Apple Wallet or Google Wallet. Learn about depositing with your digital wallet.
How to make a deposit
To make a deposit, follow the steps below:
- Log in to the Wealthsimple app
- Select an account
- Tap Add money
- Choose a linked bank account
- Tap Next
- Enter an amount to deposit
- Tap Next
- Review the deposit details and tap Submit
- Log in to your Wealthsimple profile
- From the Home page, select the Move money menu in the top right corner
- Select Add money from the menu
- Choose a funding source (From) and a destination account (To)
- Select Next
- Enter an Amount and select Next
- Review the details and select Submit
Deposit availability timelines
Select an account type to learn when your deposit will be available:
Managed investing
Deposits into managed investing accounts are automatically invested for you within 5 business days. After you deposit money, you need to wait before you can withdraw it or move a recent deposit to other accounts. This waiting period is usually up to 5 business days, but can sometimes be up to 7 business days.
You'll know a deposit is complete when you see your funds in your available to withdraw balance. You can view your available to withdraw balance when you initiate a withdrawal.
Understanding your cash buffer
A small part of every managed investing account stays in cash. We keep between 0.3% and 0.5% of your account's value as a buffer, which covers your fees for up to 2 months and keeps your account in good standing.
When your cash balance goes above 0.5%, whether from a new deposit, an internal transfer, or dividend distributions, we invest most of it. That brings your cash weighting back to around 0.1–0.2%.
Holding up to 0.5% in cash barely affects your portfolio's performance, which is why virtually all institutions keep a similar buffer.
Chequing
Instant deposits
Amounts deposited within your instant deposit limit are available for you to send, spend, withdraw, and transfer immediately.
Eligibility and limits are calculated based on client behaviour (such as deposit history) and the total value of your Wealthsimple accounts.
Standard deposits
If you go over your instant deposit limit, any deposit you make will be a standard deposit until your instant deposit limit resets. You'll be able to use your money after a waiting period, usually up to 5 business days, but sometimes up to 7 business days. Your funds are released around noon ET on the final day of that period.
Auto-deposits
Automatic, recurring deposits into your Wealthsimple account within your instant deposit limit are available to spend or send instantly. For amounts over your instant deposit limit, you'll need to wait before you can use a recent deposit. This waiting period is usually up to 5 business days, but can sometimes be up to 7 business days.
Trade
Instant deposits
Amounts deposited within your instant deposit limit are available for you to trade immediately. You'll need to wait before you can withdraw or move these funds to other accounts. This waiting period is usually up to 5 business days, but can sometimes be up to 7 business days.
Standard deposits
If you go over your instant deposit limit, any deposit you make will be a standard deposit until your instant deposit limit resets. You'll be able to use your money after a waiting period, usually up to 5 business days, but sometimes up to 7 business days. Your funds are released around noon ET on the final day of that period.
Auto-deposits
Automatic, recurring deposits into your Wealthsimple account within your instant deposit limit are available to trade instantly. For amounts over your instant deposit limit, you'll need to wait before you can use a recent deposit. This waiting period is usually up to 5 business days, but can sometimes be up to 7 business days.
Crypto
Instant deposits
Amounts deposited within your instant deposit limit are available for you to trade immediately.
Standard deposits
If you go over your instant deposit limit, any deposit you make will be a standard deposit until your instant deposit limit resets. You'll be able to use your money after a waiting period, usually up to 5 business days, but sometimes up to 7 business days. Your funds are released around noon ET on the final day of that period.
Auto-deposits
Automatic, recurring deposits into your Wealthsimple account within your instant deposit limit are available to trade instantly. For amounts over your instant deposit limit, you'll need to wait before you can use a recent deposit. This waiting period is usually up to 5 business days, but can sometimes be up to 7 business days.
Predict
Instant deposits
Amounts within your instant deposit limit are available to trade right away. You'll need to wait 5 business days before you can withdraw these funds.
Standard deposits
If you go over your instant deposit limit, any deposit you make will be a standard deposit until your limit resets. Your funds will be available to trade after up to 5 business days. Your funds are released around noon ET on the final day of that period.
Frequently asked questions
When will my deposit be available?
Your funds are available once the hold period on your deposit ends. We now release funds around noon Eastern Time (ET) on the final day of your hold period, so you can use your money in the afternoon on the day your hold ends.
Why is there a hold on my deposit?
Holds are a standard part of how electronic funds transfer (EFT) deposits work. We use this time to confirm that your money has cleared successfully. The length of your hold depends on your account history and the amount you deposit.
Has my hold period gotten shorter?
The total number of days we hold your funds hasn't changed. What changed is the time of day. Your funds used to be released after midnight, and now they're released around noon ET.
Can I make trades or pay bills with my funds before the hold ends?
You can use your funds to trade or pay bills once the hold on your deposit is released. That happens around noon ET on the final day of your hold.
Why did more of my deposit become available instantly?
If you're eligible, part of your deposit is available right away. Eligibility and limits are calculated based on factors like your deposit history and your assets at Wealthsimple.
How can I improve my instant deposit limit?
Having a strong deposit history without rejected or returned deposits, particularly in managed investing or Trade accounts, can help increase your limit.
Why did my instant deposit limit decrease?
Withdrawing funds or a decline in account value will typically decrease your limit.
What if I need access to funds right away but my deposit isn't fully instant?
You can use other sources like Interac e-Transfer® or a debit card to access funds immediately.
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