Instead of making a standard withdrawal and waiting 1-3 business days for your funds to arrive, you can use a linked debit card to withdraw funds instantly.
More details:
- Funds must be in your available to withdraw balance before they can be withdrawn instantly.
- Wealthsimple charges a 2.5% fee on the total withdrawal amount anytime you withdraw funds using a linked debit card.
- Withdrawing using a linked debit is only available for non-registered accounts and TFSAs on Wealthsimple's self-directed investing platform. Other accounts, such as RRSPs, RESPs and any managed account are not supported
- Wealthsimple does not store full card details. We use a PCI-compliant payment processor to ensure your card details are encrypted and kept secure.
Note: Not all debit cards are eligible for instant debit withdrawals. Debit withdrawal eligibility is determined by your card issuer's support for instant funds movement. See our supported cards section for more details.
To make a withdrawal using your debit card, follow these steps:
- Log in to your Wealthsimple mobile app.
- Tap the Move tab at the bottom of the screen.
- Tap Withdraw.
- Select the account you wish to withdraw from and tap Next.
- Select the debit card you want to withdraw to and tap Next.
- Tap Next.
- Enter the amount you wish to withdraw, and tap Next.
- Review your withdrawal details and Submit.
Tip: If you do not want to link a debit card, or you do not want to pay a fee, you can make a standard withdrawal instead.
Instant withdrawal limits
The following limits apply when instantly withdrawing funds to your debit card.
|
Transaction limit |
$5,000 CAD |
|
Daily limit |
$5,000 CAD |
|
Monthly limit |
$50,000 CAD |
Note: Incurred fees will not impact your instant withdrawal limit.
Supported cards
Your debit card is eligible for debit withdrawals if your card issuer or financial institution supports this kind of instant fund movement. Supported institutions include:
- TD Canada Trust Visa debit
- CIBC Visa debit
- Scotiabank Visa debit
- Tangerine Visa debit
- Servus Credit Union Mastercard debit
Institutions that are not supported include:
- RBC virtual Visa debit
- BMO Mastercard debit
- Any prepaid debit cards (Visa and Mastercard)
Tip: The majority of Visa debit cards are supported with the exception of virtual visas and prepaid visas. The majority of Mastercard debit cards are not supported by their issuing financial institution.
Remove a debit card from your profile
- Sign in to the Wealthsimple app on your mobile device.
- Tap the Profile icon in the top right corner.
- Tap the gear icon in the top right corner.
- Select Accounts.
- Scroll down to Linked bank accounts.
- Tap the card that you wish to remove.
- Select Unlink to remove your card.
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