Wire funds from your Wealthsimple account

In this article:

Overview

A wire transfer is an alternative method to withdraw funds from your Wealthsimple accounts.

You can send a wire transfer to another financial institution in Canada using CAD or USD currency, depending on the account you’re withdrawing from. If you wish to send funds internationally, you can send an international transfer.

Note: You can't send wire transfers to recipients with a PO box address. Any attempts to send to a PO box address will be rejected.

Most financial institutions accept wire transfers. Always double-check the bank details of the person you're sending a wire to and ensure they’re able to accept the transfer.

Note: Tangerine and Peoples Trust Company don’t support receiving wire transfers.

Eligible accounts for wire transfers

You can send a first-party wire transfer from the following account types:

  • Chequing
  • Joint chequing
  • USD savings
  • Non-registered
  • Joint non-registered
  • Corporate

You can send a third-party wire transfer from the following account types:

  • Chequing
  • Joint chequing
  • USD savings
  • Non-registered
  • Joint non-registered
  • Corporate

Fees

The fee to send wire transfers from eligible Wealthsimple accounts is CA$15 for CAD wire transfers and US$15 for USD wire transfers. Please keep in mind that the receiving institution may charge a separate fee to process your wire transfer.

Note: Before submitting your wire transfer, check that all of your details are correct. If the receiving financial institution rejects your wire, they may charge additional fees.

Wire transfer limits

You can send up to CA$1,500,000 or US$1,500,000 per transaction.

How to wire funds from your account

Follow these steps to send a wire transfer from your Wealthsimple account:

Wealthsimple app Web
  1. Log in to your Wealthsimple app
  2. Tap the Move tab
  3. Under Send and pay, tap Wire
  4. Enter the beneficiary’s personal information and bank details
  5. Enter the total amount, currency (if applicable), reason for the wire transfer, and memo (optional)
  6. Confirm details and select Submit
  7. Verify your wire transfer using two-factor authentication
  1. Log in to your Wealthsimple account
  2. Select the Move tab from the Home page
  3. Select Send a wire transfer
  4. Choose the funding source
  5. Enter the total amount, currency (if applicable), reason for the wire transfer, and memo (optional)
  6. Enter the beneficiary’s personal information and bank details
  7. Verify your wire transfer using two-factor authentication
  8. Confirm details and select Submit

How to send CAD wire transfers from Wealthsimple to a Wise account

Follow these steps to send a CAD wire transfer from Wealthsimple to a Wise account:

Wealthsimple app Web
  1. Log in to your Wealthsimple app
  2. Tap the Move tab
  3. Tap Send a wire
  4. Enter the recipient details:
    • Type: Business or corporation
    • Recipient’s full name: Wise Payments Canada Inc. Do not use your personal name.
    • Address: 99 Bank Street
    • Apartment or suite: Unit 1420
    • City: Ottawa
    • Province: Ontario
    • Postal code: K1P 1H4
  5. Enter Wise’s bank account information:
    • Bank or institution: JPMorgan Chase, N.A.
    • Institution number: 270
    • Transit number: 00012
    • Account number: 4011739015
  6. Enter the recipient's Wise Membership number in the "Reason for wire transfer" field on the confirmation page. For details on how to find this number, see Wise's page.
  1. Log in to your Wealthsimple account
  2. Select the Move tab from the Home page
  3. Select Send a wire transfer
  4. Choose the funding source
  5. Enter the total amount, currency (if applicable), reason for the wire transfer, and memo (optional)
  6. Enter the recipient details:
    • Type: Business or corporation
    • Recipient’s full name: Wise Payments Canada Inc. Do not use your personal name.
    • Address: 99 Bank Street
    • Apartment or suite: Unit 1420
    • City: Ottawa
    • Province: Ontario
    • Postal code: K1P 1H4
  7. Enter Wise’s bank account information:
    • Bank or institution: JPMorgan Chase, N.A.
    • Institution number: 270
    • Transit number: 00012
    • Account number: 4011739015
  8. Enter the recipient's Wise Membership number in the "Reason for wire transfer" field on the confirmation page. For details on how to find this number, see Wise's page.
Note: Always include the Wise Membership number in the "Reason for wire transfer" field. Without this number, they'll reject the wire, and it'll be returned to your Wealthsimple account.

How to generate a PDF wire receipt

Follow these steps to generate a PDF receipt for your wire:

Wealthsimple app Web
  1. Log in the Wealthsimple app
  2. Tap Activity at the bottom of the screen
  3. Find the completed wire transfer activity
  4. Tap on the receipt logo located on the top right of the transaction detail screen
  5. The PDF receipt will be displayed for you to view or download
  1. Log in to your Wealthsimple account
  2. Navigate to the Activity feed
  3. Find the completed wire transfer activity
  4. Click on Wire confirmation to view the transaction details
  5. On the transaction detail page, the PDF receipt will be displayed for you to view or download
Note: The PDF receipt can only be generated once the wire has been sent out from Wealthsimple to the financial institution.

