In this article:
- Overview
- Using your prepaid card at ATMs
- Withdraw funds via cash back at retailers
- Withdraw funds to your linked bank account
- Withdraw funds with a linked debit card
- Send money using Interac e-Transfer®
- Pay friends with Wealthsimple
- Send a cheque
- Order a bank draft
- 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 Business chequing accounts), including ATM withdrawals with your prepaid Visa or Mastercard, transfers to a linked bank account, cheques, and bank drafts.
Using your prepaid card at ATMs
You can withdraw funds directly using your Wealthsimple prepaid Visa or Mastercard:
- Make sure your prepaid card is funded from your chequing account
- At the ATM, insert or tap your card and select Chequing when prompted
- Complete your withdrawal
Learn more about using a prepaid Visa or Mastercard.
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 via cash back at retailers
You can request cash back with your physical or virtual card at many grocery stores, pharmacies, and convenience stores. Ask for cash back while you're paying at checkout, then pay with your physical card or tap your virtual card using your digital wallet.
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.
Send a cheque
You can pay someone with a cheque from your chequing account. You have two options: Order a single cheque from your Wealthsimple profile and we'll mail it for you, or write a cheque from a chequebook you've ordered.
The maximum amount per cheque depends on how you send it:
- Cheque ordered in the Wealthsimple app or on web: $20,000
- Cheque from your chequebook: Your available balance, up to $25,000,000
For step-by-step instructions and more information, please follow our dedicated article: Send or order a cheque.
Order a bank draft
A bank draft is a secure payment often used for large purchases like a house or a car. When you order a bank draft, we take the money from your chequing account right away and hold it in reserve, which guarantees the funds are ready for the recipient.
For step-by-step instructions and more information, please follow our dedicated article: Order a bank draft with your chequing account.
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.
Cheque limits
The maximum amount per cheque is $20,000 for a cheque ordered in the Wealthsimple app or on web, and your available balance up to $25,000,000 for a cheque from your chequebook.
Bank draft fees
Bank draft fees vary based on the shipping method you choose.
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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