Deposit cash at a Canada Post location

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Note: Cash deposits from Business chequing accounts are rolling out in phases and aren't available to all clients yet. If you don't have access yet, you'll get access soon.

Overview

You can deposit physical cash into your Wealthsimple chequing account at over 5,300 Canada Post locations. When you deposit cash at a Canada Post location, your funds will be available instantly.

To use this feature, you'll generate a unique QR code in your Wealthsimple app, which a Canada Post clerk will scan to initiate the transfer. The clerk will validate your government-issued photo ID and cash deposit amount. You'll receive a receipt from the clerk and a notification on your mobile device once the deposit is successful.

There is no fee for depositing cash.

Eligibility

  • Cash deposits are available for personal, joint, and Business chequing accounts.
  • You must use the Wealthsimple app to generate the required QR code. This feature isn't yet available on the web.
  • You must present a valid government-issued photo ID to the Canada Post clerk to complete the transaction.

How to deposit cash

  1. Log in to the Wealthsimple app
  2. Tap the Move tab at the bottom of the screen
  3. Under Branch Services, tap Deposit cash
  4. Select your chequing account
  5. Tap View QR code
  6. Choose the chequing account to deposit into
  7. Visit a Canada Post location and show the QR code to the clerk
  8. Present a valid government-issued photo ID
  9. Hand your cash or coins to the clerk. They'll validate the deposit amount
  10. Collect your receipt from the clerk

If you have more than one eligible chequing account, including a Business chequing account, you'll choose which account the deposit should go into before your QR code is generated. Check the account name before you visit Canada Post, since you can't move the deposit to a different account once your QR code is scanned.

Note: You can also access the deposit cash feature within the Spend tab or by tapping your chequing account and scrolling through the account actions. If you don’t have a chequing account, we’ll prompt you to open one.

Deposit limits

There are minimum and maximum limits for cash deposits:

  • Minimum amount per transaction: $10 CAD 
  • Maximum amount per transaction: $3,000 CAD
  • Total daily maximum: $9,000 CAD
  • Total weekly maximum: $60,000 CAD
Note: For Business chequing accounts, a separate $9,000 rolling 24-hour limit applies to the account as a whole, in addition to each director's individual limit. This corporate limit is shared across all directors who deposit cash into the account. Whichever limit is reached first applies to your deposit.

Frequently asked questions

Where can I deposit my funds?

You can deposit cash at Canada Post locations. You can find the nearest location in the Wealthsimple app. 

Note: Post Points and Pick & Drop locations can't accept cash deposits because they can't accept payments.

What happens if Canada Post is on strike?

During a strike, only locations directly run by Canada Post in urban areas usually close. Rural offices and post offices located inside retailers like Shoppers Drug Mart typically stay open (about 90% of locations) and can still process your deposits.

As Canada Post and the Canadian Union of Postal Workers have reached a tentative agreement, we do not anticipate any further strike action in 2026.

Can I deposit US dollars?

At this time, we don't support USD cash deposits, but we're exploring options for the future.

What information gets shared with Canada Post?

Only your name and date of birth are shared with Canada Post to verify your identity for the transaction; the information isn’t stored and can’t be accessed outside of the transaction.

What if there’s an issue with the amount or processing?

Please wait at least 10 minutes for the funds to be deposited into your chequing account (you’ll receive a notification that it’s complete). If there’s still an issue, please contact our support team and make sure to have the receipt from the clerk available.

Will other directors on my Business chequing account know if I deposit cash?

In most cases, yes. Other directors are notified once your deposit is on its way, once it's completed, and if it's ever reversed. The notification that your QR code was scanned at Canada Post stays private to you.

Why is my Business chequing account's cash deposit limit lower than expected? 

If more than one director deposits cash into the same Business chequing account, a shared $9,000 rolling 24-hour limit applies to the account as a whole, alongside each director's own $9,000 rolling 24-hour limit. Whichever limit is reached first applies.

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