In this article:
Overview
Your Wealthsimple USD chequing account (previously called the USD savings account) comes with a unique US account number and routing number. You can use them to receive USD payments directly, including payroll and USD bank transfers.
You can receive USD funds in three ways:
- ACH: US domestic payments sent through the Automated Clearing House (ACH) network, including direct deposits and most bank transfers.
- Realtime payments (RTP/FedNow): Instant payments sent through the Real-Time Payments (RTP) network or FedNow.
- Fedwire: A wire transfer service run by the US Federal Reserve that US banks use to send money directly to each other. Fedwire is often used for larger or time-sensitive payments, and each transfer is processed individually rather than in a batch with others.
You can use the account details shown in your USD chequing account to receive transfers from all three: ACH, realtime payments, and Fedwire. The details are the same for each one, so you don't need to choose a payment type or share different details depending on how the funds are sent. Some banks and payment services send transfers as realtime payments automatically, and they arrive in your account the same way.
Eligibility
- You must have a Wealthsimple USD chequing account. If you don't have one, you can open one in the Wealthsimple app.
- Only personal USD chequing accounts are available for now.
Find your US account details
To receive USD funds, you'll need to share your US account number and routing number with the sender. This could be your employer, a payroll provider, or your bank. Here's how to find them:
- Log in to the Wealthsimple app
- Tap your USD chequing account
- Tap the gear icon (Settings) in the top right
- Tap Account details
- Under For U.S. banks, you'll see your US account number and routing number
- Log in to your Wealthsimple profile on a laptop or computer
- Select your USD chequing account
- Select Account details in the top right
- Under For U.S. banks, you'll see your US account number and routing number
You can also find your US account number and routing number from the Move tab. Under Send and pay, choose Receive wire (Receive a wire on web), then select your USD chequing account. This screen also shows the details for ACH, RTP/FedNow, and Fedwire payments.
Set up direct deposit
Once you have your US account number and routing number, share them with your employer or payroll provider to set up direct deposit.
- Provide your employer or payroll provider with your US account number and routing number, found in the Wealthsimple app or on web under Account details.
- When asked for the account type, select chequing (sometimes listed as "checking" by US providers). This is the standard account type for ACH direct deposit and ensures your payment routes correctly.
- Submit the details to your employer or payroll provider. Most begin depositing within 1–2 pay cycles after setup.
Receive a realtime payment or wire
To receive a realtime payment (RTP/FedNow) or a US domestic wire (Fedwire), share the details shown in the For U.S. banks section of your account details. They're the same for ACH, RTP/FedNow, and Fedwire. You don't need the SWIFT details for payments sent within the US.
If the sender's bank is outside the US, use the SWIFT details instead. See Wire funds to your Wealthsimple account.
What to expect after setup
Once the sender submits a payment, here's what to expect.
- ACH: Deposits typically arrive within 1–3 business days after the sender submits the payment.
- Realtime payments: Deposits typically arrive immediately.
- Fedwire: Deposits typically arrive within 1 business day after the sender submits the wire.
- Availability: Funds are typically available as soon as they arrive. In some cases, we may need to review a payment first, which can delay when funds are available. If we need more information from you, we'll contact you.
- Fees: We don't charge a fee to receive ACH, realtime, or Fedwire payments into your USD chequing account. The sender's bank may charge its own fees.
- Interest: Funds earn Wealthsimple's standard USD chequing interest rate from the moment they settle. This rate is variable and subject to change.
Frequently asked questions
Can I receive USD payroll directly into my Wealthsimple account?
Yes. Your USD chequing account comes with a unique US account number and routing number that you can share with your employer in US or payroll provider to receive direct deposits in USD. To learn more about how to receive CAD payroll, see Set up and manage a direct deposit or a pre-authorized debit with your chequing account.
Do I need to open a new account to get a US account number?
No. If you already have a USD chequing account, it's automatically set up with a unique US account number and routing number. You can find them under Account details in the Wealthsimple app or on web.
