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.
- How to make a deposit
- Deposits into stock and crypto trading accounts
- Deposits into managed (Invest) accounts
- Deposits into spending (Cash) accounts
How to make a deposit
To make a deposit, follow the steps below:
- Sign in to the Trade app on your mobile device
- Tap the Move tab at the bottom of the screen
- Choose Add funds
- Tap From and select a bank account from which you’d like to withdraw funds
- Tap To and select a Wealthsimple account
- Confirm that you have entered the correct accounts and tap Continue
- Enter an amount to deposit into your account and tap Continue
- Review the details and tap Submit deposit
- Sign in to the Invest mobile app
- Tap Move funds on the bottom right
- Select Add or move funds
- Choose a One-time or Automated deposit
- Enter the amount you'd like to deposit to your account
- Select the account you would to transfer funds To
- Select the account you would like to transfer funds From
- Review deposit and Submit
- Sign in to the Cash app on your mobile device
- Tap your Wallet balance in the left-hand corner of the screen
- Select Add
- Select the bank account that you wish to deposit funds from and tap Continue
- Choose an amount to deposit into your account and tap Continue
- Tap Confirm to submit the deposit
Trade & Crypto
- Log into my.wealthsimple.com and sign in to your Trade & Crypto profile
- Select Move funds from the top menu bar
- Click on Add funds
- In the From field, select the bank account from which you’d like to withdraw funds
- In the To field, select your desired account
- Choose an amount to deposit
- Hit Continue
- Review the deposit details and click Confirm to submit the deposit
Invest & Save
- Log into my.wealthsimple.com and sign in to your Invest & Save profile
- Click Move funds from the top menu bar
- Select the bank account you would like to transfer funds From
- Select the Wealthsimple account you would like to transfer funds To
- Enter the Amount you'd like to transfer
- Schedule the frequency of the deposit (if this is a one-time contribution select Just this once)
- Choose a Transfer date for the transaction
- Click Submit deposit
- Review and Confirm this deposit
Deposits into stock and crypto trading accounts
Deposit limits in trading accounts
Depending on how much you deposit into your stock or crypto trading account, some funds might be available instantly, while the rest might take between 3–5 business days before you can begin trading.
Instant deposits
Amounts deposited within your instant deposit limit are available for you to trade immediately. Your instant deposit limit resets once every 3 business days and you can deposit your entire limit all at once, or spread it out across multiple deposits.
If you make a single deposit through the Trade app that is greater than your instant deposit limit, the portion of your deposit that falls within your limit will be available to trade immediately. The remaining amount of your deposit will be available within 3-5 business days. This does not apply to deposits made on the web.
Your unique instant deposit limit for your stock trading account depends on the amount you hold in your stock trading account, and whether you are a Basic or Plus subscriber. Find your unique instant deposit limit in the table below:
|
Total amount held in your stock trading accounts |
Basic subscriber instant deposit limit |
Plus subscriber instant deposit limit |
|
Less than $10,000 |
$1,500 |
$5,000 |
|
$10,000–$20,000 |
$5,000 |
$5,000 |
|
$20,000–$30,000 |
$5,000 |
$10,000 |
|
$30,000–$40,000 |
$5,000 |
$15,000 |
|
$40,000–$50,000 |
$5,000 |
$20,000 |
|
$50,000 or more |
$5,000 |
$25,000 |
Note: Funds held in crypto trading, managed (Invest), spending (Cash) or Save accounts will not count towards increasing your instant deposit limit.
Your instant deposit limit for your crypto trading account depends on whether you are a Basic or Plus subscriber. Find your instant deposit below:
- Basic subscribers: $1,500
- Plus subscribers: $5,000
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. Standard deposits follow the following timelines:
|
Deposit amount |
Time before being available to trade |
|
Under $50,000 |
3 business days |
|
$50,000 or more |
5 business days |
Auto-deposits
Auto deposits always take 3-5 business days (from the auto-deposit date) before being available to trade. Auto-deposits will not be available instantly, and do not count towards your instant deposit limit.
More information about deposits in trading accounts
You’ll know a deposit is complete when you see the funds added to your available to withdraw balance. In your bank account, you should see the funds deducted by CDN SHR INVEST INV, which is Wealthsimple’s brokerage.
The following limits apply to deposits made to your self-directed stock trading accounts:
- Limit per transaction: $250,000 CAD
- Daily limit: $250,000 CAD
There are no deposit limits for your crypto trading account, however, there is an annual net purchase limit for certain coins and tokens.
More details
- If there aren't enough funds in your bank account to cover your deposit, we may need to retract the funds you requested or sell some of your most recently purchased securities if you already invested the funds. This may result in a negative balance.
- If any of your accounts have a negative balance, you won’t be able to use instant deposits until the balance is positive again.
- Deposits to self-directed trading accounts do not count towards your Wealthsimple Black or Generation status.
Deposits into managed accounts
When you deposit funds into a managed (Invest) account, your funds will automatically be invested for you within 3 business days.
You'll know a deposit is complete when you see your funds in your available to withdraw balance. In your bank account, you should see the funds deducted by CDN SHR INVEST INV, which is Wealthsimple’s brokerage.
The following limits apply to deposits made to your managed (Invest) accounts:
- Limit per transaction: $1 million CAD
- Daily limit: $1.5 million CAD
Within each of your accounts, we will keep between 0.3% and 0.5% of your account's value in cash. As soon as the cash balance surpasses this 0.5% weighting (whether it be through a new deposit, internal transfer, or dividend distributions) the majority of cash in your account will be invested, bringing the cash weighting to around 0.1–0.2%.
This small buffer is used for operational purposes to cover fees for up to 2 months and to avoid delinquencies. The decision to hold up to 0.5% in cash has a negligible effect on the portfolio, which is why virtually all institutions choose to leave a small buffer in cash.
Deposits into spending (Cash) accounts
Refer to the table below to understand when your recent deposit will become available to send or spend from your spending (Cash) account.
| Amount you are depositing | Time before you can send or spend your funds |
| If you deposit $250 or less | The $250 instant deposit limit resets after three business days. You may choose to deposit $250 all at once, or deposit $100 on the first day and then $150 the next day |
| If you deposit more than $250 or go over your instant deposit limit | Your funds will be available to send within 5 business days |
You'll know a deposit has cleared when you see funds deducted by Wealthsimple Payments Inc. in your bank account.
The following limits apply to deposits made to your spending accounts:
- Limit per transaction: $1 million CAD
- Daily limit: $1.5 million CAD
Comments
0 comments
Please sign in to leave a comment.