Transfer a chequing account to Wealthsimple

In this article:

Overview

You can't transfer a chequing account the same way you transfer an investment account. Instead, you open a Wealthsimple chequing account, move your funds over using one of the methods below, update your pre-authorized debits and direct deposits, and then close your old account when you're ready.

Step 1: Open a Wealthsimple chequing account

If you don't already have a Wealthsimple chequing account, you'll need to open one before moving your funds. You can open a personal or joint chequing account, or a Business chequing account.

Step 2: Move your funds to Wealthsimple

There are several ways to move funds from your old chequing account to Wealthsimple. We recommend EFT (electronic funds transfer) for most clients. It has no fees and supports very high limits.

Note: Some funding methods have a holding period before your funds are fully available. You'll earn interest on funds during the hold period. Interest is only clawed back if the deposit doesn't ultimately settle.

EFT (recommended)

Link your external bank account to Wealthsimple and deposit funds directly using an electronic funds transfer (EFT).

  • No fees
  • Very high limits: most clients can transfer their full balance in one transaction
  • Large deposits have approximately a 5 business day hold before funds are fully available

Note: Make sure your funds stay in your source account until your deposit is marked fully complete. If the funds leave too early, the transfer may fail.

Business clients: linking a corporate bank account can be error-prone and may need to be done manually. Please contact us if you run into issues.

Learn how to make a deposit from a linked bank account. You'll need to link your bank account if you haven't already.

Interac e-Transfer®

Send one or more Interac e-Transfer® transfers from your old account to your Wealthsimple chequing account.

  • No fees
  • Funds are available instantly
  • Sending limits are set by your external bank. You may need to send multiple transfers if your balance exceeds your bank's per-transfer limit

Learn how to receive an Interac e-Transfer® in your chequing account.

Bank draft

Get a bank draft from your external bank for the amount you want to transfer, then deposit it into your Wealthsimple chequing account using the cheque deposit feature in the app.

  • No fees charged by Wealthsimple
  • High limits
  • Bank drafts may take up to 2 weeks to clear
  • Your external bank may charge a fee for issuing a bank draft
  • You may need to visit a branch to get a bank draft

Learn how to deposit a cheque.

Cheque

Write a cheque from your old chequing account and deposit it into Wealthsimple using the cheque deposit feature in the app.

  • No fees
  • High limits
  • No branch visit required if you already have a chequebook
  • Cheques may take up to 2 weeks to clear

Learn how to deposit a cheque.

Wire transfer

Send a wire transfer from your external bank to Wealthsimple.

  • High limits
  • Completion times vary
  • Your external bank may charge a fee for outgoing wire transfers

Learn how to receive a wire transfer.

Step 3: Switch your pre-authorized debits, direct deposits, and bill payments

Once your funds are in Wealthsimple, update any pre-authorized debits (PADs), direct deposits, and bill payments to use your new Wealthsimple chequing account details.

You can find your account and transit number on your account home screen. You can also download a void cheque directly from the app.

  • Personal chequing accounts use transit number 00001.
  • Business chequing accounts use transit number 00002.

Personal chequing: import bill payees

If you have existing bill payees set up at your old bank, you can import them into Wealthsimple instead of adding them manually.

  1. Tap your chequing account
  2. Tap Pay bill
  3. Tap the Settings (gear) icon in the top left corner
  4. Tap Import payees and follow the prompts

Business chequing: set up PADs, direct deposits, and bill payments manually

Business chequing accounts don't support the payee import feature. You'll need to set up each PAD, direct deposit, and bill payment manually using your Wealthsimple Business chequing account details.

Step 4: Close your old account

Once your funds have settled and you've updated all your PADs, direct deposits, and bill payments, you can close your old chequing account with your previous financial institution. Contact them directly to initiate the closure.

Note: Wait until all pending transactions at your old account have cleared before closing it, to avoid any missed payments or returned items.

Frequently asked questions

Can I use the "Transfer an account" flow in the app for my chequing account?

No. The external account transfer flow is designed for investment accounts (like RRSPs, TFSAs, and non-registered accounts). To move chequing funds to Wealthsimple, use one of the funding methods above.

Which funding method is fastest?

Interac e-Transfer® deposits are available almost instantly. EFT deposits are usually the best balance of speed and convenience for larger amounts, though large deposits may have an approximately 5 business day hold.

What if my corporate bank account won't link automatically?

Corporate bank linking can sometimes be error-prone. If you're having trouble linking your business chequing account from your external institution, contact our support team and we can help link it manually.

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