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 self-directed 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 Cash account, or
- by connecting your Visa or Mastercard debit card.
Deposit limits
Review the maximum daily and transaction limits for Canadian Dollar (CAD) and United States Dollar (USD) deposits below. Deposit limits are shared across all of your Wealthsimple accounts.
CAD deposit limits
You can deposit
- up to $1,000,000 CAD daily
- up to $1,000,000 CAD per transaction
USD deposit limits
You can deposit
- up to $200,000 USD daily
- up to $200,000 USD per transaction
You’ll reach the $1,000,000 CAD daily deposit limit if you deposit:
- $300,000 into your Cash account
- $50,000 into your Managed TFSA account
- $650,000 into your Managed non-registered account
How to make a deposit
To make a deposit, follow the steps below:
- Sign in to the Wealthsimple app on your mobile device
- 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 account
- Select Add money from the Home page
- Choose a funding source (From)
- Choose a destination account (To)
- Enter an Amount to deposit
- Select Next
- Review the details and select Submit
When will my deposit be available?
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. It takes 5 business days for funds to clear before you can initiate a withdrawal or transfer the funds to other Wealthsimple accounts.
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.
Cash
Instant deposits
Amounts deposited within your instant deposit limit are available for you to send and spend immediately. Funds won’t be available for internal transfers or withdrawals for 5 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. Your funds will be available in 5 business days.
Auto-deposits
Automatic, recurring deposits into your Wealthsimple account within your instant deposit limit are available to spend or send instantly. Amounts outside of this limit are available in 5 business days.
Self-directed investing
Instant deposits
Amounts deposited within your instant deposit limit are available for you to trade immediately. Funds won’t be available for internal transfers or withdrawals for 5 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. Your funds will be available in 5 business days.
Auto deposits
Automatic, recurring deposits into your Wealthsimple account within your instant deposit limit are available to trade instantly. Amounts outside of this limit are available in 5 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. Your funds will be available in 5 business days.
Auto-deposits
Automatic, recurring deposits into your Wealthsimple account within your instant deposit limit are available to trade instantly. Amounts outside of this limit are available in 5 business days.
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