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Overview
Use the outgoing transfer lock to block outgoing transfers to other financial institutions and protect your Wealthsimple account from transfer fraud. While the lock is on, we block any request from another institution to move your investments out of your account.
The lock is optional and off unless you turn it on. It applies to all your Wealthsimple investment accounts. It doesn't lock your whole account, so you can still trade, deposit, and withdraw as usual.
Protect your account from transfer fraud
Transfer fraud happens when someone uses stolen account or personal details to ask another institution to move your investments out of your account. The lock lets you block these requests before they reach us.
The outgoing transfer lock adds an extra layer of security. While it's on, we block transfer requests started at other institutions. Use it alongside your other security settings, like your passkey and two-factor authentication.
What the outgoing transfer lock blocks
While the lock is on, we block any transfer request that another financial institution sends us to move your investments out of your Wealthsimple account whether the other institution sends it electronically or manually. This includes full and partial transfers. We reject the request when it arrives.
If we've already received a transfer request when you turn the lock on, we'll complete it. We block any request that reaches us after the lock is on.
The lock only covers transfers to other institutions. It doesn't affect:
- Money you move between your own Wealthsimple accounts
- Deposits and withdrawals between your Wealthsimple account and your bank account
- Small amounts left in your account after a completed full transfer, which we send along as part of that same transfer
How to turn the outgoing transfer lock on or off
You turn the transfer lock on or off yourself, on web or in the Wealthsimple app. We can't turn it on or off for you.
- Log in to the Wealthsimple app.
- Tap the Profile icon.
- Tap the Settings (gear) icon.
- Tap Security.
- Under Extra protection, tap Lock outgoing transfers.
- Turn on the toggle.
To turn the lock off, turn off the toggle and confirm with your passkey (Face ID or Touch ID) or a verification code.
- Log in to your Wealthsimple profile on a laptop or computer.
- Go to Login and security.
- Select the Extra protection tab.
- Turn on the Lock investment account transfers toggle.
To turn the lock off, turn off the toggle, then enter the 6-digit code from your authenticator app.
We'll send you a notification in the app when you turn the lock on or off.
If the lock blocks your outgoing transfer
If we rejected your transfer because of the transfer lock, we can't release it. To move your investments, you'll need to start the transfer again:
- Turn the transfer lock off.
- Ask the other institution to start the transfer again.
Transfers started at another institution take a few business days to reach us, and sometimes longer. If you turn the lock on during that time, we'll block the request when it arrives. If you're not sure why your transfer was rejected, contact us.
Outside transfer attempt notification
When the lock blocks a request, we'll send you an "Outside transfer attempt" notification in the app.
If you didn't ask for the transfer, contact us right away so we can check your account for anything unusual. You may also want to change your password. See What to do if your Wealthsimple account is compromised.
Joint accounts
If either owner of a joint account has the outgoing transfer lock on, we block transfers out of that account and notify both owners. The notification doesn't say which owner turned the lock on. The owner who has the lock on needs to turn it off before a transfer can go ahead. If you're not sure who turned it on, check with your co-owner.
Frequently asked questions
Is the outgoing transfer lock on automatically?
No. It's off unless you turn it on. You'll find it in your security settings, alongside your passkey and two-factor authentication.
I want to transfer my investments to another institution. Do I need to do anything?
Yes, if you have the lock on. Turn it off before you ask the other institution to start the transfer, or we'll block the request.
My transfer was blocked. What now?
Turn the lock off, then ask the other institution to start the transfer again. We can't release a transfer that's already been blocked. If you're not sure why your transfer was rejected, contact us.
I turned on the lock after my transfer was started. Will it still go through?
It depends on whether the request has reached us. If we'd already received it, we'll complete the transfer. If it reaches us after you turn the lock on, we'll block it. Transfers started at another institution take a few business days to reach us, and sometimes longer. If your transfer is blocked, turn the lock off and ask the other institution to start it again.
Does the lock apply to partial transfers and all my accounts?
Yes. It applies to full and partial transfers, and to all your Wealthsimple investment accounts.
My lock is on, but some money still left my account after a transfer. Why?
If you'd already completed a full transfer to another institution, any small amounts left behind get sent along afterwards as part of that same transfer. The lock doesn't block those, since they belong to a transfer you already asked for.
I share an account with someone. How does the lock work?
If either of you has the lock on, we'll block transfers out of that account and let you both know. Whoever has it on will need to turn it off before a transfer can go ahead.
I got an "Outside transfer attempt" notification for a transfer I didn't ask for. What should I do?
The lock blocked the request, but please contact us so we can check your account for anything else unusual. You may also want to change your password.
Will you tell me if someone tries to transfer my investments while the lock is off?
Not right now. The lock needs to be on for us to block a request and let you know about it.
Does the lock apply to money I move between my own accounts or to my bank?
No. It only applies to requests that come to us from another financial institution. Moving cash between your own Wealthsimple accounts, or to and from your bank account, isn't affected.
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