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, or
- by connecting your Visa or Mastercard debit card.
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)
- Choose a destination account (To)
- Enter an Amount to deposit
- 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.
When I make a deposit into a Managed investing account, a small part stays as cash. Why?
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.
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 AUM at Wealthsimple.
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.
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.
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.
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.
Frequently asked questions
Why did more of my deposit become available instantly?
We've updated our instant deposit policy to make more funds available right away for eligible clients. Eligibility and limits are calculated based on factors like your deposit history and your assets at Wealthsimple.
How can I improve my instant money limit?
Having a strong deposit history without rejected or NSF deposits, particularly in managed or self-directed investing accounts, can help increase your limit.
Why did my instant money 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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