What account type should I tell my employer, chequing or savings?
Tell your employer or payroll provider to use chequing (or "checking" in US terminology). This is the standard account type for ACH direct deposit and ensures your payment routes correctly.
How long does a deposit take to arrive?
It depends on how the payment is sent. ACH deposits typically take 1–3 business days after the sender submits the payment. Realtime payments typically arrive immediately. Fedwire deposits typically arrive within 1 business day. Funds are typically available as soon as they arrive.
Why did my bank send my ACH payment as a realtime payment?
Some banks and payment services automatically send transfers as realtime payments because they're faster. This is decided by the sender's bank, and you can't change it. Your funds will still arrive in your USD chequing account, and you don't need to do anything.
Is there a fee to receive USD funds through ACH, realtime payments, or Fedwire?
No. We don't charge a fee to receive ACH, realtime payments, or Fedwire payments into your USD chequing account. The sender's bank may charge its own fees, so we recommend checking with them before you send.
Will I earn interest on funds received by direct deposit?
Yes, funds deposited into your USD chequing account earn Wealthsimple's standard USD chequing interest rate from the moment they settle. This rate is variable and subject to change. However, this type of direct deposit is not currently eligible for the direct deposit interest boost, which applies to CAD direct deposit into a CAD chequing account only.
Can I receive a wire transfer using the same details?
It depends on where the wire is coming from. If you're sending from a US financial institution, use your US account number and routing number, the same ones you use for ACH and realtime payments. These are different from your SWIFT details. If you're sending from outside the US, use your SWIFT details instead, which you can find under For outside the U.S. in your USD chequing account details. For more information, see Wire funds to your Wealthsimple account.
Which details should I use if I'm sending USD from a US bank?
Use your US account number and routing number. They work for ACH, RTP/FedNow, and Fedwire. We recommend using these instead of the SWIFT details for transfers from US banks.
Can a company withdraw money from my account, such as for bill pay or subscriptions?
Not at this time. Your USD chequing account can receive deposits, but it doesn't support withdrawals started by other companies, known as ACH debits.
What if my payroll provider can't complete account verification?
Some providers verify your account with small test deposits. When a test deposit arrives, you'll get a notification and see it in your account. Follow your provider's instructions to confirm the amounts. If verification doesn't work, ask your provider whether they offer another way to verify your account.
What should I do if my deposit hasn't arrived?
First, check your activity feed in the app. The payment may appear as pending or processing. Deposits show the sender's name followed by how the payment was sent: ACH Payment, Realtime transfer, or Wire transfer. Your bank may have sent your payment a different way than you expected, so a payment you sent by ACH could show as a Realtime transfer. In some cases, a payment may be under review, which can add time.
What if my deposit still can't be found after checking my activity feed?
If your deposit hasn't arrived after the timeframes above, contact us. To trace your deposit with the sending bank, we need all of the following details. Without them, especially proof of the transaction such as a receipt or confirmation from the sender, we won't be able to investigate for you:
- The transaction date the transfer was sent
- A transaction identifier which you can get from the sender
- The Trace ID Number for ACH payments: a 15-digit numeric identifier
- Instruction ID for RTP/FedNow payments: a 35-character alphanumeric identifier
- The IMAD/OMAD Number for Fedwire payment: a 16-character (22 with spaces) identifier in this format YYYYMMDD ABCDXXXX 012345
- The transfer amount
- The name and routing number of the sending bank
- A transaction receipt or confirmation from the sender showing the above details
Is my USD chequing account covered by deposit insurance?
No. USD chequing accounts aren’t covered by CDIC. Funds are held in trust with regulated financial institutions. To learn more about how we protect your money, see How we keep your money safe.
Can I link an American Express (Amex) Checking account to my USD chequing account?
We don’t support linking an American Express (Amex) Checking account to your USD chequing account at this time.
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