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
- Tap the account you want to make a deposit in
- Tap Add money
- Select Add funds
- Choose a funding source and tap Next
- Enter an amount to deposit and tap Next
- Review the details and tap Submit
- Tap Done
Deposits from e-Transfers or Wealthsimple account transfers
- Log in to your Wealthsimple account
- Select Add money from the Home page
- In the To field, select the account you want to transfer funds to
- In the From field, select the source of your funds
- In the Amount field, enter an amount
- Click Next
- Review the deposit details and click Submit
Deposits from a linked bank account
- Log in to your Wealthsimple account
- Select Add money from the Home page
- In the To field, select the account you want to transfer funds to
- In the From field, select a linked bank account to withdraw funds from
- In the Amount field, enter an amount
- Choose a Schedule for the deposit (if this is a one-time contribution select Doesn't repeat)
- Choose a Transfer date for the transaction
- Click Next
- Review the deposit details and click Submit
When will my deposit be available?
Depending on how much you deposit and which account you're depositing into, some funds might be available instantly, while the rest will take 5 business days before you can move, trade, or withdraw them.
Managed investing
Deposits into managed investing accounts will automatically be invested for you within 5 business days. Learn more about deposits into managed account.
Self-directed investing, Crypto, and Cash accounts
Familiarize yourself with these terms to better understand when your funds will be available:
- Instant deposit: Deposits within your unique instant deposit limit are available to spend or trade immediately. Your instant deposit limit resets once every 3 business days. You can deposit your entire limit all at once, or spread it out across multiple deposits.
- Standard deposit: Deposits outside your unique instant deposit limit are available to spend or trade in 5 business days.
- Auto-deposit: Automatic, recurring deposits into your Wealthsimple account within your instant deposit limit are available to spend or trade instantly. Amounts outside of this limit are available in 5 business days.
Instant deposits
Self-directed investing and Crypto accounts
Amounts deposited within your instant deposit limit are available for you to trade immediately.
If you make a single deposit to a self-directed investing or crypto account 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 in 5 business days.
Cash accounts
Amounts deposited within your instant deposit limit are available for you to send and spend immediately.
If you make a single deposit to a Cash account that is greater than your instant deposit limit, the portion of your deposit that falls within your limit will be available to send and spend immediately. The remaining amount of your deposit will be available in 5 business days.
Your unique instant deposit limit will be visible to you in your Wealthsimple app. To find your instant deposit limit, follow these steps :
- Log in to your Wealthsimple mobile app
- From the Home tab, tap your desired Cash account
- Tap Add money
- Choose a funding source and tap Next
- Under the amount to fund you'll see the amount you're eligible to deposit instantly
Standard deposits
Self-directed investing and Crypto accounts
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.
Cash accounts
All deposits outside of your instant limit will be available to send and spend within 5 business days. Keep in mind that your instant limit may be up to $5000, and your instant limit resets after 3 business days.
Auto-deposits
Self-directed investing and Crypto accounts
Auto-deposits take up to 5 business days (from the auto-deposit date) before being available to trade. Auto-deposits can be processed instantly for clients who are eligible for instant deposits and have a remaining instant deposit limit on the scheduled auto-deposit date. This will impact your instant deposit limit.
Cash accounts
Auto deposits always take 5 business days (from the auto-deposit date) before being available to send or spend. Auto-deposits will not be available instantly, and do not count towards your instant deposit limit.
More information about deposits into managed accounts
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 Wealthsimple Investments Inc., which is Wealthsimple’s brokerage.
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.
More information about deposits into self-directed investing and crypto 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 Wealthsimple Investments Inc., which is Wealthsimple’s brokerage.
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.
More information about deposits into Cash accounts
You'll know a deposit has cleared when you see funds deducted by Wealthsimple Investments Inc. in your bank account.
If there aren't enough funds in your bank account to cover your deposit, we may need to retract the funds you requested if you already sent or spent 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.
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