In this article:
- Overview
- Using your prepaid Mastercard at ATMs
- Withdraw funds to your linked bank account
- Withdraw funds with a linked debit card
- Send money using Interac e-Transfer®
- Pay friends with Wealthsimple
- Move funds between your Wealthsimple accounts
- Wire transfers and international withdrawals
- Frequently asked questions
Overview
There are many ways you can withdraw funds from your Wealthsimple chequing account, including ATM withdrawals with your prepaid Mastercard or to a linked bank account.
Using your prepaid Mastercard at ATMs
You can withdraw funds directly using your Wealthsimple prepaid Mastercard:
- Make sure your prepaid Mastercard is funded from your chequing account
- At the ATM, insert or tap your card and select Chequing when prompted
- Complete your withdrawal
You ca find more information on using your prepaid Mastercard here
ATM Withdrawal limits
- Up to $3,000 CAD per ATM withdrawal
- Up to $3,000 CAD per day
- Up to $10,000 CAD per week
Withdraw funds to your linked bank account
You can move funds from your chequing account to an external bank account that you’ve linked to your Wealthsimple profile. Withdrawals to external bank accounts typically complete in 1-3 business days.
- Log in to the Wealthsimple app
- From the Home tab, select your chequing account
- Tap Transfer
- Select your linked external bank account
- Tap Next
- Enter the amount you wish to withdraw
- Tap Next
- Review the details and tap Submit
- Log in to your Wealthsimple profile
- From the Home page, select Transfer
- Choose your chequing account to withdraw from
- Choose your linked external bank account
- Enter the amount you wish to withdraw
- Select Next
- Review the details and select Submit
Withdraw funds with a linked debit card
Instant withdrawals provide a quick way to move funds from your chequing account to a supported debit card.
For step-by-step instructions and more information, please follow our dedicated article: Withdraw funds instantly with a linked debit card
Send money using Interac e-Transfer®
Interac e-Transfers® provide a quick way to send money from your chequing account to anyone with an email address or Canadian mobile phone number and a bank account at a Canadian financial institution.
Pay friends with Wealthsimple
Pay friends with Wealthsimple provides a quick way to send and receive money from your chequing account to anyone with a Wealthsimple handle.
For step-by-step instructions and more information, please follow our dedicated article: Pay friends with Wealthsimple
Move funds between your Wealthsimple accounts
You can move money from your chequing account to your other Wealthsimple accounts (such as a self-directed investing account, Crypto account, or another chequing account).
For step-by-step instructions and more information, please follow our dedicated article: Transfer funds between your Wealthsimple accounts
Wire transfers and international withdrawals
You can send wire transfers, including international transfers, from your chequing account.
For step-by-step instructions and more information, please follow our dedicated article: Wire funds from your Wealthsimple account
Frequently asked questions
Are there fees or limits for withdrawals?
Bank transfer fees
Wealthsimple doesn't charge fees for transferring funds to your linked external bank account.
Bank transfer limits
There are no limits on the amount you can transfer to your linked bank account beyond your available balance. For large transfers, we may require additional verification for security purposes.
How do withdrawals work for a joint chequing account?
For joint chequing accounts, both account owners can withdraw and transfer funds independently. The withdrawal methods and steps are the same as for individual accounts.
What is my available balance?
You can only withdraw from your available balance. This balance includes your cash and any funds from sales or deposits that have fully settled.
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