Transfer timeline

  • We typically send your wire within 1 business day. You'll get an email when this happens.
  • If it's from a managed account, we'll send it in 4-6 business days (we have to sell assets first).
  • The receiving bank can take 5 business days or less to process the wire after they receive it.

Troubleshoot a delayed wire transfer

Once you send a wire, you must reach out to the recipient to confirm if they received it. We can't confirm if the money has reached your recipient's bank.

There are a few reasons why your wire transfer might take longer than expected to deliver. Review the reasons below:

There's a mistake in the recipient's details

There might be a mistake in the recipient's details. When this happens, some banks can still process the transfer, but it takes a little longer for them to match it to the right account. Other times, they'll send the money back, and you'll have to send it again.

Next step: Wait for the maximum transfer time in case the recipient's bank can process the transfer. If they can't, you'll receive an email notifying you that the transfer was unsuccessful, and that the money has been returned to your account. Please confirm the recipient's details with them, then submit a new transfer.

It's a weekend or a holiday

If you're sending money over the weekend or before a holiday, it may only get processed the next working day. This is because we work with banks, who won't typically process money transfers on a non-working day. Keep in mind that holidays in the recipient's country may also affect the time to deliver.

Next step: Ask your recipient to let you know if they receive the funds after the holiday.

The recipient's bank might be processing the transfer

It can take a few business days for a transfer to reach the recipient's bank and for them to process it.

Next step: Ask your recipient to check with their institution. The recipient may receive a notification that the transfer is being processed.

The sender's name might be different at the recipient's bank

The recipient might not see a transaction from your name on their bank statement.

Next step: Ask them to look for a transaction from Wealthsimple instead. The amount received should still help them find the transaction.

The currency of the recipient's bank might not be compatible with your transfer

Your recipient's account may be in a different currency from the one you've sent them. If that's the case, they could get a different amount from us because their bank might have to convert the money.

Next step: Wait for the maximum transfer time in case the recipient's bank can process the transfer. If they can't, the money will be returned to your account. Please confirm the currency of the recipient's bank with them, then submit a new transfer.

Frequently asked questions

Can I cancel my wire transfer?

You can cancel a wire transfer only if we haven't sent it yet. Follow these steps to cancel your wire transfer:

Wealthsimple app Web
  1. Sign in to your Wealthsimple app on your mobile device
  2. Tap the Activity tab
  3. Tap the wire transfer activity
  4. Tap Cancel
  1. Log in to your Wealthsimple account
  2. Select the Activity tab from the Home page
  3. Tap the wire transfer activity
  4. Tap Cancel

If you can’t cancel your wire transfer using these steps, it’s too late to cancel.

Why am I being asked to verify my identity?

To help keep your account secure, we may ask you to verify your identity if needed when you take certain sensitive actions in your account. If this happens, we'll instruct you to enter a 6-digit secure code that you receive by email or phone number.

Why are you asking me to upload a document?

To help keep your account secure, we may ask you to verify your transaction if needed. If this happens, we'll instruct you to upload a supporting document.

Why am I receiving an error message when entering my bank's transit number?

We validate all institution and transit number combinations against the official Payments Canada database. If you're seeing an error message, the combination you've entered doesn't match official records. Double-check both numbers from your banking documents or contact your financial institution for the correct information.

Why can't I select Tangerine / People’s Trust as my receiving bank?

Tangerine doesn’t accept incoming wire transfers from other financial institutions. This is a limitation of their banking system, not Wealthsimple. You'll need to use another account at a different financial institution to receive wire transfers.

What if my bank's branch is very new and doesn't appear in your system?

We update our system weekly with the latest information from Payments Canada. If your bank opened your branch within the last week, you may need to wait until our next update or contact our support team for assistance.

Why do you need to validate my bank information before I send a wire?

We validate bank information to prevent wire rejections, which can cause significant delays and potential fees. When we check your information against official records before sending, we help ensure your money arrives as expected.

What information do I need to have ready to send a wire transfer?

For Canadian wire transfers, you need the recipient's name, address, bank name, institution number (3 digits), transit/branch number (5 digits), and account number. We validate the institution name, institution number and transit against official Payments Canada records. When you provide correct and validated details before sending, you help ensure successful delivery.

Why can’t I find Wise in the list of institutions?

Follow these instructions to send a wire to Wise.

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