In this article:
Overview
Wealthsimple has partnered with Canada Post to allow you to deposit physical cash into your chequing account at over 5,500 post office locations across Canada.
When you deposit cash at a Canada Post location, the funds are typically available in your chequing account within 10 minutes.
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 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 and joint 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 ID to the Canada Post clerk to complete the transaction
How to deposit cash
- Log in to the Wealthsimple app
- Tap the Move tab at the bottom of the screen
- Under Branch Services, tap Deposit cash
- Select your chequing account
- A unique QR code will appear on your screen
- Visit a Canada Post location and show the QR code to the clerk
- Hand the cash to the clerk. They'll scan your code and process the deposit
- Collect your receipt from the clerk
Deposit limits
There are minimum and maximum limits for cash deposits:
- Minimum: $10 per transaction
- Daily Maximum: $3,000
- Weekly Maximum: $10,000
Frequently asked questions
Where can I deposit my funds?
You can deposit cash at any Canada Post retail outlet. Please note that Pick & Drop locations can't accept cash deposits because they don'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.
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